Commodities

Technical Analysis – Silver prints new 14-month high above 138.2% Fibonacci extension level

Posted on August 7, 2019 at 2:50 pm GMT

Silver was unable to push below the 100-day simple moving average (SMA) at the beginning of the month. Silver found support from the Ichimoku cloud and the 100-day SMA was tested multiple times. After a short-term sideways move, the metal finally broke out of the cloud upwards and rallied past the previous thirteen-month high of 16.64, as well as the 138.2% Fibo extension level of the downleg from 16.20 to 14.28, printing a nearly fourteen-month new high of 17.08. A [..]

Technical Analysis – WTI oil futures unable to conquer previous swing low

Posted on August 6, 2019 at 8:35 am GMT

WTI oil futures fell from the 58.79 peak from the beginning of the month to a spike low of 53.58. Presently standing at 55.25, the price is trading between the 56.00 resistance and 53.45 support. Although the Tenkan-sen is showing a downwards direction in the short-term, the Kinjun-sen has flattened over the recent period, with the sideways move suggesting some indecision present. The MACD has crossed above its red trigger line while in the negative region, whilst the RSI points [..]

Technical Analysis – Gold breaks upper boundary of trading range; prints new high

Posted on August 5, 2019 at 8:14 am GMT

Gold tested the 1400 hurdle for the third time over the last three weeks, and then rallied past the previous highs of 1437.58 and 1439.04 from July 3 and June 25. The metal then took a breather, and today moved above its six-year high of 1452.87, to produce a current new high of 1459.06. Although the 20- and 100-day simple moving averages (SMAs) are nearly parallel and flat, suggesting some neutrality, the 14-day SMA has broken above the 20-day SMA [..]

Technical Analysis – Palladium futures’ aggressive drop halted near 100-SMA and 50.0% Fibonacci; price moves inside Ichimoku cloud

Posted on August 1, 2019 at 2:39 pm GMT

Palladium futures’ struggle with the 23.6% Fibo of 1517 finally came to an end, after a two-week period. The metal collapsed through the 1467 support level, which is the 38.2% Fibo retracement level of the move up from 1255 to 1598, and the 1454 near support, to break into the Ichimoku cloud. Presently the metal is faced with the 100-day simple moving average (SMA) barrier which is parallel with the 50.0% Fibo of 1426. The 20-day SMA has started to [..]

Technical Analysis – WTI futures price squeezed between the moving averages

Posted on July 30, 2019 at 8:25 am GMT

WTI oil futures have been flirting with the 200-day simple moving average (SMA) but were unable to close above it over the last week after finding support at the 54.80 level. The price seems to be caught between the 20-, 60- and 200-day SMAs in a sideways market that has lasted two-months, with formed candles which show no clear direction. The ADX indicator suggests a trading range is in place, whilst the 20-, 60- and 200-day SMAs have converged showing [..]

Technical Analysis – Gold pushed back; sellers disagree with new high

Posted on July 29, 2019 at 8:58 am GMT

Gold printed a multi-year high of 1452.87 on July 19, but sellers moved the asset back below previous highs of 1433.50 and 1439 recorded a month ago. The metal has found support on the 21-day simple moving average (SMA) and the Kijun-sen average around 1415. Tenkan-sen average has flattened out, indicating that short-term upside momentum is fading. The RSI agrees with this outlook, as despite being in positive zone, it has neared the neutral area and become flat. The MACD [..]

Technical Analysis – Silver aggressively rallied upwards; takes a breather near highs

Posted on July 25, 2019 at 9:44 am GMT

Silver advanced fiercely from July 9, towards a thirteen-month high of 16.635 and currently stands at a temporary stall, while buyers try to regain the reins in the short-term. Price is way over the Ichimoku cloud, and its Tenkan-sen average points north confirming the positive bias, whereas the Kijun-sen indicates the present stall. The 50-day simple moving average (SMA) has just crossed above the 200-day SMA. The MACD has soared above its trigger in the positive region, whereas the RSI [..]

Technical Analysis – WTI futures encounter resistance from both the 50- and 200-SMAs

Posted on July 23, 2019 at 11:51 am GMT

WTI oil futures moved north from five-month lows of 50.58 towards the 61.8% Fibonacci retracement of the down move from 66.57 to 50.58, of 60.47, over the last month. Price tumbled from the 61.8% Fibo and lost steam near its 23.6% Fibo. The 50-, 100- and 200-day simple moving averages (SMAs) in the current sideways move indicate no definite direction as their signals are unclear. The SMAs have neared each other, whilst the MACD has had only a borderline cross [..]

Technical Analysis – Gold bulls pause rally at fresh 6-year highs

Posted on July 22, 2019 at 8:22 am GMT

Gold spiked to a fresh six-year high of 1,453 on Friday after closing above the 50% Fibonacci of the three-year old downleg from 1,796 to 1,046, but the market could not sustain the gains, with the price pulling back near the Fibonacci level. Meanwhile in momentum indicators, the MACD failed to pierce its red signal line last week, while the RSI continues to fluctuate sideways in the bullish area, both suggesting a neutral-to-bearish bias for the short-term. The slowdown in the 20-day simple [..]

Technical Analysis – Gold drops after flying to more than 2-year high

Posted on July 19, 2019 at 11:22 am GMT

Gold advanced to a more than two-year high of 1,452.87 earlier today, but quickly reversed lower near the previous highs of 1,438. The technical indicators seem to be overstretched in the daily timeframe as the RSI is reversing lower after it touched the 70 level, while the MACD has found obstacle at the trigger line. If the price successfully surpasses the two-year high (1,452.87), it could prove a trigger point for another bullish round towards the 1,475 mark, registered on [..]

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