Commodities

Technical Analysis – WTI crude oil futures turn bias to more bullish; reaches 2-month high

Posted on February 4, 2019 at 7:44 am GMT

WTI futures came close to breaking 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, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode as it jumped above the 20- and 40-simple moving averages (SMAs), which posted a positive crossover in the preceding sessions in the daily timeframe. According to the technical indicators the market could maintain positive momentum in the short-term as the MACD indicator has surpassed [..]

Fed’s ‘patience’ on rates lifts gold; can it run even higher? – Commodity News

Posted on January 31, 2019 at 2:39 pm GMT

Gold prices have staged a remarkable rally in recent months, supported by a weakening dollar, growth risks and volatility in the broader market, as well as central banks expanding their reserves. There’s little on the horizon to suggest a change in this upward pattern, though for the bulls to manage to clear the $1355-1365 zone, some new trigger may be needed. After a relatively rocky year in 2018, which saw gold prices close marginally lower (-1.5%), the yellow metal has [..]

Technical Analysis – Gold extends bullish impetus further beyond 1,300

Posted on January 30, 2019 at 9:21 am GMT

Gold’s rally got some extra fuel early on Wednesday, with the price jumping to an 8 ½ -month high of 1,315. In the technical picture, the MACD seems to be resuming upside momentum above its red signal line, a positive sign that the bulls may continue to drive the market even if downside corrections cannot be ruled out in the very short-term as both the Stochastics and the RSI are fluctuating in overbought area. Trend signals are also encouraging, with the price deviating above [..]

Technical Analysis – WTI crude oil futures on slippery mode; indicators signal bearish retracement

Posted on January 29, 2019 at 9:21 am GMT

West Texas Intermediate (WTI) futures have declined beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating possible negative retracement. Momentum signals are bearish as well, as the red Tenkan-sen line, which is below the blue Kijun-sen line, looks to be heading south, while the RSI has reversed lower, holding beneath its 50 neutral mark. Also, the MACD oscillator lies in negative zone with stronger movement than before. Should the price continue this downward rally of the last session, the next support [..]

Technical Analysis – Gold touches fresh 7-month high above 1300

Posted on January 28, 2019 at 9:39 am GMT

Gold had one of its best trading sessions for this year so far on Monday, reaching a fresh 7-month high of 1304.30. However, currently, the price holds marginally below this peak. The technical indicators are still located in bullish area, with the MACD stretching further above its red signal line and the RSI moving above 70. Yet the latter could also be an indication that the rally is overdone, and hence negative corrections should not come as a surprise in the next few sessions as it is pointing to the [..]

Technical Analysis – Copper futures lacks clear direction in medium term

Posted on January 24, 2019 at 1:49 pm GMT

Copper futures with delivery in March 2019 have been trading in a consolidation area over the last five months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is trying to sink below the 20-simple moving average (SMA) in the daily timeframe, sending the market towards the lower boundary of the range. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last three days, the RSI indicator [..]

Technical Analysis – WTI crude oil futures retreat from 1½-month high; pause near 20-SMA

Posted on January 22, 2019 at 11:02 am GMT

Oil futures retreated from a one-and-a-half-month high of 54.50 on Tuesday, touching the 20-simple moving average (SMA) in the 4-hour chart. The very short-term bias looks negative as the MACD keeps losing ground below its red signal line, while the RSI seems to be making its way down to retest its 50-neutral mark. Should bearish dynamics dominate, the market might decline below the 53.25 key support and the near-term uptrend line to challenge the 40-SMA currently at 52.35. Below that, the area [..]

Technical Analysis – Gold oversold near three-week lows

Posted on January 21, 2019 at 10:42 am GMT

Gold dropped to a three-week low of 1,277.66 on Monday after a failed attempt to pierce the strong roof around the 1,298.47 peak last week. But the RSI and the Stochastics in the four-hour chart suggest that the downside is overstretched, and the price could rebound again as both indicators hover near oversold levels; the RSI is attached to 50, while Stochastics have posted a bullish cross below 20 and are heading north. Moving slightly higher the price may meet resistance around [..]

Technical Analysis – WTI crude oil futures find support at 23.6% Fibonacci; hold within SMAs

Posted on January 15, 2019 at 12:32 pm GMT

West Texas Intermediate (WTI) crude oil futures are finding strong support level on the 23.6% Fibonacci retracement level of the sharp downward movement from 76.90 to 42.50, around 50.65. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is moving lower below its red signal line, while the RSI has turned slightly to the downside below 50 level. Should the price retreat, the 40-simple moving average (SMA) in the 4-hour chart, which coincides with [..]

Commodities outlook 2019: Will precious metals shine?

Posted on January 14, 2019 at 2:13 pm GMT

The commodities complex had a particularly volatile run in 2018, with flaring trade tensions, mounting concerns around slowing global growth, and a stronger US dollar being behind the abysmal performance of most commodities. In 2019, the outlook will hinge mainly on how the trade dispute plays out, with precious metals likely to perform well in case global risks remain pronounced, and the dollar soft. Plethora of market risks could keep gold in fashion Admittedly, gold had a rocky year in [..]

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