Commodities

Technical Analysis – Brent futures covers gap down; still bearish in short term

Posted on March 11, 2020 at 1:43 pm GMT

Brent futures sank towards a fresh low of 31.23 on Monday, creating a gap down, however, they covered some of the losses in the previous four-hour sessions. Looking at the technical indicators, the RSI turned lower but is still the near 50 level, while the stochastic oscillator is losing momentum after the bearish cross within its %K and %D lines in the positive area. On the other side, the MACD oscillator is remaining above its trigger line, but the upside movement is [..]

Technical Analysis – Palladium’s correction from all-time peak could be short lived as positive structure holds

Posted on March 9, 2020 at 2:17 pm GMT

Palladium futures look to have encountered significant support from the 50-day simple moving average (SMA) and the 2,250 level, which is the 38.2% Fibonacci retracement of the up leg from 1,376 to 2,786.16. The retracement off the fresh all-time high of 2,786.16, is aided by the negative momentum reflected in the technical oscillators. The MACD, is in the positive area but is distancing itself below its red trigger line, heading towards the zero level, while the RSI weakens, steering into [..]

Technical Analysis – Gold remains bullish despite correction from peak

Posted on March 9, 2020 at 8:58 am GMT

Gold’s pullback from a multi-year high of 1,703 found support at the mid-Bollinger band around 1657 and the very short-term supportive trendline pulled from February 28. The short-term oscillators suggest positive momentum is picking up, with the RSI improving ahead of its 50 mark and the MACD holding just at its red trigger line in the positive zone. If the yellow metal sustains its position above the supportive trendline and the mid-Bollinger band, initial resistance could come from 1,690 ahead [..]

Technical Analysis – Gold remains optimistic despite correction from peak

Posted on March 9, 2020 at 8:24 am GMT

Gold’s pullback from a multi-year high of 1,703 found support at the mid-Bollinger band around 1657 and the very short-term supportive trendline pulled from February 28. The short-term oscillators suggest positive momentum is picking up, with the RSI improving ahead of its 50 mark and the MACD holding above its red trigger line in the positive zone. If the yellow metal sustains its position above the supportive trendline and the mid-Bollinger band, initial resistance could come from 1,690 ahead of [..]

Could OPEC’s output cut shore up oil prices? – Special report

Posted on March 5, 2020 at 4:21 pm GMT

OPEC members tentatively agreed on Thursday to deliver a larger output cut than they initially proposed last month in the face of the coronavirus outbreak. But it is now up to Russia to approve it when it joins the meeting on Friday. While it is almost certain that Moscow will cave in, there is little optimism that the announcement will trigger the much-needed sustainable rally in oil markets even though a short-lived upside correction cannot be ruled out in the near-term. Russial may not be happy, but [..]

Technical Analysis – Gold recoups lost ground but eyes turn to 1,662

Posted on March 4, 2020 at 8:06 am GMT

Gold recouped all the losses it made on Friday after stepping on the 50-day simple moving average (SMA), with the price returning to the 1,600 territory. The short-term risk is still on the upside as the RSI has rebounded near a descending trendline and back above its 50 neutral mark, though with the MACD remaining below its red signal line despite gaining momentum, and the red Tenkan-sen stabilizing slightly above the blue Kijun-sen, some caution should be warranted. Hence, traders [..]

Technical Analysis – WTI oil futures pause sell-off near 14-month low

Posted on March 3, 2020 at 2:11 pm GMT

WTI oil futures for April delivery slipped as low as 43.50 on Monday and near 2018 lows before bouncing up on Monday. With the RSI rising above its 30 oversold mark and the MACD stabilizing below its signal line, the market could follow a sideways path in the coming sessions. Any attempt for improvement could hit a wall within 49.30-50.50 area, where the 20-day simple moving average (SMA) and the descending trendline are currently standing. Should the price overcome that [..]

Technical Analysis – Gold at fresh 7-year high; strongly bullish on virus fears

Posted on February 24, 2020 at 7:40 am GMT

Gold surged to a fresh seven-year high earlier today, hitting the 1,679.65 level and continuing the sharp upside extension, posting a gap up. The market recorded four consecutive green days and opened the door for a long-term clear positive direction, following the penetration of the previous top of 1,612 on virus fears. From a technical viewpoint, the RSI indicator is holding in the overbought territory with strong momentum, and the MACD oscillator is heading north above trigger and zero lines. [..]

Technical Analysis – Copper futures’ 2-week pullback from lows loses steam

Posted on February 19, 2020 at 3:50 pm GMT

Copper futures are facing renewed selling interest, though prices are currently seeking support from the 2.5780 level – which is the 23.6% Fibonacci retracement of the down leg from 2.8819 to 2.4839 – and the 100-period simple moving average (SMA) just below it at 2.5740. Looking at the short-term oscillators, negative momentum appears to be picking up. The MACD, currently at the zero mark, is only just below its red trigger line and seems to be trying to move into the negative zone, while [..]

Technical Analysis – Palladium futures unlock another record high at 2,752; 17% up this month

Posted on February 19, 2020 at 3:42 pm GMT

Palladium futures for March delivery seem unwilling to stop the extraordinary rally in uncharted territory, with the price flying as high as 2,752 on Wednesday after a short consolidation period within the 2,424-2,148 zone. The higher highs and higher lows remain well intact in the market’s bullish structure, while the shorter-term simple moving averages continue to fluctuate above the longer-term SMAs, all pointing to a stronger uptrend in the coming sessions. Some stabilization cannot be ruled out as the RSI [..]

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