Commodities

Technical Analysis – Gold gears up within 1,900 area; bullish but overbought

Posted on November 5, 2020 at 2:49 pm GMT

Gold switched to green on Thursday, speeding up within the 1,900 area, which barely could touch in the previous day. The precious metal is currently close to breaching the bar around 1,930, though the bulls seem to be running out of fuel as the RSI is approaching a key resistance zone slightly below its 70 overbought level, making a pullback in the price possible. The Stochastics are already above 80, further backing this view. Nevertheless, should the market find new [..]

Technical Analysis – WTI futures fails to build clear tendency

Posted on November 5, 2020 at 8:07 am GMT

WTI futures have been in a neutral mode over the last five months, trading with weak momentum near the simple moving averages (SMAs). On Monday, the price rebounded off the 33.44 support level, reaching the Ichimoku cloud. The MACD oscillator is flattening marginally below the zero level, while the RSI is sloping marginally down after it achieved the neutral threshold of 50. If the price successfully surpasses the SMAs, immediate resistance could come from the 41.93-43.71 zone before breaking the [..]

Technical Analysis – WTI futures’ advance capped by 50-MA; bearish bias intact

Posted on November 3, 2020 at 9:31 am GMT

WTI oil futures’ progress off the formed five-month low of 33.63, pared losses of the recent two-week decline from the 41.87 peak as it stretched back to the 50-period simple moving average (SMA) today. The Ichimoku lines’ slower downwards pace reflects waning negative price action, while the falling 50- and 100-period simple moving averages (SMAs) divulge further backing of a deteriorating outcome. The short-term oscillators reflect mixed signals in directional momentum. The MACD is increasing above its red trigger line [..]

Technical Analysis – Gold fades below capping MAs; sideways tone remains

Posted on October 29, 2020 at 3:58 pm GMT

Gold was recently redirected downwards by its congested simple moving averages (SMAs), neutralising the gradual one-month incline from 1,848. The fairly sideways demeanour of the SMAs over the last month, endorses the commodity’s neutral tone between the boundaries of 1,845 and 1,933. The short-term oscillators convey opposing signals in directional momentum. The MACD is declining below its red trigger line in the negative region, while the downward sloping RSI is flirting with the 30 mark. The stochastic oscillator maintains a [..]

Technical Analysis – Copper futures retrace below cloud; bullish bias persists

Posted on October 27, 2020 at 3:58 pm GMT

Copper futures’ recent pullback from the 28-month high of 3.213 appears to have been muted by the 100-period simple moving average (SMA) around 3.068. The retreat slipped under the 50-period SMA at 3.113 and the Ichimoku cloud, where the price seems to have slowed its downward pace. The falling red Tenkan-sen line suggests strengthening negative momentum, while the flattening blue Kijun-sen line is conveying a stalling in the withdrawal from the recent peak. The short-term oscillators reflect the slight improvement [..]

Technical Analysis – Gold in wait-and-see mode ahead of US election; bears eye 1,900

Posted on October 26, 2020 at 8:44 am GMT

Gold completed another indecisive week, maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise. The technical indicators justify the sideways move in the price, with the RSI remaining muted around its 50 neutral mark and the MACD stabilizing between its zero and signal lines. On the downside, the 1,900 level is a crucial barrier to watch, especially in the weekly chart [..]

Technical Analysis – WTI futures muted; weak directional momentum persists

Posted on October 22, 2020 at 7:40 am GMT

WTI oil futures are presently confronting the Ichimoku cloud after having dipped slightly below the flat red Tenkan-sen line, as well as the 50- and 100-day simple moving averages (SMAs). The bullish overlaps of the 200-day SMA are still intact although the averages have adopted a more horizontal demeanour, as have the Ichimoku lines, all further backing the ranging market. The short-term oscillators reflect a rather frozen state in the commodity. The MACD and the RSI indicate evaporated directional momentum [..]

Technical Analysis – Gold ranges between 50 and 100 SMAs; momentum feeble

Posted on October 19, 2020 at 8:15 am GMT

Gold seems to be adopting a sideways pattern after retreating under the Ichimoku cloud. The guiding and constricting 50- and 100-day simple moving averages (SMAs), as well as the horizontal Ichimoku lines, further back the suspended picture of the commodity. The short-term oscillators suggest a frozen state of directional momentum. The MACD, in the negative region, is holding above its red signal line but slightly below its zero mark, while the RSI is zig zagging around its neutral threshold. A [..]

Technical Analysis – Gold recoups some losses, holding above 100-SMA

Posted on October 14, 2020 at 10:08 am GMT

Gold prices bounced off the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887, moving above the 100-period simple moving average (SMA). The technical indicators are endorsing the upside movement of the last couple of sessions. The RSI is standing near the neutral level of 50, while the stochastic is moving higher after the bullish cross within the %K and %D lines. An extension to the upside could take the precious metal until the 40-period [..]

Technical Analysis – Gold flirts with 23.6% Fibonacci; holds in bearish move

Posted on October 12, 2020 at 6:43 am GMT

Gold has found immediate resistance at the 23.6% Fibonacci retracement level of the up leg from 1,454 to 2,074.89 at 1,927 and the 40-day simple moving average (SMA). The downside correction over the last two months is now being confirmed by the weak momentum in the MACD oscillator and the downward slope in the RSI. However, if there is a significant step above the 23.6% Fibonacci, the door could open for the 1,972 barrier and the 2,015 hurdle. Moving higher, [..]

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