Commodities

Technical Analysis – Gold continues the upside rally above SMAs

Posted on May 20, 2020 at 9:21 am GMT

Gold prices are moving towards the latest high – being the seven-and-a-half-year high of 1,765 – continuing the upside move after the bounce off the 1,725 support level. The price holds above the mid-Bollinger band and the RSI keeps rising above the 50 level. Also, the MACD oscillator is trying to create a bullish cross with its trigger line in the positive area, suggesting more gains in the very short-term. If the price continues the upside tendency, it could hit [..]

Technical Analysis – Silver touches 10-week high but returns near 200-SMA

Posted on May 19, 2020 at 1:39 pm GMT

Silver has climbed considerably higher on Monday, resting near a fresh ten-week high of 17.60, surpassing a strong key level – the 200-day simple moving average (SMA) – but the price failed to end the day above it. The momentum indicators suggest an overbought market as the stochastic completed a bearish cross within the %K and %D lines above the 80 level and the RSI is holding above 70, pointing upwards. A clear increase above 17.60 would bring the white [..]

Technical Analysis – WTI futures retreat after the jump to 6-week high at 33.05

Posted on May 19, 2020 at 9:31 am GMT

WTI futures for July delivery advanced to a fresh six-week high of 33.05 on Monday before pulling slightly back, opening the way for more bullish actions on the 4-hour chart. The price has been creating an upside trend since April 28, and the 20- and 40-period simple moving averages (SMAs) posted a bullish crossover in the preceding sessions, backing the positive structure. The technical indicators send overbought signals, suggesting a possible pullback. The RSI has peaked above the 70 level and is heading south, while the MACD is losing momentum in the positive [..]

Technical Analysis – Gold unlocks new 7½-year high; positive outlook on cards

Posted on May 18, 2020 at 6:45 am GMT

Gold prices surged to a fresh seven-and-a-half-year high of 1,763.58 earlier today, shifting the outlook from neutral to bullish. The strong upside rally is confirmed by the technical indicators which are gaining momentum. The MACD recorded a bullish crossover with its trigger line in the positive area while the RSI is heading higher towards the overbought zone. Also, the short-term simple moving averages (SMAs) are continuing the price action, acting as critical supports. In case of more positive movements, the [..]

Technical Analysis – WTI futures advance above SMAs with weak momentum

Posted on May 14, 2020 at 6:42 am GMT

WTI crude oil futures are trading around the vicinity of 26.71, following the bounce off the multi-year low of 6.62 and the 10.00 handle. The price failed on a second attempt to breach this level, but it remains above the 20- and 40-day simple moving averages (SMAs). Looking at the short-term oscillators, the MACD and the RSI promote slight improvements around their neutral marks, despite diminished directional momentum. The stochastic oscillator is also turning slightly higher, while the 20- and [..]

Technical Analysis – Gold trades within symmetrical triangle; outlook neutral

Posted on May 13, 2020 at 9:52 am GMT

Gold prices are looking more neutral over the last week, hovering around the horizontal simple moving averages (SMAs) on the 4-hour chart. The price has been trading within a symmetrical triangle since April 14 and within the Bollinger bands. The technical indicators are lacking direction too, as the RSI keeps flattening near its neutral threshold of 50, while the MACD continues to move with a very weak momentum around the zero line. Currently, the pair seems to be facing downside pressure from the 100-period SMA which exposes the metal to the 1,692 support area and the lower Bollinger band. [..]

Technical Analysis – Gold preserves positive composure

Posted on May 11, 2020 at 6:57 am GMT

Gold is trading around the mid-Bollinger band at 1,707 after fading for nearly a month from the multi-year high of 1,746.95. The precious metal seems to be lacking direction as it plots lower highs and higher lows. Yet, the technical oscillators and the upward slopes in the simple moving averages (SMAs) appear to support a neutral-to-bullish picture for now. The MACD, has remained in the positive section but is below its red signal line, while the RSI continues to hover [..]

Technical Analysis – Silver retests 50-day SMA as trend optimism rises

Posted on May 7, 2020 at 2:06 pm GMT

Silver is struggling to claim the 50-day simple moving average (SMA) but the bullish cross between that line and the 20-day SMA, although weak, is currently somewhat promising of an uptrend resumption. In order to attract buying interest and challenge its recent peak of 15.82, the metal should close above its short-term SMAs and specifically above 15.30, where the upper surface of the Ichimoku cloud lies. Then, if it manages to build gains above 15.82, traders could look for resistance [..]

Technical Analysis – WTI futures’ correction calms ahead of the 50-day SMA

Posted on May 7, 2020 at 6:47 am GMT

WTI oil futures’ pullback ran out of steam before reaching the 50-day simple moving average (SMA) at the 26.00 handle. This price stall can also be seen in the hovering of the RSI above the 50 level and the smoothing of the incline of the red Tenkan-sen line. The short-term oscillators provide conflicting opinions. Looking at the RSI, it has run above its neutral mark while the MACD, in the negative zone, is increasing above its red trigger line towards [..]

Technical Analysis – Gold struggles in symmetrical triangle; neutrality holds

Posted on May 6, 2020 at 7:15 am GMT

Gold prices are heading sideways in a symmetrical triangle formation, hovering near the short-term simple moving averages (SMAs) and within the squeezed Bollinger bands. The market could remain in consolidation if the RSI keeps moving around 50 and the MACD stays around the zero line with weak momentum in the 4-hour chart. An extension to the upside and above the descending line of the triangle, which overlaps with the upper Bollinger band could meet the 1,722 area. Further up, resistance [..]

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