Commodities

Technical Analysis – Gold finds strong obstacle on 38.2% Fibonacci; remains in bearish mode in long term

Posted on June 25, 2018 at 8:47 am GMT

Gold rebounded on the six-month low of 1261 on Thursday and drove the price until the 38.2% Fibonacci retracement level of the upleg from 1122 to 1365, around 1273. Currently, the precious metal is trading above the 20-simple moving average (SMA) in the 4-hour chart, increasing the chances for upside movement. Technical indicator in the short-term are suggesting further advances. The Relative Strength Index (RSI) is sloping upwards below the threshold of 50, while the MACD oscillator is rising in [..]

OPEC heads to Vienna with divisions on supply still wide – Commodity News Preview

Posted on June 21, 2018 at 4:52 pm GMT

At the end of this week all eyes will be in Vienna where the Organization of the Petroleum Exporting Countries (OPEC) and its allies will gather to review a supply cut agreement signed by OPEC members, as well as by key non-OPEC oil producers including Russia, in December 2016. The deal which aimed at boosting oil prices – as those halved over the span of two years – is now anticipated to increase oil output, threatening to enlarge the bearish wave in the market as of late. Still, the battle could [..]

Gold loses its shine despite boiling trade tensions – Commodity News

Posted on June 20, 2018 at 3:01 pm GMT

After trading in a very narrow range for an entire month, gold prices finally broke lower last week on the back of a stronger dollar, to touch fresh lows for the year. The fact that even the increasingly realistic risk of an “all out” US-China trade war was unable to lift gold suggests that buyers are in short supply right now, and unless tensions escalate much further or the US dollar reverses course, the current pattern may continue. The overarching [..]

Technical Analysis – Cocoa futures rebound to challenge the upper bound of the descending channel

Posted on June 14, 2018 at 3:50 pm GMT

Cocoa futures for July delivery have finally reversed to the upside last Friday after printing lower highs and lower lows in the preceding six weeks to reach a three-month low of 2,245 on June 7. The downward pattern started at the end of April, however, may not change unless the market manages to crawl substantially above the descending channel. Momentum indicators in the four-hour chart though are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed above 50 and [..]

Technical Analysis – WTI crude oil futures surpass 23.6% Fibonacci; next resistance at 67.30

Posted on June 12, 2018 at 7:44 am GMT

West Texas Intermediate futures is on course for a bullish correction and is posting some gains today, following the rebound on the 64.20 support level. The price jumped above the 66.00 handle and the 23.6% Fibonacci retracement level of the downleg from 72.87 to 64.20, near 66.25, while is currently completing a new eight-day high around 66.49. The momentum indicators are supportive of the bullish picture, with the RSI rising into positive territory above 50 and approaching the 70 overbought mark. The MACD [..]

Technical Analysis – Gold maintains short-term neutral bias; weak movement over last 3 weeks

Posted on June 11, 2018 at 9:10 am GMT

Gold remains under pressure as it has been consolidating within a trading range over the last three weeks with upper boundary the 1307.50 resistance level and lower boundary the 1289 support barrier. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the 20-simple moving average (SMA). The Relative Strength Index (RSI) is heading lower below the 30 level and is sloping downwards, while the [..]

Can upcoming risk events break gold out of its lull? – Commodity News

Posted on June 7, 2018 at 12:59 pm GMT

Gold prices have continued trading in a quiet manner, unable to break the narrow range that has been established in recent weeks. While the geopolitical arena seems to be posing less of a risk for markets, developments around global trade have not been as encouraging, leaving investors with little motivation to alter their exposure to havens like gold. That might change soon though, depending on how the US-North Korea summit and the upcoming Fed meeting play out, alongside whether the [..]

Technical Analysis – Brent crude oil futures turns bullish in short term after aggressive sell-off

Posted on June 7, 2018 at 12:14 pm GMT

Brent futures have advanced considerably over the last couple of hours, surpassing the 50- and 200-simple moving averages (SMAs). The bullish picture in the short term looks to last for a while longer after the moving averages turned to the upside. Support was met at around the 73.80 region after prices hit a one-month low, forcing the commodity to reverse higher. The positive bias in the near term is supported by the improvement in the momentum indicators. The MACD oscillator has risen sharply above [..]

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative

Posted on June 5, 2018 at 8:13 am GMT

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative West Texas Intermediate crude oil futures fell sharply lower during yesterday’s trading session and penetrated the medium-term ascending trend line to the downside. The price reached a fresh two-month low of 64.56, shifting the bullish outlook to bearish. Currently, the price is moving slightly higher while the short-term technical indicators are endorsing the scenario for a minor correction. Looking at momentum indicators, the RSI indicator is rising after the rebound [..]

Technical Analysis – Gold maintains weak bias in near term; broader trend is neutral

Posted on June 4, 2018 at 8:45 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 1300 psychological level. It is worth mentioning that the precious metal has been developing within a sideways channel since May 23 with upper boundary the 1307.50 resistance level and lower boundary the 1289 support barrier. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the [..]

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