Commodities

Technical Analysis – WTI futures rise above 200-SMA but broader outlook is neutral

Posted on October 8, 2020 at 1:30 pm GMT

WTI crude oil futures continue to rise above the Ichimoku cloud and the 200-period simple moving average (SMA), remaining inside a bullish move over the past five days. According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above its neutral threshold of 50, while the stochastic oscillator is still gaining ground in the overbought area. In the positive scenario, where the price continues to expand above today’s high, a new top could [..]

Technical Analysis – Gold recoups some losses; SMAs act as strong resistance

Posted on October 7, 2020 at 7:04 am GMT

Gold is recouping some of the losses it posted on Tuesday, hitting the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887. The technical indicators seem to be mixed, as the RSI is sloping upwards in the bearish area, while the MACD is still holding beneath its trigger and zero lines with weak momentum. If the positive bias continues above the 23.6% Fibo, the price could first meet the 40-period simple moving average (SMA) at 1,896.50, before the 20-period SMA at [..]

Technical Analysis – WTI oil futures aim for more recovery but the way ahead could be rocky

Posted on October 6, 2020 at 10:12 am GMT

WTI oil futures increased their recovery odds after advancing above the middle Bollinger band in the four-hour chart on Monday which is also the 20-period simple moving average (SMA). However, there are still some barriers that bulls need to remove to extend the rally although the RSI and the MACD are reflecting a positive short-term bias, with the former rising above its 50 neutral mark and the latter climbing above its zero and signal lines. The bottom of the Ichimoku cloud is [..]

Technical Analysis – Gold short-term bias skewed to the downside; long-term uptrend intact

Posted on October 5, 2020 at 7:39 am GMT

Gold opened on the negative side on Monday, unable to remove the barrier around the 38.2% Fibonacci of the 1,670-2,079 upleg and stretch into the 1,900 zone. The 20-day simple moving average (SMA) also happens to be in the neighbourhood, adding extra importance to the region. In the short-term picture, the metal pierced the previous low from August 12, marginally though, before bouncing up, while the 20- and the 50-day SMAs have recently posted a bearish cross, creating speculation that the downward direction may be extended. [..]

Technical Analysis – Gold fades from restrictive line to 100-day SMA

Posted on September 28, 2020 at 8:25 am GMT

Gold has found some footing on the 100-day simple moving average (SMA), after deflecting off a preventive line drawn from the all-time high of 2,074 and dropping below the Ichimoku cloud. The paused bearish Ichimoku lines transmit weakness in negative momentum, while all SMAs maintain a bullish tone. That said, the MACD and the RSI reflect the stall in downwards price action, while the stochastics aim to improve. The MACD has eased in bearish territory, while the RSI floats above [..]

Technical Analysis – US 30 index pauses negative move at 100-day SMA

Posted on September 25, 2020 at 9:31 am GMT

The US 30 (cash) index found support at the 100-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the upward wave from 18,145 to 28,187 at 26,598 on Thursday. The technical indicators are still located in bearish area, with the MACD stretching further below its trigger line and the RSI moving below its neutral threshold of 50. Yet, the latter could also be an indication that the rally is overdone, and hence negative corrections should not be a surprise in coming sessions. [..]

Technical Analysis – Copper futures penetrates ascending line; indicators weaken

Posted on September 24, 2020 at 12:58 pm GMT

Copper futures penetrated the six-month ascending trend line to the downside, falling beneath the 20- and 40-day simple moving averages (SMAs). The RSI indicator is standing in the negative zone, moving sideways, while the MACD oscillator is falling below the trigger line losing some momentum. A successful drop below the 2.9280 support level may shift the recent neutral bias to bearish moving towards the 2.7960 barrier. Clearing this zone, the 2.6960 hurdle could come in spotlight before slipping to 2.5510. [..]

Technical Analysis – Silver crashes by 12%; next support within 23.00-22.20 area

Posted on September 23, 2020 at 11:08 am GMT

Sliver staged a dramatic decline of 12% this week after failing to close above the 20-day simple moving average (SMA). The sell-off has also pushed the price below the 50-day SMA and near the bottom of the Ichimoku cloud for the first time in three months, bringing the case for a downtrend forward. The momentum indicators are painting a gloomier short-term picture as well. The MACD has extended its weakness into the negative area, while the RSI is forcefully falling towards its 30 [..]

Technical Analysis – Gold’s bearish drive accelerates; downward risks grow

Posted on September 23, 2020 at 7:40 am GMT

Gold is gaining negative momentum beneath the simple moving averages (SMAs) and the Ichimoku cloud, as reflected in the declining Ichimoku lines. The commodities’ recent break out of the sideways market is also receiving backing from the evolving bearish tone in the SMAs. The short-term oscillators further convey the descent in the precious metal. The MACD, in the negative region, is weakening below its red trigger line, while the RSI has dipped into oversold territory. Additionally, the descending stochastic lines [..]

Technical Analysis – WTI futures stabilize near the cloud after selling pressure

Posted on September 22, 2020 at 11:30 am GMT

WTI crude oil futures had a strong selling interest over the previous, touching the 40-period simple moving average (SMA) and the Ichimoku cloud. The commodity found resistance at the 200-period SMA and the technical indicators are falling aggressively. The RSI is standing in the negative territory, while the MACD stands below the trigger line in the positive area. In the light of more negative pressures, initial tough support could develop from the 38.43 support before meeting the lower surface of the [..]

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