Commodities

Technical Analysis – Gold looks neutral in near-term; develops in sideways channel

Posted on November 7, 2018 at 2:28 pm GMT

Gold is currently trading within a consolidation area over the last month, with upper boundary the 1239 resistance level and lower boundary the 1212 support barrier. At the end of the previous month, the price reached a new three-month peak of 1243.30, endorsing the scenario for bullish tendency, however, it returned back to neutral mode. In the short-term chart, the RSI indicator is sloping down and is ready to enter into the negative territory, while the MACD oscillator dropped below [..]

Technical Analysis – WTI crude oil futures hover above 7-month low; bearish outlook in place

Posted on November 6, 2018 at 10:25 am GMT

WTI crude oil futures sank to a new seven-month low of 62.51 on Monday, recording the sixth consecutive bearish day. Prices remain below the simple moving averages (SMAs) in the 4-hour chart and are hovering slightly above the aforementioned low. Having a look at the technical indicators, the blue %K line of the stochastic oscillator is turning up, ready to create a bullish crossover with the red %D line. Moreover, the MACD oscillator stands above the trigger line in negative territory. These are signaling a potential change [..]

Technical Analysis – Gold still consolidating; unable to break narrow range

Posted on September 17, 2018 at 12:13 pm GMT

Gold still trades below the 20- and 40-period simple moving averages (SMAs) on the 4-hour chart, however, it was moving higher during the last couple of candles. The market appears to be largely in a neutral mode after the fall below the 1214.15 hurdle. Notice that the RSI is mostly moving sideways below the 50 level, while the %K line of the stochastic oscillator posted a bullish crossover with the %D line in the oversold zone, indicating more advances. Though, the MACD remains below both its trigger and zero lines. If price action jumps above the SMAs, there is scope to [..]

Technical Analysis – Gold looks mostly neutral in the short-term; bearish medium-term outlook to be challenged?

Posted on September 14, 2018 at 12:13 pm GMT

Gold has been moving within a relatively narrow range between 1,187.58 and 1,214.15 from late August onwards. The RSI is hovering around the 50 neutral-perceived level, pointing to the absence of momentum in either direction in the short-term. On the upside, immediate resistance to gains may come around the 23.6% Fibonacci retracement level of the downleg from 1,365.89 to 1,160.03 at 1,208.29. In proximity to this point are the current level of the 50-day moving average line at 1,211.03, Thursday’s two-week [..]

Technical Analysis – WTI oil futures trades sideways in near term; bullish mode in long term

Posted on September 11, 2018 at 9:05 am GMT

West Texas Intermediate (WTI) crude oil futures have been moving sideways since the bounce off the 68.50 resistance level, which overlaps with the 38.2% Fibonacci retracement level of the downleg from 75.24 to 64.40. In the short-term, the RSI indicator is pointing upwards in the negative zone, while the blue %K line of the stochastic oscillator posted a bullish cross with the red %D line, signaling upside tendency in the 4-hour chart. An extension to the upside and above the [..]

Technical Analysis – Gold neutral in short-term but still negative in long-term

Posted on September 10, 2018 at 10:04 am GMT

Gold holds below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, signaling further losses. In the short-term though, the market appears to be in a largely neutral mode after the fall below the 1207 hurdle. The RSI is largely moving sideways below the 50 level. Notice though that the MACD has dropped below its trigger and zero lines; the decline below the trigger line may signal a fresh wave of negative momentum. If price action jumps above the SMAs, there is scope to test the 1207 resistance level, taken from [..]

Technical Analysis – Copper futures extend bearish move; stands below SMAs

Posted on September 7, 2018 at 11:36 am GMT

Copper futures have come under renewed selling pressure, falling back below the 2.7550 resistance level and the 20- and 40-day simple moving averages (SMAs). During yesterday’s session, the 20-day SMA also acted as resistance, hence the near-term upside momentum appears to have run out of steam again as prices have been attempting and failing to close above the line in the past month. From the technical point of view, the RSI indicator has been hovering in the negative territory, while [..]

Oil trades in a range, balancing trade worries with supply outages – Commodity News

Posted on September 6, 2018 at 3:15 pm GMT

The energy market has been caught between two conflicting narratives in recent weeks, with expectations for diminished supply from Iran supporting oil prices, but worries around global trade and emerging markets (EM) weighing on expectations for demand. Accordingly, crude has moved mostly sideways, albeit in a volatile manner. In the near-term, prices may be most sensitive to how trade tensions play out, with supply considerations gaining more traction further out. Oil prices have taken a modest hit in recent days, [..]

Technical Analysis – Gold looks neutral in the short-term, remains bearish in the medium-term

Posted on September 5, 2018 at 10:16 am GMT

Gold gained some ground on Wednesday after touching a near two-week low of 1,189.50 the previous day. The RSI is largely moving sideways in support of a neutral picture in the short-term. Given a move above the middle Bollinger line – a 20-day moving average line – at 1,195.91, additional resistance to advances may come around the 1.200 mark which may hold psychological significance. Further above, the focus would shift to the area around the current level of the 50-day [..]

Technical Analysis – WTI oil futures move higher in near term approaching 61.8% Fibonacci

Posted on September 4, 2018 at 8:49 am GMT

WTI crude oil futures (October delivery) have been trading within a sharp ascending channel over the past two weeks in the 4-hour chart, creating a bullish correction after the rebound on the 2-month low of 64.40. Currently, the oil is edging higher and remains above the 20- and 40-simple moving averages (SMAs), while the technical indicators are endorsing the scenario for a bullish tendency. The RSI indicator is approaching the overbought zone and the MACD is trying to surpass the trigger line in [..]

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