Commodities

Technical Analysis – Gold advances considerably towards 2-month high

Posted on June 3, 2019 at 9:47 am GMT

Gold prices have been in a flying mode over the last couple of days, hitting a new two-month high around 1,315. The yellow metal jumped above the Ichimoku cloud and the 23.6% Fibonacci retracement level of the upleg from 1,160 to 1,346.61, near 1,302 as well as above the 1,310 barrier. The RSI and the stochastic oscillator signal that room for improvement is limited as the former is approaching the 70 overbought mark and the latter is rising above the 80 level in the daily timeframe. Yet the [..]

Technical Analysis – Copper futures records new low; bias still bearish

Posted on May 31, 2019 at 12:05 pm GMT

Copper futures with delivery on July 2019 are declining with strong momentum over the last three days below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and recording a four-month low of 2.6260 today. The technical indicators are remaining in the bearish territory, with the RSI sloping down in the oversold zone and the MACD posting a bearish cross with its trigger line. In case the price extends the bearish move, immediate support is expected to come from the 2.5750 barrier, [..]

Technical Analysis – WTI crude futures build base above 2½-month trough

Posted on May 28, 2019 at 8:10 am GMT

WTI crude oil futures found strong support at a fresh two-and-half-month low of 57.40, where the 38.2% Fibonacci retracement level of the upward rally from 42.50 to 66.60 is standing. The price drifted below the ‘golden cross’ of the 50- and 200-simple moving averages (SMAs) in the daily timeframe, while the stochastic is raising chances for bullish correction at it created a positive cross within the %K and %D lines in the oversold zone. Should the price edge higher, positive [..]

Technical Analysis – Gold finds obstacle near 1,287; indicator suggest bearish bias

Posted on May 27, 2019 at 8:46 am GMT

Gold prices had another touch of the 1,287 resistance level today, remaining above the 23.6% Fibonacci retracement level of the descending movement from 1,346.60 to 1,266 near 1,285 and is standing within the Ichimoku cloud in the 4-hour chart. The RSI and the stochastic oscillator signal that the next move in the price is more likely to be on the downside as the former is negatively sloped above its 50 neutral mark and the latter continues to weaken slowly in the overbought zone, recording [..]

Technical Analysis – WTI crude futures stands above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 9:00 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart. The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

Technical Analysis – Gold eyes key support around 1,266

Posted on May 20, 2019 at 8:18 am GMT

Gold made another lower high last week after finding resistance at 1,303. The market action is currently taking place at the bottom of the symmetrical triangle and both the RSI and the MACD signal that the next move in the price is more likely to be on the downside as the former is negatively sloped below its 50 neutral mark and the latter continues to weaken slowly towards its red signal line. While a cross under the triangle (1,274) could be discouraging, a decisive close under the previous low of [..]

Technical Analysis – WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo

Posted on May 17, 2019 at 9:00 am GMT

WTI crude oil futures found strong support at the 23.6% Fibonacci retracement level from the one-and-a-half-year low of 42.50 to the recent peak of 66.60 over the last two weeks, remaining also above of the ‘golden cross’ within the 50- and 200-day simple moving averages (SMAs). The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure. Should the price edge higher, positive momentum could probably last until the six-month high of 66.60. Beating this top, the way [..]

Technical Analysis – Gold builds base below 1290; neutral in short-term

Posted on May 13, 2019 at 8:39 am GMT

Gold prices have been developing within a consolidation area over the last month, with upper boundary the 1290 resistance level and lower boundary the 1266 barrier. Currently, the price hovers beneath the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266, around 1285 as well as between the 20- and 40-simple moving averages (SMAs). From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower, while the RSI and the MACD are pointing down below 50 and the [..]

Technical Analysis – WTI oil futures form a golden cross pattern

Posted on May 7, 2019 at 8:20 am GMT

WTI oil futures managed to close with marginal gains on Monday after falling below the longer-term 50 and 200-day simple moving averages (SMA) to touch a one-month low of 60.02. The short-term bias, though, remains neutral-to-negative as the MACD is losing steam below its red signal line and moving towards zero, while the RSI seems to be unable to return above its 50 neutral mark. In the medium-term picture, the news is more positive thanks to the golden cross formation by the 50- and the 200-day SMAs which indicates that a [..]

Technical Analysis – Gold finds obstacle near 23.6% Fibonacci; short-term bearish bias

Posted on May 6, 2019 at 8:43 am GMT

Gold prices is struggling below the 1285 mark, which is the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29, a strong resistance during the past few weeks. From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower in the overbought territory, creating a bearish crossover between the %K and %D lines, while the RSI is sloping down in the positive area, suggesting a possible negative movement. If the market reverses even [..]

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