Commodities

Technical Analysis – Palladium futures at fresh record highs; could keep uptrend in short-term

Posted on October 17, 2019 at 1:20 pm GMT

Palladium futures for December delivery are stretching a long-run uptrend within a narrowing channel, with the market printing a new record high of 1,747 on Thursday. The RSI hints overbought conditions as the indicator seems to be softening above 70, a sign that downside corrections may emerge. Despite that, the triple exponential average oscillator (TRIX), which looks to be reversing north again, suggests that the price may keep the upward direction in the short-term. Moving higher, the bulls would aim for the [..]

Technical Analysis – WTI oil futures resume slide, return focus to the downside

Posted on October 15, 2019 at 9:28 am GMT

WTI oil futures are looking increasingly bearish after slipping below the 50-period simple moving average (SMA). The short-term oscillators are turning negative. The RSI is accelerating the negative momentum, falling further below the neutral mark. The MACD is also pointing to negative pressures, dipping below the zero line. However, the SMAs reflect mixed signals and thus could yet manage to confine the price within a sideways market. To the upside, buyers have a tougher task in hand, as they would need [..]

Technical Analysis – Gold consolidates, capped by SMAs

Posted on October 14, 2019 at 10:10 am GMT

Gold buyers are attempting to tackle the converging simple moving averages (SMAs) in the sideways market. The 20-period SMA, from a flattened state deflected off the horizontal 100-period SMA completing a bearish crossover of the 50-period SMA, suggesting that the commodity is leaning more towards a short-term negative outlook. The short-term oscillators reflect weakening negative momentum. The MACD although below its red trigger line in the negative zone, looks to cross above it, while the RSI beneath its 50-level, is [..]

Technical Analysis – WTI oil futures may retest the bottom as bearish bias holds

Posted on October 9, 2019 at 7:37 am GMT

WTI oil futures for November delivery turned indecisive after failing to pierce the floor around the 23.6% Fibonacci of the downleg from 76.87 to 42.53 last week. The short-term bias,on the other hand, remains negative as the price is trending below its moving averages, the RSI is showing no improvement below its 50 neutral mark, and the MACD keeps strengthening under its red signal line. A breach of the 23.6% Fibonacci of 50.87 could initially stall near 49.40 and then around the [..]

Technical Analysis – Gold may adopt a softer tone in short-term

Posted on October 7, 2019 at 7:20 am GMT

Gold is sending neutral signals in the daily chart as reflected by the sideways move in the RSI and the MACD. The weakening 20-day simple moving average (SMA), which is ready to cross below the 50-day SMA, and the recent breakout of the ascending channel are also discouraging signs, indicating that the yellow metal may likely follow a softer path in coming sessions. The bears could retake control under the 1,458 level, especially if this occurs comfortably below the Ichimoku cloud. Traders could [..]

Technical Analysis – Copper futures capped by Ichimoku cloud and 50-day SMA enhancing negative outlook

Posted on October 4, 2019 at 1:37 pm GMT

Copper futures sellers are flirting with the 2.5280 support from August 5, looking for a push lower to the recent twenty-eight-month low of 2.4785, after returning the price back below the Ichimoku cloud. The short-term oscillators suggest negative momentum is strengthening. The MACD has declined into the negative region and beneath its red trigger line, while the RSI is heading lower in bearish territory. Furthermore, the downward sloping 50-, 100- and 200-day simple moving averages (SMAs) all back the bigger [..]

Technical Analysis – Gold consolidates; bears flirting with 23.6% Fibonacci level

Posted on September 30, 2019 at 8:35 am GMT

Gold sellers are testing the 1488 level once again, which is the 23.6% Fibonacci retracement of the up leg from 1266.20 to 1556.92. The precious metal had deflected off the 1535 resistance, collapsing after a two-week consolidation period. The commodity faces a level which is part of a support region from 1488 – 1480, which has held from the beginning of August. The short-term oscillators reflect negative momentum intact, as the MACD has distanced itself below its red trigger line [..]

Technical Analysis – WTI oil futures pull back, but still above uptrend line

Posted on September 27, 2019 at 10:51 am GMT

WTI oil retreated in recent days, after it briefly soared to a 4-month high last week. Despite the latest pullback though, the fact that the price is still trading above an uptrend line drawn from the lows of August keeps the short-term outlook cautiously positive. That said, a break below the uptrend line and 55.30 would turn the bias to neutral. Momentum oscillators paint a neutral picture, with the RSI being flat near its 50 level, while the MACD is [..]

Technical Analysis – Soybean futures take a breather above 50.0% Fibonacci; buyers regroup

Posted on September 26, 2019 at 3:04 pm GMT

US Soybean futures adopted a sideways market after a corrective move reversed the commodity back down to 8.82, which is the 50.0% Fibonacci retracement of the down leg from 9.2280 to 8.4070 and where the upper boundary of the Ichimoku cloud lies. The short-term oscillators reflect a stall in momentum but lean more towards a push higher. The MACD is only just above its red trigger line in the positive zone, while the RSI is in the bullish territory, pointing [..]

Technical Analysis – Silver reverses up from 200-SMA; bears try to stop the gains

Posted on September 24, 2019 at 7:24 am GMT

Silver’s bears resurfaced around the 2017 high of 18.63 after a rally which bounced off the 200-period simple moving average (SMA). The move up began once the price of the metal gapped back above the 200-period SMA, following a brief close beneath it on September 13. The upward sloping 21- and 42-period SMAs indicate that the move up may stick around, with the 200-period SMA also backing the bigger positive outlook. That said, short-term oscillators paint a mixed picture, as [..]

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