Commodities

Technical Analysis – Gold maintains positive structure despite negative pressures

Posted on April 21, 2020 at 12:07 pm GMT

Gold appears to be breaching the 1,678 level, that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to 1,746.95, and the 1,672 inside swing high, following a pullback off the 88-month peak of 1,746.95. The short-term oscillators confirm the recent deterioration in the price. The MACD, deep in the positive region, has faded towards its red trigger line while the RSI, in the bullish zone, has dwindled nearing the neutral mark. Moreover, boosting further declines are the [..]

Technical Analysis – WTI oil futures collapse to 21-year lows; 13-level eyed next

Posted on April 20, 2020 at 9:18 am GMT

WTI oil futures (May delivery) collapsed to a 21-year low of 14.46 early on Monday, re-activating this year’s bearish direction and eliminating any hopes of a trend reversal that the incomplete head and shoulder and a double bottom patterns created in previous sessions. On the four-hour chart, the RSI returned below its 30 oversold level and the MACD strengthened its negative momentum below the signal line, both hinting that the bears may keep pressuring in the short-term. In this case, [..]

Technical Analysis – WTI futures bearish despite pause ahead of 19.00 handle

Posted on April 16, 2020 at 8:32 am GMT

WTI crude oil futures appears to be tilting negative again as it pierced just below the February 1999 level of 19.25 by plotting a new low of 19.19. Confirming the bearish sentiment is the RSI, which in the bearish area is slipping towards its 30 point, while the MACD, deep in negative territory, is looking to retake its red trigger line. Furthermore, with the prevailing negative outlook painted by the diving simple moving averages (SMAs) and the still intact bearish [..]

Technical Analysis – Copper futures maintain negative outlook despite pullback

Posted on April 15, 2020 at 2:45 pm GMT

Copper futures’ bullish correction from the 45-month low of 1.9684 appears to have lost steam as it approaches the restrictive trend line drawn from the 8½-month peak of 2.8819. Further suggesting that positive momentum is wavering is the RSI that has dipped back below its neutral 50 mark and the stochastic lines, which have reversed ahead of the 80 overbought border. While the MACD, in the negative section, continues to move above its red trigger line suggesting that the price [..]

Technical Analysis – WTI futures bears face big challenge near 21.90; stochastic seems oversold

Posted on April 14, 2020 at 7:10 am GMT

WTI crude oil futures have been on the sidelines over the last couple of days as the 23.6% Fibonacci retracement level of the down leg from 54.70-19.25 at 27.56 seems to be a struggle for the bulls. The price could lose some more ground in the short-term, according to the RSI, as it is changing direction to the downside. However, the stochastics are warning over an oversold market, forming a bullish crossover within the %K and %D lines. A rebound [..]

Technical Analysis – Gold gains backing for push to multi-year high

Posted on April 13, 2020 at 8:25 am GMT

Gold is presently attempting to breach the 1,690 resistance, after holding above the near-term uptrend line drawn from March 20. The recent positive price action off the ascending line appears to be reflected in a bullish crossover of the Kijun-sen line by the upward sloping Tenkan-sen line. The short-term oscillators continue to confirm the positive sentiment from the 1,566 level, with the MACD, in the positive region, increasing above its red trigger line while the RSI gradually advances in the [..]

Technical Analysis – WTI oil futures sank below 20-SMA; lacks direction in very short-term

Posted on April 10, 2020 at 9:54 am GMT

Since its deep fall towards the multi-year low of 19.32 in the end of March, WTI oil futures have been fluctuating around the 20-day simple moving average (SMA). The technical picture supports that the selling interest is likely to remain in the short-term. The stochastic oscillator bounced off the overbought zone and is heading south, while the RSI is pointing down in the negative territory. Also, the price is trading well below the Ichimoku cloud in the daily timeframe. Further losses could see the March 30 low of 19.32 acting [..]

Technical Analysis – Silver could retreat but will the trendline help?

Posted on April 8, 2020 at 2:44 pm GMT

Silver bulls surrendered to the 200-period moving average (SMA) on the four-hour chart earlier this week and shifted sideways, pausing the uptrend at a fresh high of 15.50. Downside risks seem to be increasing as the RSI is pointing down to its 50 neural mark and the MACD keeps losing strength below its red signal line. Yet, whether any negative correction will be noticeable will depend on the ascending trendline that has been supporting the market since the plunge to [..]

Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]

Technical Analysis – WTI oil futures draw a bullish inverted head and shoulders pattern

Posted on April 8, 2020 at 7:39 am GMT

WTI oil futures (May delivery) appear to be forming an inverted head and shoulders pattern in the four-hour timeframe in a possible signal for a positive trend reversal. In the latest upturn, the price failed to overcome its previous high of 28.45 and reversed south to build the right shoulder. The bullish cross between the 20- and 50-period simple moving averages (SMAs) is also encouraging for a trend improvement. A decisive rebound above the 29.00 level, where the formation’s neckline is standing, could indicate the start of [..]

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