Commodities

Technical Analysis – Gold retouches 1200 key level; upward correction in near term

Posted on September 3, 2018 at 8:23 am GMT

Gold has found significant support on the 23.6% Fibonacci retracement level of the downleg from 1309 to 1160, around 1195, while it started an upward correction after the rebound on 19-month low of 1160. The technical indicators in the 4-hour chart are holding near its neutral levels. The RSI is moving north below the 50 level but the MACD has dropped below its trigger line. If price action jumps above the 20- and 40-simple moving averages (SMAs), there is scope to test the 1214.15 [..]

Technical Analysis – Silver consolidates near 1-year lows; bearish in long term

Posted on August 31, 2018 at 1:34 pm GMT

Silver turned increasingly bearish after it dropped below the 16.00 key-level, the bottom of its range-bound trading recorded between early February and mid-June, printing lower lows and lower highs until it reached one-year lows at 14.31 on August 16. Since then, the market has been moving sideways, with the RSI and the MACD supporting that chances for a bull market are minimal in the short-term; the RSI is negatively sloped below 50 and the MACD holds steady marginally above its [..]

Technical Analysis – WTI oil futures hold inside ascending channel; risks tilted to the downside

Posted on August 28, 2018 at 8:57 am GMT

WTI crude oil futures (October delivery) have been trading within a steep ascending channel in the 4-hour chart the past two weeks after being unable to dip below the two-month low of 64.40 reached on August 16. The market, however, could violate the bullish channel as the RSI is moving lower to exit the overbought area, while the MACD is slowing down below its red signal line, both flagging that some weakness could appear in the short-term. A correction to the downside could [..]

Technical Analysis – Gold closes above 1,200; breaks descending triangle to the upside

Posted on August 27, 2018 at 1:30 pm GMT

Gold’s impressive rally on Friday paused around a two-week high of 1,208.41 after the RSI and the Stochastic oscillators touched overbought levels above 70 and 80 respectively in the 4-hour chart. While both indicators have already turned lower, suggesting that downside pressures could dominate in the short-term, the MACD continues to move higher in positive territory above its red signal line, giving some bullish signals for the market. Besides, with prices having already run significantly above the Ichimoku cloud for [..]

Technical Analysis – Brent futures eases slightly; bullish in medium-term

Posted on August 23, 2018 at 11:14 am GMT

Brent futures have surged over the previous five consecutive days following the rebound on the 70.25 level, which coincides with the 200-day simple moving average (SMA). Also, the price still holds above the 50-SMA and the technical indicators are moving in the positive territory. The MACD is advancing above the trigger line, however, the RSI is sloping slightly to the downside above the 50 level. If price action remains above the 50-day SMA, there is scope to test the 79.30 resistance level, taken from the [..]

Technical Analysis – WTI crude oil futures hover near upper Bollinger band; medium term bearish

Posted on August 21, 2018 at 8:58 am GMT

West Texas Intermediate (WTI) futures are developing below the 65.70 strong resistance area over the last four trading days but successfully surpassed the mid-level of the Bollinger band, this being a 20-period-simple moving average (SMA) in the 4-hour chart. The RSI is hovering around the 50 neutral-perceived area, pointing to the absence of momentum in either direction in the short term, for the most part. Turning to the stochastics, it is of note that the green %K line is looking set to post a bearish crossover with the %D [..]

Technical Analysis – Gold creates bullish correction after hitting 1,160 in near term

Posted on August 20, 2018 at 9:01 am GMT

Gold prices edge higher today and are set to post the second bullish day in a row. In the previous week, the precious metal hit a fresh 19-month low of 1,160 before heading higher. Also, the price advanced above the 20-simple moving average (SMA) in the 4-hour chart and is currently approaching the 40-SMA, with the technical indicators showing some improvement as well; the Relative Strength Index (RSI) climbed into positive territory, above the 50 level but not much, and the MACD oscillator continues the [..]

Technical Analysis – WTI crude oil futures advance considerably near 40-SMA in near term

Posted on August 14, 2018 at 8:50 am GMT

WTI futures resumed neutral mode in the short-term picture following the rebound on the six-week low of 65.70 on Monday’s session. The RSI and the MACD have both improved but remain near their neutral zones; the RSI is currently moving slightly above 50, while the MACD has deviated further above its red signal line but continues to hold below zero. Should the price shift successfully above the 67.90 resistance level, which overlaps with the 40-simple moving average (SMA) and the 23.6% Fibonacci of the [..]

Technical Analysis – Gold trades around 17-month low in short term trading range

Posted on August 13, 2018 at 8:53 am GMT

Gold prices have been developing within a sideways channel over the last ten days with upper boundary the 1217 resistance level, and lower boundary the 1204 support level. It is worth mentioning that the price recorded a fresh 17-month low of 1203.55 earlier on Monday. The technical structure enhances the argument that the outlook is entirely negative at the moment. Looking at momentum oscillators in the 4-hour chart, they suggest further declines may be on the cards in the short-term. The RSI is approaching the threshold [..]

Is gold becoming increasingly vulnerable to a “short squeeze”? – Commodity News

Posted on August 10, 2018 at 11:41 am GMT

Gold prices continue to hover just above their 17-month lows, as a strong US currency is casting a long shadow on the dollar-denominated metal. The safe-haven now rests at a crucial technical crossroads, with a break in either side of its latest range likely to provide short-term direction. More broadly, bearish sentiment on gold appears to be at extreme levels, which may render prices vulnerable to a “short squeeze” – implying that any piece of gold-friendly news could lead to [..]

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