Commodities

Technical Analysis – Gold stays in consolidation area in near term; bullish in medium term

Posted on January 14, 2019 at 9:13 am GMT

Gold has been consolidating since January 2 and has been stuck in a channel with resistance boundary the upper Bollinger band around 1297 and support boundary the 1279 barrier. The neutral picture in the short-term looks to last for a while longer after prices failed to surpass the seven-month high of 1298.47 several times in the preceding sessions. Technically, in the 4-hour chart, the RSI indicator is sloping marginally up while in positive territory and the MACD oscillator holds near the trigger line in [..]

Technical Analysis – WTI crude oil futures could see further gains in near term

Posted on January 8, 2019 at 9:40 am GMT

WTI crude oil futures (for February delivery) rebounded on the 18-month low of 42.50 on December 26, driving the price higher towards a three-week high of 49.80 yesterday. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is consolidating below its red signal line, however, the RSI has turned slightly higher above 50 level. Should the price retreat, the 20- and the 40-simple moving averages (SMAs) at 47.88 and 46.73 correspondingly could be the next immediate levels [..]

Technical Analysis – Gold stands above mid-level of Bollinger Band; next target 7-month high

Posted on January 7, 2019 at 9:28 am GMT

Gold has rebounded on the 1276.56 support level in the preceding week after the downfall from the almost seven-month high of 1298.47. The rally brought the price above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, endorsing the outlook to a strongly positive one. Technically, the RSI indicator is sloping marginally down while in positive territory and the MACD oscillator holds below the trigger line in the bullish area. Currently, the price action has turned negative despite the latest upside pullback. Should the [..]

Technical Analysis – Brent crude oil futures advance, posting bullish correction in short term

Posted on January 4, 2019 at 11:46 am GMT

Brent crude oil futures with delivery in March 2019 have rebounded after falling to a fresh 16-month low of 50.00 on December 26. The momentum indicators are suggesting that the market sentiment might get even better as the MACD is strengthening its movement above the trigger and zero lines, while the RSI indicator is flattening near the 70 level. Should the price move higher, it would increase the chances for an extension of the bullish correction but would first face immediate resistance at [..]

Technical Analysis – Gold hits new 6-month high; strongly bullish in near term

Posted on December 31, 2018 at 9:07 am GMT

Gold has been in a flying mode over the last couple of days, touching a fresh six-month high of 1282 earlier today. The rally brought the price above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, endorsing the outlook to a strongly positive one. From the technical point of view, the RSI indicator is moving slightly higher near the overbought zone, while the MACD oscillator dropped below the trigger line but remains well above the zero level, [..]

Technical Analysis – WTI crude oil futures bounce off 1 ½-year lows but still bearish

Posted on December 27, 2018 at 2:23 pm GMT

WTI crude oil futures (for February delivery) jumped by 9% on Wednesday after extending the steep slippery slope to a 1 ½-year low of 42.53. On Thursday, though, the market resumed its bearish mode, with the technical indicators suggesting that there are still some sellers that could hold the market on the downside in the short-term; the MACD consolidates below its red signal line, while the Tenkan-sen line continues to lose ground below the blue Kijun-sen line. The 42.53 bottom could be challenged by the [..]

Technical Analysis – Gold unlocks six-month highs; bullish and overbought

Posted on December 27, 2018 at 10:00 am GMT

Gold jumped above the 200-day simple moving average (MA) last week for the first time since May and continued to rally until touching a six-month high of 1,279 yesterday. With the RSI breaking above the 70 overbought barrier after a long time, downside corrections are not unlikely in the short-term. The positive momentum in the MACD though, which fluctuates comfortably above its red signal line, suggests that the precious yellow metal will likely maintain its gains, at least in the short term. On the upside, [..]

Technical Analysis – WTI crude oil futures in slippery mode; bears break 49.00 level

Posted on December 18, 2018 at 9:04 am GMT

WTI futures plummeted to a fresh 15-month low during yesterday’s session, challenging the 48.50 level. The price exited from the narrow range that was holding in the preceding three weeks, continuing the strong downside structure in the short to medium term. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is flattening near the overbought levels, while the MACD is strengthening its negative momentum below the trigger and [..]

Technical Analysis – Gold creates bearish retracement; stays bullish in medium term

Posted on December 17, 2018 at 9:04 am GMT

Gold prices completed two consecutive bearish days in the preceding week and retained a negative correction mode, following the pullback on the five-month high of 1250.44. The yellow metal holds beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, however, the momentum indicators are turning slightly higher. The RSI indicator is pointing up in the bearish zone, while the %K line of the stochastic oscillator posted a bullish crossover with the %D line before entering the overbought zone. [..]

Technical Analysis – Copper futures develop in symmetrical triangle

Posted on December 14, 2018 at 11:44 am GMT

Copper futures with delivery on March 2019 have been trading in a symmetrical triangle pattern over the last four months. Currently, the price is trying to slip below the 23.6% Fibonacci retracement level of the sharp downward movement from 3.3290 to 2.5485, around 2.7329 as well as below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last couple of days, the RSI [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms