Commodities

Oil rides vaccine euphoria higher, will OPEC help? – Special Report

Posted on November 25, 2020 at 4:33 pm GMT

Crude oil staged a heroic rally lately, with the vaccine news acting as jet fuel for prices. Investors are finally pricing in a brighter outlook for demand next year, but that is only half of the equation. The other half is what the supply side will look like, so crude’s fate now lies in OPEC’s hands, which will meet on Monday to decide whether to extend its production cuts. A three-month extension seems fully priced in by now, so if [..]

Technical Analysis – Gold bounces off 1,800; broader outlook is bearish

Posted on November 25, 2020 at 2:37 pm GMT

Gold prices rebounded off the 1,800 significant round number, which is a new four-month low, achieved on Wednesday. The yellow metal is currently approaching the red Tenkan-sen line around 1,818 and the momentum indicators are turning higher. The RSI is testing the 30 level, suggesting that an upward retracement is on cards, while the stochastic posted a bullish crossover in the oversold territory. In case the pair changes its short-term direction to the upside, the bulls will probably challenge the 1,818 immediate [..]

Technical Analysis – WTI futures reach 3-month high; positive risks not faded yet

Posted on November 24, 2020 at 1:45 pm GMT

WTI crude oil futures have been in a strong upside tendency since November 2, reaching a fresh three-month peak of 43.7 in the short-term timeframe. From a technical viewpoint, the price is still hovering beyond the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud. The RSI indicator is edging north, approaching the overbought territory, while the MACD is extending its bullish structure above its trigger and zero lines. In the positive scenario where the price continues to [..]

Technical Analysis – Gold range bound; foundation floor under pressure

Posted on November 23, 2020 at 9:49 am GMT

Gold recently has been tiptoeing around the base of a more than two-month sideways market, after plunging below the Ichimoku cloud and the 50- and 100-day simple moving averages (SMAs). The slipping 50-day SMA and the unclear bearing of the horizontal Ichimoku lines, are promoting consolidation in the yellow metal. The short-term oscillators reflect conflicting signals in directional momentum. The MACD, in the negative region, is holding below its red trigger line, while the stochastic %K line is pushing over [..]

With a vaccine on the horizon, what’s next for gold? – Special Report

Posted on November 19, 2020 at 10:15 am GMT

A combination of cheap money policies and runaway government spending propelled gold prices to new record highs earlier this year, but the metal has been trapped in a range for three months now, and the burning question is whether bullion’s best days are behind it now that a vaccine is on the radar. Maybe not. The ‘reflation’ trade could dominate next year, and central banks are unlikely to allow bond yields to move higher from here, setting the stage for [..]

Technical Analysis – WTI crude oil stabilizes after vaccine boost

Posted on November 19, 2020 at 9:00 am GMT

WTI crude oil futures (December delivery) crawled above its 20- and 50-day simple moving averages (SMA) following the positive vaccine news, but the 61.8% Fibonacci of the 65.61 – 6.62 downleg appeared heavy to push once again at 43.08, with the price stabilizing around that level. The tiny thin candles posted the past few days mirror an indecisive market. Still, with the RSI attempting to regain strength above its 50 neutral mark and the MACD gradually rising within the positive [..]

Technical Analysis – Gold lacks energy, trapped within a range

Posted on November 16, 2020 at 8:28 am GMT

Gold has barely recovered last week’s sharp downfall that drove the price towards September’s low of 1,848, lingering slightly below its 20- and 50-day simple moving averages (SMAs) and the Ichimoku cloud. The momentum indicators are currently painting a neutral-to-bearish picture for the short term as the RSI continues to lack direction and is marginally below its 50 neutral mark, while the MACD is also in a sideways move around its red signal line and within the negative area. A [..]

Technical Analysis – WTI futures consolidate; resistance ceiling dominates

Posted on November 12, 2020 at 9:00 am GMT

WTI oil futures appear to have returned to the vicinity of the controlling resistance levels of 43.69 and 43.76, which have together been suppressing advances for 4 months now. The commodity’s return above the simple moving averages (SMAs), from the 33.63 low, deflected off the upper Bollinger band at 43.04, just shy of the curbing level. The short-term oscillators are tilting ever so slightly towards the positive picture. The MACD above its red trigger line has narrowly pierced above its [..]

Technical Analysis – WTI futures’ pullback finds traction off 200-MA

Posted on November 10, 2020 at 3:21 pm GMT

WTI futures are confronting the 41.00 handle after finding a foothold on the 200-period simple moving average (SMA). The bearish demeanour of the SMAs looks to be fading, while the rising 50-day SMA is assisting the commodity’s bounce off the 200-day SMA. The short-term oscillators are currently transmitting an increase in positive momentum. The MACD, some distance in the positive region, is rising above its red trigger line, while the RSI is retesting the 70 mark. Moreover, the %K line [..]

Technical Analysis – Gold tackles consolidation’s top frontier; drive frail

Posted on November 9, 2020 at 9:11 am GMT

Gold appears shackled as it is struggling to break above the cloud’s ceiling, which coincides with the roof of the two-and-a-half-month ranging market. In spite of the dwindling 50-day simple moving average (SMA), the SMAs defend the broader dictating bullish tone. The near-term gradual fading of the 50-day SMA and the directionless Ichimoku lines promote the commodity’s neutral demeanour. The short-term oscillators maintain a positive attitude despite flimsy sentiment. The MACD is above its red trigger line and the zero [..]

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