Commodities

Technical Analysis – Gold meets 100-SMA again; neutral bias

Posted on January 20, 2021 at 3:06 pm GMT

Gold prices have been developing within a consolidation area over the last almost two-weeks with upper boundary the 1,863 resistance and the 100-period simple moving average (SMA) and lower boundary the 1,817 support level. However, the technical indicators are not supporting this horizontal trajectory, but they are showing mix signals. The stochastic is standing in the overbought zone but is pointing down and the RSI is heading north in the positive area. A successful climb above the 1,863 crucial level could take the yellow [..]

Technical Analysis – WTI futures consolidate but continue to favour upside

Posted on January 19, 2021 at 9:10 am GMT

WTI oil futures appear to be finding a foothold on the 50-period simple moving average (SMA) and the cloud’s upper surface, after the pullback from the 11-month high region of 53.91. The Ichimoku lines are reflecting the sideways edging in the price, while the climbing SMAs are promoting additional advances. Looking at the short-term oscillators, we can see a slight pickup in positive momentum. The MACD is holding marginally below its red trigger line and the zero mark, while the [..]

Technical Analysis – Gold is capped by 200-day SMA; holds in descending channel

Posted on January 18, 2021 at 8:01 am GMT

Gold prices are posting some gains, touching the 200-day simple moving average (SMA), which is acting as strong resistance in the short-term. In the broader picture, the price has been holding in a descending channel since the pullback from the record high of 2,074.89 on August 7. In terms of trend indicators, the Ichimoku lines are heading south alongside the 20- and 40-day SMAs. However, the %K line of the stochastic oscillator is posting a bullish crossover within the %D [..]

Technical Analysis – WTI oil futures look for February’s key as bears gain traction

Posted on January 14, 2021 at 8:53 am GMT

WTI oil futures saw a bit of a drop on Wednesday after touching February’s resistance of 53.90, bringing the 78.6% Fibonacci retracement of the 2020 downfall at 53.00 back under the spotlight. February’s border could be the key to the next leg of the rally, which may initially pause inside the 58.60 – 59.50 restrictive area before stretching towards the 2019 tops registered within the 62.00 – 65.60 zone. That said, any improvement might come with some delay as the momentum indicators, although in [..]

Technical Analysis – WTI futures flirt with 11-month peak; indicators look overbought

Posted on January 12, 2021 at 8:05 am GMT

WTI crude oil futures have reversed higher again reaching a fresh eleven-month high of 52.70, however, the MACD oscillator now suggests that the market sentiment might get worse before getting better. The RSI is approaching the overbought territory, indicating a possible pullback in the very short-term timeframe. If the price manages to move higher again and surpass the eleven-month high of 52.75 it could take the market towards the 54.62 resistance, registered in February 2020. Alternatively, the market might revisit the 20-period simple moving average (SMA) [..]

Technical Analysis – Gold leans to the bearish side again; 200-day SMA in focus

Posted on January 11, 2021 at 8:58 am GMT

Gold came under severe selling pressure on Friday, slumping below a steep ascending trendline and back into the descending channel. The sharp-sell off saw another extension towards a six-week low of 1,817 early on Monday, but the precious metal managed to recoup its intraday losses and climb back above its 200-day simple moving average (SMA) and to the 1,850 level. From a technical perspective, the bears could dominate in the short run as the recent decline in the price drove [..]

Technical Analysis – WTI futures step up, exhibit robust positive tone

Posted on January 7, 2021 at 8:49 am GMT

WTI oil futures are currently pushing up against the 51.14 resistance, after a bounce off the blue Kijun-sen line boosted the commodity’s price. The progressing Ichimoku lines are suggesting additional advances are on the table as positive price action is strengthening. Likewise, the increasing upturn in the simple moving averages (SMAs) is safeguarding the price’s growing bullish bearing. The short-term oscillators are also demonstrating strengthening positive momentum. The MACD, some distance above zero, has returned back above its somewhat horizontal [..]

Technical Analysis – Gold welcomes the new year with bullish fireworks

Posted on January 4, 2021 at 8:47 am GMT

Gold kicked off the new year spectacularly, opening with a positive gap on Monday and up by more than 1.0% to finally pierce the 1,900 level. More interestingly, the price has jumped above the four-month old descending channel and flew beyond the Ichimoku Cloud, bringing the bulls back into play. The momentum indicators are also reflecting the growing buying appetite in the market as the RSI is printing new highs above its 50 neutral mark and the MACD is rising at a stronger pace above its [..]

Technical Analysis – WTI futures hover below ceiling; upside risks intact

Posted on December 31, 2020 at 9:11 am GMT

WTI oil futures appear to be positively skewed but are now consolidating ever so slightly below the 49.00 mark, after recently peaking within a heavy resistance section of 48.80-49.61. The Ichimoku lines are conveying a positive tone, despite a minor easing in the incline of the red Tenkan-sen line. Furthermore, the bullish bias seems to be receiving further aid from the rising simple moving averages (SMAs). On that note, the short-term oscillators are demonstrating a pause in positive sentiment. The [..]

Technical Analysis – Gold in a narrow trading range after Senate’s stimulus vote delay

Posted on December 30, 2020 at 10:39 am GMT

Gold is in a tight range around the 1,880 level in the four-hour chart, stubbornly refusing to dip inside the Ichimoku cloud and below the tough ascending trendline, which has been strictly supporting the market since the end of November. The odds for an exciting rebound are looking minimal as the RSI and the MACD continue to hold muted around their neutral levels, supporting the current sideways move in the price. The 61.8% Fibonacci of the 1,965 – 1,764 downfall at 1,888 [..]

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