Commodities

Technical Analysis – WTI futures creates narrow range in a strong sell-off period

Posted on March 24, 2020 at 10:08 am GMT

WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50 level, while the stochastic is turning slightly lower in the overbought territory. However, the Ichimoku lines are moving lower in the 4-hour chart. Immediate resistance, in [..]

Technical Analysis – Gold finds some footing to keep the sell-off at bay

Posted on March 23, 2020 at 8:50 am GMT

Gold appears to have found some support around the November 2019 lows from 1,446 to 1,455 – pivoting from this region – and is currently capped by the 200-day simple moving average (SMA). Both the declining Tenkan-sen line and the MACD are continuing to back the drop, with the Tenkan-sen line completing a bearish crossover of the flattened blue Kijun-sen line and the continuing of the MACD to hold in the negative zone below its red trigger line. Moreover, the [..]

Technical Analysis – Silver recoups some losses after the plunge to 11-year bottom

Posted on March 20, 2020 at 11:08 am GMT

Silver prices have gained little over the last couple of sessions, holding above the eleven-year trough of 11.60 that was posted earlier this week. However, the 50-day simple moving average (SMA) is in the process of creating a ‘death cross’ with the 200-day SMA, confirming the steep decline in the preceding days. Regarding the near-term technical viewpoint, the stochastic is pointing marginally up in the oversold territory after the bullish cross within its %K and %D lines. Also, the RSI is moving higher beneath the 30 level, indicating a possible [..]

Technical Analysis – WTI futures turn up from multi-year low in the near term

Posted on March 20, 2020 at 7:41 am GMT

WTI crude oil futures rebounded on the multi-year low of 20.50 on Wednesday, touching the inside swing low from January 2016 at 27.54. The commodity surpassed the 40-period simple moving average (SMA), suggesting a potential bullish correction in the very short-term. This slightly bullish action is confirmed by the technical indicators. The RSI is flirting with its 50 level and sloping upwards, while the stochastic is edging towards its overbought mark in the 4-hour chart. Moreover, the red Tenkan-sen line [..]

Technical Analysis – Gold bears break key borders; uptrend at risk below 1,450

Posted on March 19, 2020 at 9:08 am GMT

Gold closed slightly below the 200-day simple moving average (SMA) on Wednesday for the first time since the end of 2018, having breached the supportive trendline from 1,269 earlier this week too. Adding to the bearish sentiment, the RSI continues to extend south and is ready to pierce its 30 oversold level, while the MACD is deep in the negative territory , below its trigger line, and close to a former support area, hinting a cautiously short-term bearish bias. From [..]

Technical Analysis – WTI oil futures cautiously bearish ahead of multi-year low

Posted on March 17, 2020 at 10:02 am GMT

WTI oil futures continues to reflect signals of a negative market after breaking the 49.29 low and even plummeting past the 18-month trough of 42.53 from December 2016, which resulted in the commodity gapping towards a multi-year bottom of 27.32. The short-term oscillators maintain a negative picture with the MACD, in the negative zone, declining deep below its red trigger line, while the RSI hovers in the oversold territory, flirting with the 30 mark. Worth mentioning is the intact bearish [..]

Technical Analysis – Copper futures plunge lower to a multi-year low

Posted on March 16, 2020 at 4:31 pm GMT

Copper futures plunged to a fourty-month low of 2.6204 today before buyers resurfaced. The correction in the price was also reflected in the bounce of the RSI on the 30 oversold mark and the recent turn up in the Stochastic blue %K line towards its red % D line just beneath the 20 level. That said, the MACD is declining below its red trigger line in the negative zone and the simple moving averages (SMAs) still display a negative picture [..]

Technical Analysis – Gold hovers above 2½-month high; bearish in near-term

Posted on March 16, 2020 at 7:46 am GMT

Gold prices are advancing somewhat after the downfall towards the two-and-a-half-month trough of 1,504.52 that was posted last Friday. The technical indicators are suggesting a bullish correction in the 4-hour chart as the RSI is rising, surpassing the oversold zone, while the stochastic posted a bullish crossover within its %K and %D lines. It is noteworthy, that the 40-period simple moving average (SMA) created a negative cross with the 100-period SMA, indicating a longer-term downtrend. If the price climbs above [..]

Oil wars during a pandemic: It could get messy – Special Report

Posted on March 13, 2020 at 1:34 pm GMT

After the production alliance between Saudi Arabia and Russia fell apart, pushing oil prices dramatically lower on concerns of a supply war at a time when the virus outbreak depresses demand, everyone is wondering what’s the floor for crude. We seem to be headed for a period where markets are flooded with supply as the major players compete for market share, which could keep prices at very low levels. Ultimately, the dust will settle and prices could recover, but that [..]

Technical analysis – Silver looking bearish heading towards 61.8% Fibonacci

Posted on March 12, 2020 at 9:40 am GMT

Silver sellers appear to be in control as the commodity is nearing the 16.32 barrier – that halted previous declines – which is the 61.8% Fibonacci retracement of the up leg from 14.28 to 19.63. The negative push seems to have backing from the downward sloping 50-day simple moving average (SMA) and the momentum indicators. The MACD, in the negative zone, is declining below its red trigger line, while in the bearish region the RSI is heading for the 30 [..]

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