Commodities

Technical Analysis – Silver regains bullish desire with bounce off 100-day SMA

Posted on December 28, 2020 at 1:35 pm GMT

Silver gapped higher, spiking above the 26.56 resistance today, continuing the recent traction the commodity found off the 100-day simple moving average (SMA). The climbing 200-day SMA is defending the positive structure, while the flattening 100-day SMA, is endorsing waning in the commodity’s improvement. Nonetheless, the slight upturn in the 50-day SMA together with the pickup in positive sentiment in the short-term oscillators are promoting additional advances. The MACD, in the positive region, is holding above its red trigger line, [..]

Technical Analysis – Gold clashes with hardened upside boundary

Posted on December 28, 2020 at 9:12 am GMT

Gold is in the process of confronting a fortified resistance zone from 1,896-1,907. This reinforced region comprises of highs, the 100-day simple moving average (SMA), the Ichimoku cloud and the overlapping descending trend line pulled from the all-time high. The horizontal blue Kijun-sen line and the mild downward slopes of the 50- and 100-day SMAs are promoting a more neutral-to-bearish picture. However, the bullish tone in the rising red Tenkan-sen line and the hiking 200-day SMA, as well as the [..]

Commodities outlook: can gold, oil and metals stay bullish in 2021?

Posted on December 24, 2020 at 2:46 pm GMT

It’s been an incredible year for commodities as the global pandemic has induced some historic moves in the prices of key commodities such as gold and oil. Growth commodities like oil and industrial metals, whose fortunes are more directly tied to economic performance, have rallied hard since March when markets were flooded with stimulus and look set to finish 2020 on a positive note. The safe-haven gold, which had been on the rise long before the pandemic, has not been [..]

Technical Analysis – WTI futures find floor at 20-day SMA; outlook bullish

Posted on December 24, 2020 at 7:50 am GMT

WTI crude oil futures stretched theirs seven-month old rally to a ten-month high of 49.39 on Friday before pulling slightly lower. The MACD seems to be losing momentum below its trigger line, the RSI is still hovering in the positive region following the pullback from the overbought territory, while the red Tenkan-sen line is flattening above the blue Kijun-sen, all signaling a more cautious trading in the short term. The market trend, however, is likely to hold on the upside as long as the price trades above its simple moving averages (SMAs) and the [..]

Technical Analysis – WTI futures retreat below rising trend line and SMAs

Posted on December 22, 2020 at 10:33 am GMT

WTI crude oil futures are dropping below the short-term ascending trend line, which had been holding since November 2, finding a powerful support at the 100-period simple moving average (SMA) and the lower surface of the Ichimoku cloud. The MACD oscillator is declining below the zero level with weak momentum, while the RSI is ticking slightly up in the negative territory. If the price remains beneath the diagonal line and the SMAs, immediate support could come from the 46.22 level, indicating a [..]

Technical Analysis – Gold in a challenging situation within bearish channel

Posted on December 21, 2020 at 8:50 am GMT

Gold resumed its bullish momentum on Monday after Friday’s pause, ticking slightly above the 1,900 level. Technically, the short-term bias is viewed as positive given the strength in the RSI and the MACD as well as the bullish intersection between the red Tenkan-sen and blue Kijun-sen lines. However, for the precious metal to attract new buyers, it should close decisively above the roof of the descending channel seen around 1,920, where the surface of the Ichimoku cloud and the 50% Fibonacci retracement of the 2,079 [..]

Technical Analysis – WTI futures signal for more bullish actions; post 9-month high

Posted on December 17, 2020 at 7:44 am GMT

WTI crude oil futures stretched their seven-week rally to a nine-month high of 48.41 earlier today, remaining well above the short-term simple moving averages (SMAs). The MACD seems to be gaining momentum above its trigger line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is pointing up well above the blue Kijun-sen, all signaling a positive trading in the near term. Should the bullish bias extend above the nine-month high of 48.41, resistance to upside movements could be initially detected from the 48.80 barrier. [..]

Technical Analysis – Gold set for a close above 200-SMA and within cautious territory

Posted on December 16, 2020 at 10:24 am GMT

Gold is set to close above the 200-period simple moving average (SMA) in the four-hour chart, but there is some suspicion that the precious metal could soon quit efforts given the previous downside reversals around that line. The 1,865 former support zone is also under the spotlight and could develop into a resistance area in the short run, though the momentum indicators are currently challenging that scenario. The RSI is sloping upwards but has yet to reach its 70 overbought mark, the stochastics hold [..]

Technical Analysis – WTI futures take a breather; upside risks remain solid

Posted on December 15, 2020 at 2:53 pm GMT

WTI oil futures improved mildly off the Ichimoku lines but are struggling to restart the upwards trajectory with a breakout of the small sideways move. The fairly horizontal Ichimoku lines reflect the stall in positive momentum, while the rising simple moving averages (SMAs) are suggesting steady advances in the pair. The short-term oscillators suggest conflicting signals in directional momentum. The MACD, in the positive region, is flirting with its fairly flat red signal line, while the RSI is pointing downwards [..]

Technical Analysis – Gold hovers near 38.2% Fibo in descending channel

Posted on December 14, 2020 at 8:05 am GMT

Gold prices have been trading around the 38.2% Fibonacci retracement level of the up leg from 1,451 to 2,074.89 at 1,836 and the 20-day simple moving average (SMA) and have been in a descending channel since August 6. According to the technical indicators, the stochastic oscillator is dropping towards the oversold area, while the RSI is pointing slightly down in the negative territory. The moving averages are in a neutral-to-bearish mode, suggesting that the next move in prices looks more likely [..]

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