Commodities

Technical Analysis – WTI crude futures develop in narrow range after strong sell-off

Posted on December 11, 2018 at 9:30 am GMT

West Texas Intermediate (WTI) crude oil futures have turned neutral after a strong downfall in the previous weeks. The price struggles within a narrow range, with upper boundary the 54.40 resistance level and lower boundary the 50.00 handle. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is moving below its neutral level of 50, while the MACD is strengthening its negative momentum. If the price exits from the trading range and dives below [..]

Technical Analysis – Gold falls following rebound to 5-month high; bullish in medium term

Posted on December 10, 2018 at 9:45 am GMT

Gold prices pared some gains on Monday, following the new five-month high of 1250.44 that was achieved in the preceding week. The yellow metal holds above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, however, the momentum indicators are turning lower. The RSI indicator is pointing down after hitting the overbought zone, while the %K line of the stochastic oscillator posted a bearish crossover with the %D line. A bearish correction would drive prices until the 1243 support level, taken from the [..]

Technical Analysis – Silver pauses negative tendency, creating neutral phase

Posted on December 6, 2018 at 2:32 pm GMT

Silver has been consolidating since August 15 and has been stuck in a sideways channel. The neutral to bearish picture in the medium term looks to last for a while longer after prices failed to break above the upper channel in the preceding month. Resistance was met at around 14.90 region and significant support at 13.90, forcing the price to remain in a range. Technical indicators confirm this view with the RSI approaching the 50 level with weak momentum and the MACD [..]

Oil rebounds ahead of OPEC meeting amid hopes for production cuts – Forex News Preview

Posted on December 5, 2018 at 11:17 am GMT

The Organization of Petroleum Exporting Countries (OPEC) and its allies will meet in Vienna on Thursday, and expectations for a production cut to stabilize oil prices are riding high. With investors appearing confident such a reduction will indeed take place, the impact on oil prices may depend mainly on the size of any cut. If producers fail to deliver entirely though, crude prices could well visit fresh lows for the year. OPEC and its allies, most notably Russia, are reportedly [..]

Technical Analysis – Gasoline futures rally above 50-SMA

Posted on December 4, 2018 at 11:39 am GMT

Gasoline futures (for December delivery) managed to violate to the upside the 50-period simple moving average (SMA) on the four-hour chart yesterday, for the first time since early November, recovering some of its longer-term losses following the fall from 751.50. Today the pair jumped well into the Ichimoku cloud to touch two-week highs at 599.38, a sign that buying interest might continue to heat up as the MACD keeps gaining positive momentum significantly above its red signal line. Yet with the RSI approaching its overbought limit of 70, another [..]

Technical Analysis – Gold advances to fresh 1-month high; indicators signal more gains

Posted on December 3, 2018 at 9:09 am GMT

Gold has advanced considerably, jumping to a fresh one-month high of 1232 earlier today. The price successfully surpassed the moving averages, which are ready to post a bullish crossover in the 4-hour chart. Furthermore, the RSI indicator is approaching overbought territory, while the MACD oscillator climbed above the trigger line, both suggesting more gains. More upside movements could send prices towards the next immediate resistance of 1236, identified by the highs on November 7, while even higher the area around [..]

Gold challenges upper bound of triangle as risk events loom – Commodity News

Posted on November 29, 2018 at 3:39 pm GMT

Bullion is currently testing the upper bound of a triangle pattern, with the latest leg higher fueled by a drop in the dollar after Fed chief Powell struck a cautious-perceived tone. Several risk events lie ahead, including the FOMC minutes, the Trump-Xi meeting, and potential US tariffs on cars; the way these play out may determine the yellow metal’s short-term direction. Gold continues to trade almost entirely as a mirror reflection of the US dollar, a pattern that has dominated [..]

Technical Analysis – Brent futures pare losses after reaching 13-month trough

Posted on November 29, 2018 at 2:15 pm GMT

Brent crude oil futures with delivery in January 2019 tumbled to a new 13-month low of 57.48 earlier today, but quickly pared the losses. The price is set to complete the seventh straight negative week, while the technical indicators continue to hold in bearish zones. The MACD oscillator is strengthening its negative bias, while the RSI is pointing marginally up in the oversold region. In case of a slide below the multi-month low, the next support would come from the 56.30 level, taken from [..]

Technical Analysis – Gold decline stalls at the 50% Fibonacci, near oversold levels

Posted on November 28, 2018 at 11:49 am GMT

Gold bears entered the market on Tuesday, driving the precious metal to two-week lows. The 50% Fibonacci retracement level of the upleg from 1,196 to 1,230, at 1213 is currently acting as a barrier to steeper declines on the four-hour chart. The MACD though warns that bearish actions may break this wall as the indicator seems to have already started a new bearish phase below its red signal line. Yet the RSI suggests that the market is very close to its oversold area, suggesting that upside corrections cannot be [..]

Technical Analysis – WTI crude futures hold above 15-month low; record some gains

Posted on November 27, 2018 at 9:02 am GMT

West Texas Intermediate (WTI) crude oil futures are trying to pare some of the previous month’s heavy losses, however the momentum is still too weak. During Monday’s session, the price completed a fresh 15-month low around the 50.00 handle, recording a significant bearish day. The MACD oscillator seems to be ready for a potential upside retracement in the near term as it climbed above the trigger line in the negative zone. If the price continues to move slightly higher, immediate resistance is [..]

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