Commodities

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

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

Technical Analysis – WTI futures recede below 200-MA, denied passage over 43.69

Posted on September 10, 2020 at 8:35 am GMT

WTI oil futures have found some footing on the 100-day simple moving average (SMA) of 37.03, residing at the Ichimoku cloud’s lower band, following ineffective efforts to overrun the vital resistance border of 43.69. The flat Ichimoku lines and the converging SMAs appear to signal oxygen-deprived directional drive, which could nudge the price sideways. That said, the short-term oscillators also display conflicting signals in momentum. The MACD is extending a negative move below its red trigger line and the zero [..]

Technical Analysis – WTI futures plunge to new 2-month low

Posted on September 8, 2020 at 9:13 am GMT

Since its deep fall towards a two-month low of 38.15 earlier today, WTI crude oil futures have been trading within a descending movement after the pullback from 43.77. The technical picture supports a bearish structure in the short-term timeframe. Looking at momentum indicators, the RSI is holding in the oversold zone with weak momentum, while the stochastic oscillator posted a bearish crossover within its %K and %D lines and is moving lower towards the 20 line. In the wake [..]

Technical Analysis – Gold sustains bullish tone despite crawling sideways

Posted on September 7, 2020 at 8:15 am GMT

Gold is currently extending a sideways pattern above the simple moving averages (SMAs) and the 1,900 psychological number. Directional momentum has dried up as displayed by the steadied Ichimoku lines. Nonetheless, the rising SMAs continue to dictate a predominant bullish bias. The short-term oscillators reflect a relatively paused picture under a restrictive diagonal line drawn from the all-time high. The MACD has remained somewhat in the positive region but beneath its red signal line, while the RSI hovers marginally underneath [..]

Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

Technical Analysis – Copper futures stop at 26-month highs; positive risks may fade

Posted on September 3, 2020 at 1:17 pm GMT

Copper futures reached overbought levels according to the RSI and reversed lower after touching the 26-month peak of 3.0898 achieved on September 1. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past three days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. On the other hand, the MACD is holding below its trigger line, which supports the pullback. In case the pair changes its short-term direction to the [..]

Technical Analysis – Gold edges sideways; negative pressures dwindle

Posted on September 2, 2020 at 9:22 am GMT

Gold has bounced on the Ichimoku cloud’s upper surface, while the simple moving averages (SMAs) converge slightly beneath. The recent weakness from the 1,992 barrier appears to be receding as the Ichimoku lines stabilise. Nonetheless, the SMAs and the Ichimoku cloud continue to dictate a neutral demeanour that has grasped the commodity for the last two weeks. The oscillators suggest mixed signals of directional momentum. The MACD is weakening in the positive region, slipping below its red signal line. Yet, [..]

Technical Analysis – Silver holds positive compass, despite some weakening

Posted on September 1, 2020 at 1:37 pm GMT

Silver propelled above the 28.46 high, securing the recently acquired ground from the 26.50 mark. Reinforcing this move is the intact bullish bearing of the Ichimoku lines. Looking at the short-term oscillators, positive momentum appears to be on track despite the recent reflected weakness in price. The MACD, in the positive section, is above its red trigger line, while the RSI has dipped slightly below the 70 level. Additionally, the stochastic lines have yet to confirm a bearish shift in [..]

Technical Analysis – Copper futures’ uptrend intact; positive backing present

Posted on August 27, 2020 at 2:47 pm GMT

Copper futures maintain a steady bullish bearing after a bounce on the 50-day simple moving average (SMA), which sent the commodity to a 25-Month peak of 3.040. The rising red Tenkan-sen line is promoting additional advances, while the bullish crossover of the 200-day SMA by the 100-day one may further boost the predominant positive picture. The short-term oscillators also endorse an improving outcome. The MACD and the stochastic oscillator suggest positive momentum is increasing despite the pause displayed in the [..]

Technical Analysis – WTI futures struggle after conquering 200-day SMA

Posted on August 27, 2020 at 9:00 am GMT

WTI oil futures are striving to overcome a critical resistance at 43.69, after having nudged over the 200-day simple moving average (SMA). Positive momentum has been gradually shrinking for approximately two-months, mirrored in the flattening out of the Ichimoku lines. Yet, the price continues to steadily crawl higher, maintaining a positive tone above the SMAs and the Ichimoku cloud. The short-term oscillators further reflect the anaemic positive momentum. The MACD, slightly in the positive region, continues to drag below its [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms