Commodities

How long will OPEC continue to forfeit market share to the US? – Commodity News

Posted on March 15, 2018 at 2:08 pm GMT

While OPEC and its allies have been restricting their output in order to rebalance the oil market, other major producers like the US have taken the opportunity to increase their own production. If this pattern continues, OPEC would likely see a substantial chunk of its market share taken over by the US. The last time this occurred back in 2014, OPEC “fought back”, flooding the market with oil to defend its share of the pie. Is history about to repeat [..]

Technical Analysis – Copper futures struggles near 23.6% Fibonacci mark; neutral in short term

Posted on March 15, 2018 at 1:30 pm GMT

Copper futures are challenging the 23.6% Fibonacci retracement level of the upleg at 3.1163 from the low on May 2017 to the high in December 2017. Prices remain under pressure as the 20 and 40 simple moving averages on the daily timeframe are acting as significant resistance levels near 3.1700. Technically, momentum indicators are pointing to a negative bias. The RSI indicator is moving slightly below the 50 level and is pointing south while the %K line of the stochastic [..]

Technical Analysis – WTI crude oil futures post neutral sessions; Bollinger bands act like obstacles

Posted on March 13, 2018 at 9:29 am GMT

WTI crude oil futures have been moving sideways over the last few sessions in the 4-hour chart, signaling weak momentum. The price hit several times the 20-simple moving average but failed to trade lower. Having a look at the bigger picture, oil has lost its aggressive buying interest but remains in bullish territory. In the 4-hour chart, the RSI indicator is flattening slightly below the 50 level, while the stochastic oscillator posted a bullish crossover within its moving averages above the 20 level. It is worth mentioning that [..]

Technical Analysis – Gold bearish structure remains in focus; slips below 23.6% Fibonacci retracement level

Posted on March 12, 2018 at 12:04 pm GMT

Gold is posting a bearish day after finding resistance at the 40-simple moving average in the 4-hour chart. Moreover, the price dropped below the 23.6% Fibonacci retracement level at 1317.80 of the downleg from 1366 to 1303, endorsing the scenario for further losses. Looking at the 4-hour chart, the Relative Strength Index (RSI) is sloping to the downside in the negative territory, while the MACD oscillator created a bearish cross within its moving averages below the zero line, signaling the downside movement is continuing. The [..]

Technical Analysis – WTI crude oil futures falling following bounce off 3-week high

Posted on February 27, 2018 at 11:53 am GMT

WTI crude oil futures are edging marginally lower today, following the pullback from the 3-week high of 64.20 resistance level. When looking at the bigger picture, price action maintains a bullish tone, however, a small downside retracement is possible. In the short-term timeframe, the technical indicators seem to be slightly negative. In the 4-hour chart, from the technical point of view, the MACD oscillator is falling – though it remains in the positive zone – and is looking ready to post a bearish cross with its trigger line, while [..]

Technical Analysis – Gold eases after sharp upward move earlier in the day

Posted on February 26, 2018 at 1:57 pm GMT

Gold is heading south over the last couple of hours, while it started the day in green. In the 4-hour chart, the precious metal is developing within the 50.0% and 61.8% Fibonacci retracement levels of the downleg with the high of 1366 and the low of 1307. The price struggled within 1336 and 1343 after the aggressive jump towards 1340.90 during today’s European session. In the near-term, the technical indicators suggest that negative movements are more likely to occur given that the RSI is sloping downwards in the [..]

Oil prices may be in for more pain as US production soars – Commodity News

Posted on February 22, 2018 at 3:03 pm GMT

Oil prices tumbled in February, erasing the gains they posted earlier in the year, amid signs of surging US production and the broader stock market unrest. The precious liquid has stabilized somewhat in recent days, but given that the increase in US output shows no signs of abating, this may simply be a reprieve before the next leg lower. While the year began with oil bulls cheering, as a falling US dollar, strong compliance with the OPEC-led supply cuts and [..]

Technical Analysis – WTI crude oil futures see bullish bias with scope to extend higher

Posted on February 21, 2018 at 1:31 pm GMT

WTI crude oil futures have been underperforming since yesterday’s trading period, however over the last few hours they are trying to gain some ground. In the short-term timeframe, the technical indicators seem to be in confusion as they are giving signals for opposite tendency. In the 4-hour chart, the MACD oscillator is falling in the positive zone below its trigger line, approaching the zero line. However, the stochastic oscillator recorded a bullish crossover in the oversold territory, suggesting a retracement of the bearish bias. [..]

Technical Analysis – Gold eases near 23.6% Fibonacci level; looking bearish in short-term

Posted on February 20, 2018 at 3:07 pm GMT

Gold is heading south following the strong pullback on the 1361.40 resistance level on Friday. Having a look at the short-term timeframe the price almost hit the 23.6% Fibonacci retracement near the 1335 level of the last up-leg with the low of 1236 and the high of 1366. The bearish correction is confirmed by the MACD oscillator. In the 4-hour chart, the MACD is falling near the zero line and below its trigger line, while the stochastic oscillator posted a bullish crossover in the oversold zone, suggesting [..]

Silver remains unfazed by the equity turmoil, for now – Commodity News

Posted on February 13, 2018 at 4:13 pm GMT

Much like its big brother gold, silver has had a muted response to the recent stock volatility. Not only has the metal not rallied, it has actually fallen over the past couple of weeks, even despite the sharp drops in major global equity indices. That said, the longer this uncertainty and the turmoil last, the more likely it becomes that investors will seek the safety of haven assets, and that silver could come back into fashion. Those looking for a [..]

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