Commodities

Technical Analysis – WTI futures ease near 9-month high; indicators suggest bearish move

Posted on December 10, 2020 at 7:44 am GMT

WTI futures recorded a rally last week towards a nine-month high of 46.76, though, the price is on the backfoot this week and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI is currently increasing negative momentum towards its neutral threshold of 50 after a decline from overbought levels, while the MACD is slowing down in positive territory. Both are hinting that the next move in prices could be on the downside [..]

Technical Analysis – Gold edges south after bounce off 5-month low

Posted on December 9, 2020 at 7:29 am GMT

Gold prices rebounded from the five-month low of 1,764 at the end of November, taking the price above the short-term simple moving averages (SMAs), though, the metal is currently retreating. The RSI indicator is heading down after it touches the overbought territory, suggesting a downside pullback, while the stochastic oscillator is dipping, approaching the bearish zone. However, the red Tenkan-sen line is holding above the blue Kijun-sen line, indicating more gains. If there is an advance above the latest high, immediate resistance could come from [..]

Technical Analysis – Silver improves above MAs; broader bias neutral

Posted on December 8, 2020 at 4:03 pm GMT

Silver has stalled its recent propulsion above the simple moving averages (SMAs), as momentum has become muted. The climb from the two-month low of 21.88 appears intact and may receive assistance from the rising 50-period SMA, while the flattening 100- and 200-period SMAs back a more neutral picture. The short-term oscillators are reflecting mixed signals in directional momentum. The MACD, in the positive region, remains above its horizontal red trigger line, while the RSI is gradually gliding lower in the [..]

Technical Analysis – WTI futures retreat slightly below ascending line; bias bullish

Posted on December 8, 2020 at 9:27 am GMT

WTI crude oil futures pulled below the nine-month high of 46.67 and slightly under the short-term rising trend line in the 4-hour chart. The MACD oscillator is holding beneath its trigger line in the positive region, while the RSI indicator is flattening near its neutral threshold of 50. In trend indicators, the 20-period simple moving average (SMA) seems to be capping upside movements, favoring additional losses in the near term. If the bears take control, immediate support could come from the 40-period SMA near the 45.26 barrier. Beneath [..]

Technical Analysis – Gold’s gains appear to be an upward correction in a bear market

Posted on December 7, 2020 at 8:56 am GMT

Gold managed to close in the green for the first time after three weeks following the creation of a bullish hammer near a four-month low of 1,764 and the bounce back above its 200-day simple moving average (SMA). The recent row of bullish candles, however, appears to be an upside correction in the downward pattern that started from the record high of 2,079, while the bearish cross within the 20- and 50-day SMAs and the narrowing distance between the 20- and 200-day SMAs remain [..]

Technical Analysis – WTI futures hovers around almost 9-month peak

Posted on December 3, 2020 at 7:49 am GMT

WTI crude oil futures found some footing around the 34.00 level last month and returned to a bullish trend shortly thereafter. The price is currently hovering around the almost nine-month high of 46.22 and a former restrictive area, where any decisive close higher may prove valuable to the market. The RSI indicator is approaching the overbought territory, while the MACD is strengthening its bullish move above its trigger and zero lines, suggesting more gains. A jump above the 46.22 resistance may meet immediate resistance [..]

Technical Analysis – Gold’s advances yet to conquer dominant bearish structure

Posted on December 2, 2020 at 10:06 am GMT

Gold is engaging the 1,825 level, in-line with the Ichimoku cloud’s lower surface, which happens to be the 61.8% Fibonacci retracement of the up leg from 1,670 to the all-time high of 2,074. Simultaneously thrusting above the 1,818 border coupled with the 50-period simple moving average (SMA), the bulls are still facing a commanding bearish structure, echoed within the falling slopes of the SMAs. The short-term oscillators are reflecting strengthening positive momentum. The MACD is some distance above its red [..]

Technical Analysis – WTI futures rebound off ascending line; still bullish in near term

Posted on December 1, 2020 at 10:35 am GMT

WTI crude oil futures are flirting with the ascending trend line, which has been standing over the last month in the 4-hour chart. The RSI indicator is pointing up in the bullish region, however, the MACD is still falling below its trigger line in the positive area. A rebound on the rising trend line could take the commodity towards the 45.78 resistance ahead of the nine-month peak of 46.26. More gains could lead the market until the 48.48 hurdle, taken [..]

Technical Analysis – Gold tumbles to 5-month low; holds in descending channel

Posted on November 30, 2020 at 8:06 am GMT

Gold prices plummeted to a fresh five-month low of 1,764.34 earlier today, reaching the 50.0% Fibonacci retracement level of the up leg from 1,451 to 2,074.89. Currently, the market is still developing within a downward sloping channel since it hit a record high at 2,074.89. According to the RSI, the negative momentum is continuing as it is holding in the oversold zone and is pointing south. However, the stochastic oscillator created a bullish crossover within its %K and %D lines [..]

Technical Analysis – WTI futures’ progress above key resistance hits a snag

Posted on November 26, 2020 at 9:30 am GMT

WTI oil futures’ thrust over the governing 43.76 mark seems to be fading from its recently logged eight-and-a-half-month high of 46.22. Although positive signals remain present, the bullish sentiment looks to be stumbling before reaching the 46.80 resistance level. The currently paused Ichimoku lines are still conveying a positive tone, while the 50- and 100-day simple moving averages (SMAs) are communicating a neutral-to-bullish outcome. The short-term oscillators reflect deteriorating positive drive and suggest a retracement may unfold. That said, the [..]

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