Commodities

Technical Analysis – Gold’s strength prevails; defeats all obstacles

Posted on July 1, 2020 at 8:14 am GMT

Gold’s brake pads seem to have no effect on the triumphing bullish structure, which has hiked to an almost 8 year high of 1,788. The commodity’s overwhelming climb is tackling the 1,788 mark, that being the 123.6% Fibonacci extension of the down leg from 1,765 to 1,670. The pickup in positive momentum is also reflected in the strengthening Ichimoku lines. Glancing at the short-term oscillators, they too aid an improving picture suggesting upcoming advances. The MACD is in the positive [..]

Technical Analysis – WTI futures fails to improve positive mode; neutral in very short-term

Posted on June 30, 2020 at 9:04 am GMT

WTI crude oil futures have been trading within a narrow range, inside the Bollinger band confirmed by the momentum indicators. The RSI is moving sideways in the positive region near the 50 level, while the MACD is flattening marginally above trigger and zero lines. The flat movement is in line with the 40-period simple moving average (SMA), which acts as support for the bears. If the price jumps above the upper Bollinger band, immediate resistance could appear at the 15-week [..]

Technical Analysis – Brent futures pull back from more than 3-month peak

Posted on June 29, 2020 at 1:23 pm GMT

Brent crude oil futures stretched their two-month rally to a more than three-month high of 44.00 last Tuesday before pulling slightly lower. The RSI seems to be gaining momentum above the 50 level, while the stochastic oscillator is ready to post a bullish crossover within its %K and %D lines above the oversold territory. The market trend is likely to hold on the upside as long as the price holds far above the moving averages in the short term. If [..]

Technical Analysis – Gold trades near almost 8-year peak; still bullish

Posted on June 29, 2020 at 7:20 am GMT

Gold prices are continuing the upside movement, creating new highs and touching an almost eight-year peak at 1,779. The short-term technical indicators are neutral-to-bullish and point to a somewhat stromger market. The MACD is holding well above its zero and trigger lines, while the RSI is hovering in positive territory. The Ichimoku lines are also suggesting a bullish bias as the red Tenkan-sen line is standing above the blue Kijun-sen line and the cloud is looking for more upside movements. [..]

Technical Analysis – Palladium futures test floor of sideways market

Posted on June 26, 2020 at 5:10 am GMT

Palladium futures have consolidated below the 1,853 level, that being the 50.0% Fibonacci retracement of the up leg from 1,353 to 2,354, after yesterday challenging the bottom of a one-month trading range. The latest negative push within the range has some backing from the bearish overlaps of the mostly horizontal 200-period simple moving average (SMA) by the downward sloping 50- and 100-period ones. Nevertheless, the negative bearing within the short-term oscillators has paused and thus a bounce from the foundation [..]

Technical Analysis – WTI futures pause ascent ahead of key resistance

Posted on June 25, 2020 at 9:03 am GMT

WTI oil futures faded prior to reaching a critical resistance level at 43.69 and appear to be reloading for a push higher to revisit this mark. The recent weakening in the price is mirrored in the flattening of the Ichimoku lines and within the short-term oscillators. However, the near completion of a bullish crossover of the 100-day simple moving average (SMA) by the soaring 50-day one could boost positive sentiment and refuel the unbroken positive tone in the Ichimoku lines. [..]

Technical Analysis – WTI futures’ ascent reloads ahead of key resistance

Posted on June 25, 2020 at 8:24 am GMT

Technical Analysis – WTI futures advance to 15-week high as bulls are back in play

Posted on June 23, 2020 at 9:34 am GMT

WTI crude oil futures came close to breaking the 15-week high of 41.21 and the upper Bollinger band in the 4-hour chart. According to the RSI, the market could maintain positive momentum as the indicator is positively sloped above its neutral threshold of 50, though the MACD oscillator is still continuing with somewhat weak momentum above the zero lines. On the upside, the price could attempt to overcome the 41.21 high and retest the 43.60 resistance, which if successfully broken the door could open for the 200-simple [..]

Technical Analysis – Gold’s sideways picture remains skewed to the upside

Posted on June 22, 2020 at 7:33 am GMT

Gold is currently pushing efforts to overrun the upper Bollinger band residing at the 1,754 resistance. The mid-Bollinger band and the 50-day simple moving average (SMA) have managed to maintain optimism in a sideways market that has taken over since the 91-month peak of 1,765.03. The short-term oscillators reflect the latest boost in the price of the commodity. The MACD, in the positive region, has pushed above its red signal line, while the RSI, following a bounce at the 50 [..]

Technical Analysis – Silver remains positive, bounces on 200-day SMA

Posted on June 19, 2020 at 11:36 am GMT

Silver is attempting to push back above the 17.58 key mark, after a retracement from the 18.36 peak bounced off the 200-day simple moving average (SMA). The recent bullish crossover of the 100-day SMA by the rising 50-day one may provide additional fuel to nudge the commodity back up and resume the climb. Although the red Tenkan-sen line has stalled, the Ichimoku lines still hold a positive bearing far above the Ichimoku cloud. Presently directional momentum is frail, yet the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms