Commodities

Technical Analysis – Gold reaches 10-month high; strong bullish view in medium term

Posted on February 20, 2019 at 7:41 am GMT

Gold prices skyrocketed to a fresh ten-month high earlier today, reaching the 1346.61 level. Currently, it is set to complete the fifth consecutive green day after the rebound on the 23.6% Fibonacci retracement level of the upleg from 1160 to 1346.61, near 1302 and the steep ascending trend line, which has been holding since November 13. Turning the attention to the technical indicators, the RSI seems to be overbought as it is flattening above the 70 level, suggesting a possible downward correction. [..]

Technical Analysis – Palladium futures eye 1500 level but looking overbought

Posted on February 19, 2019 at 4:44 pm GMT

Palladium futures for March delivery scaled another all-time high on Tuesday, hitting an intra-day top of 1463.34. The commodity has been on a steep uptrend after reversing from the more than one-year low of 812.65 it ploughed in August 2018. The strong upside momentum looks set to continue in the near term as supported by the technical indicators. However, there is a risk of a downside correction as the indicators have stepped into overbought territory. The RSI has crossed above [..]

Technical Analysis – WTI crude oil futures hits 3-month high; bullish correction mode in near term

Posted on February 19, 2019 at 7:42 am GMT

West Texas Intermediate crude oil futures topped at a new three-month high of 56.31 during yesterday’s trading session, advancing above the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50. The technical indicators seem to be overbought, as the RSI is flattening in the positive zone, while the %K line of the stochastic oscillator posted a bearish cross with the %D line in the strong bullish area, signaling possible downside pressures to come [..]

Three important risks to know about crude oil – Special Report

Posted on February 18, 2019 at 12:43 pm GMT

The last quarter of 2018 was a tough one for oil producers as fears over a global growth slowdown and concerns on plentiful production sent prices to 1 ½-year lows. To reverse the slump, OPEC and non-OPEC members clinched a deal to cut output as of January 1 despite previously increasing levels, with the market responding immediately, sending prices higher by 18% since the start of the new year. But moving ahead, the outlook remains fragile as some issues still need to [..]

Technical Analysis – Gold records 3-week high; Ichimoku suggests further gains

Posted on February 18, 2019 at 9:57 am GMT

Gold prices edged sharply higher in the previous days, hitting a more than two-week high earlier today. Also, the metal is approaching the eight-month high of 1326 and a successful jump above this strong barrier would resume the bullish outlook. The RSI indicator is holding around the overbought zone and the 70 level, while the MACD oscillator is strengthening its momentum above the trigger and zero lines in the 4-hour chart. Also, the price stands well above the Ichimoku cloud [..]

Technical Analysis – Brent crude oil futures advances above ascending channel; reaches 3-month peak

Posted on February 14, 2019 at 12:31 pm GMT

Brent crude oil futures are holding slightly below the three-month high of 64.80 after the aggressive bullish run above the ascending sloping channel. The MACD oscillator suggests that the market might improve in the coming sessions as it is moving upwards, however, the RSI indicator seems to be overbought as it reached the 70 level in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction and would challenge the next critical level of 68.35, identified by [..]

Technical Analysis – US 500 index jumps towards 2-month high above 200-SMA

Posted on February 14, 2019 at 10:02 am GMT

The US 500 stock index has had a bullish run above the strong obstacle of the 200-day simple moving average (SMA) and the 61.8% Fibonacci retracement level of the downleg from 2940 to 2332, indicating an upward tendency. Prices hit a two-month high of 2762 earlier today and the technical indicators are all pointing to further positive momentum in the short term. The RSI indicator is heading upwards approaching the overbought territory, while the MACD oscillator posted a bullish cross with the [..]

Technical Analysis – Gold trades cautiously above 1300; bullish in medium term

Posted on February 14, 2019 at 9:36 am GMT

According to the RSI, gold touched overbought levels at a nine-month high of 1,326 at the end of January when the indicator topped above 70. Consequently, the price turned slightly southwards since then, with the 1,300 key level deterring steeper declines and therefore the violation of the three-month old ascending channel. The RSI, though, continues the downward move towards its 50 neutral mark and the MACD keeps losing strength below its red signal line, both painting a neutral-to-bearish profile for the short [..]

Technical Analysis – WTI crude oil futures point slightly higher in the near term

Posted on February 12, 2019 at 10:01 am GMT

West Texas Intermediate (WTI) crude oil futures are edging slightly higher, surpassing the Kijun sen line and the 20-simple moving average (SMA) in the 4-hour chart, indicating a possible upside retracement. However, the price remains below the Ichimoku cloud and the technical indicators are still standing in the negative zone. The RSI is approaching the 50 level, while the MACD jumped above the trigger line in the near term. Moving higher immediate resistance could come from the 40-SMA currently at [..]

Technical Analysis – Copper futures eases near upper boundary of consolidation area in medium term

Posted on February 8, 2019 at 12:26 pm GMT

Copper futures with delivery in March 2019 have been moving in a sideways channel over the last six months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is easing below the 38.2% Fibonacci retracement level of the downleg from 3.3290to 2.5480 around 2.8410. The technical indicators are still located in bullish area, with the MACD flattening above its red signal line, while the RSI is losing momentum above the 50 level. In [..]

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