Commodities

Technical Analysis – Palladium futures looking more neutral after downside correction

Posted on April 3, 2019 at 3:06 pm GMT

Palladium futures have met resistance at the top of the Ichimoku cloud, having bounced off the bottom of the cloud only three sessions ago. Prices plunged to an 8-week low of 1301.04 last week before recovering to around the 23.6% Fibonacci retracement of the August 2018-March 2019 upleg from 812.65 to 1574.14. Looking at the technical indicators, an extension of the recovery is possible as the stochastics are still rising. However, the RSI is pointing to a weakening momentum as [..]

Technical Analysis – WTI oil futures record 5-month high; bullish outlook in medium term

Posted on April 3, 2019 at 6:45 am GMT

WTI crude oil futures have been in a flying mode over the last four days, creating a new five-month high of 62.87 earlier on Wednesday. The price is heading higher after it found strong support at the one-and-a-half-year low of 42.50 last December. The short-term bias looks positive as the MACD keeps gaining ground above its trigger line, while the stochastic seems to be making its way up in the overbought territory. If the bulls hold the control, price advances may stall [..]

Technical Analysis – Gold loses ground below 1,300; outlook turns neutral in medium term

Posted on April 2, 2019 at 9:44 am GMT

Gold plummeted below 1300 over the previous week, while today the price is moving around the fresh one-month low around 1285. The March 7 support line seems to be acting as support near 1280.63, though, the risk remains neutral to slightly positive as the MACD is flattening around the trigger line, while the stochastic oscillator is ready for a bullish cross with the %K and %D lines. If the market corrects higher, the bullish action may pause initially near the [..]

Technical Analysis – WTI oil futures in a flying mode; bullish bias in short term

Posted on March 26, 2019 at 1:44 pm GMT

WTI crude oil futures have come under renewed buying interest, rising back above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart after the market found strong support at the 23.6% Fibonacci retracement level of the upleg from 51.60 to 60.36, around 58.30. Looking at momentum oscillators, they suggest further upside pressures may follow in the short-term. The RSI is holding above its neutral 50 line and is also pointing upwards, detecting bullish momentum. The MACD, already positive, lies above its trigger and zero lines. [..]

Technical Analysis – Gold eases after reaching 1-month high

Posted on March 26, 2019 at 10:29 am GMT

Gold has declined considerably since hitting the one-month high of 1324.40 on Monday’s trading session, returning back below the red Tenkan-sen line. The technical indicators are suggesting a potential downside risk as both are weakening. The RSI is falling towards the 50 level, while the MACD is ready for a bearish crossover with its trigger line. Despite the technical indicators view, the current structure remains bullish in short-term, as the price is holding above the ascending trend line over the [..]

Technical Analysis – Copper futures on a slippery slope; sideways channel holds

Posted on March 22, 2019 at 12:52 pm GMT

Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement level of the upleg from 2.6130 to 2.9720 and the short-term moving averages. The technical indicators in the 4-hour chart are still located in bearish area, with the MACD declining below its trigger line and the RSI is losing momentum below its 50 neutral level. In case the price extends the pullback, the next immediate support is expected to come from the lower boundary. [..]

Technical Analysis – WTI oil futures reach 4-month high; strongly positive in short term

Posted on March 19, 2019 at 10:03 am GMT

WTI crude oil futures have been in a flying mode since yesterday’s trading session, recording a new four-month high around 59.32 today. The price is set to touch overbought levels according to the RSI indicator which is holding a shy below the 70 level, while the MACD is ready to post a bullish crossover with its trigger line in the 4-hour chart. Moreover, the price is hovering well above the Ichimoku cloud. Another positive extension could find resistance at the 61.45 barrier, where the market topped on November [..]

Technical Analysis – Gold pares some losses; RSI looks slightly bullish in short term

Posted on March 18, 2019 at 8:28 am GMT

Gold is posting notable gains over the last 4-hour session, successfully surpassing its 20- and 40-simple moving averages (SMAs). While the price continues to trade within the Ichimoku cloud over the last week and the MACD oscillator keeps lacking momentum around its trigger and zero lines, the RSI is trying to frame a more positive picture for the short term as the indicator has started to slope to the upside again above its 50 neutral mark. Immediate resistance would likely come from the [..]

Technical Analysis – Gold rebounds on SMAs’ bullish cross and holds in Ichimoku cloud

Posted on March 12, 2019 at 2:09 pm GMT

Gold has been trading within the Ichimoku cloud after the rebound on the bullish crossover of the 20-and 40-simple moving averages (SMAs) around 1290.45 in the 4-hour chart. Looking at momentum indicators, the RSI is strengthening momentum above the 50 level as it is sloping upwards, while the MACD is trying to surpass the trigger line in the positive zone. Immediate resistance would likely come from the 1300 – 1302 zone as the price successfully climbed above the 23.6% Fibonacci retracement level of [..]

Technical Analysis – WTI oil futures in bullish action but confined to narrow range

Posted on March 12, 2019 at 11:56 am GMT

WTI oil futures jumped to a new one-and-a-half-month high of 57.43 earlier on Tuesday, remaining above the 23.6% Fibonacci retracement level of the upward movement from 51.60 to 57.85 around 56.37 and the 57.16 strong support level. The price has been trading in a narrow range within 55.00 – 57.85 over the last three weeks. However, technical indicators are holding in positive territory with the RSI flattening and the MACD strengthening its momentum. A bullish rally could find immediate resistance at [..]

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