Commodities

Technical Analysis – Gold lacks clear direction after meeting all-time high

Posted on August 26, 2020 at 8:33 am GMT

Gold prices have been in a declining direction after strong rally towards the all-time peak of 2,074.89, but they found strong support at the 1,911 barrier over the last two weeks. The price is trading below the simple moving averages (SMAs) and the Ichimoku in the 4-hour chart. Furthermore, the RSI is heading south in the bearish territory, however, the MACD is moving horizontally below the zero line. A strong push below the 1,911 support would drive the bears towards [..]

Technical Analysis – WTI futures range bound; buyers pierce above cloud

Posted on August 25, 2020 at 12:34 pm GMT

WTI oil futures penetrated above the 50-period simple moving average (SMA) currently at the cloud’s upper surface around 42.66, following a recent bounce on the 200-period SMA. A consolidated tone has grasped the commodity for the last couple of weeks but a relatively bullish bearing continues to dominate the SMAs. The short-term oscillators reflect a slight increase in positive momentum. The MACD is marginally below zero but holds above its red trigger line, while the RSI is improving from its [..]

Technical Analysis – Gold consolidates above 1,900, eyeing peaks again

Posted on August 24, 2020 at 10:08 am GMT

Gold is edging sideways above the 1,900 handle, possibly forming a triangle pattern with the price targeting the upper bound of the triangle around 1,970. The bullish simple moving averages (SMAs) are maintaining a broader positive tone, while the short-term oscillators are helping keep the positive outlook alive. The MACD is holding in the positive region although below its red signal line, while the RSI floats above the 50 threshold, looking to improve. Furthermore, the negative momentum in the stochastic [..]

Technical Analysis – WTI futures develop with weak momentum near 5-month high

Posted on August 20, 2020 at 7:16 am GMT

WTI crude oil is moving sideways in the short-term, in a slightly bullish structure beneath the five-month high of 43.52. The 20- and 40-day simple moving averages (SMAs) are acting as strong support for the bears; however, the MACD oscillator is indicating a negative divergence in the market, signaling a possible bearish retracement. A successful climb above the five-month high of 43.52 could challenge the 48.80 resistance, registered on March 3. Even higher, the 54.62 barrier taken from the peak [..]

Technical Analysis – Gold resumes ascent, steering above the Ichimoku cloud

Posted on August 19, 2020 at 12:35 pm GMT

Gold has nudged back above the Ichimoku cloud and over the simple moving averages (SMAs) after a bounce off the 200-period SMA, around 1,863, resetting the upward action. The precious metal has recouped a decent amount of the losses from the all-time high of 2,074.89 to 1,863 low, and continues to be aided by the now bullish Ichimoku lines. The commodity’s positive sentiment appears restored above the cloud, despite the fresh bearish crossover of the 100-period SMA by the [..]

Technical Analysis – WTI crude oil find immediate obstacle at 42.90

Posted on August 18, 2020 at 12:46 pm GMT

WTI crude oil futures have found significant resistance at the 42.90 barrier over the last couple of weeks. The technical indicators are showing mixed signals as the RSI is pointing slightly down, while the MACD completed a bullish crossover with its trigger line above the zero line. The Ichimoku lines and the moving averages are still signaling a somewhat upside tendency in the 4-hour chart. In the wake of positive pressures, the market could meet resistance at the five-month high [..]

Technical Analysis – WTI continues the smooth upside movement

Posted on August 13, 2020 at 6:56 am GMT

WTI crude oil futures are moving higher with weak momentum and reached a fresh five-month high of 43.52 in the preceding days. The MACD oscillator is showing a negative divergence, suggesting slowing upside movement that is indicating a bearish reversal on price. However, the RSI is still pointing upwards in the positive territory. A clear upside rally above the 43.52 resistance could open the way for a revisit of the 48.80 barrier, registered on March 3. Breaching this level, the [..]

Technical Analysis – Gold sells off, correction extends to 200-MA

Posted on August 12, 2020 at 8:19 am GMT

Over the past few days, gold has aggressively corrected from its all-time high of 2,074.89 after failing to close above the 2,072 level, that being the 423.6% Fibonacci extension of the pullback from 1,765 to 1,670. The yellow metal plummeted below the Ichimoku cloud, taking out the 50- and 100-period simple moving averages (SMAs) in the process. However, the adjustment came to a halt at the 200-period SMA at 1,873, which happens to also be the 50.0% Fibonacci retracement of [..]

Technical Analysis – WTI futures tick higher but needs some more fuel

Posted on August 11, 2020 at 9:09 am GMT

WTI crude oil futures are moving higher, surpassing the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart and the Ichimoku cloud. The RSI indicator is edging higher above the 50 level, while the MACD oscillator jumped above its trigger line, suggesting more gains in the short-term. An upside movement could reach immediate resistance at the 42.60 barrier before making a sustained rally towards the five-month peak of 43.48. Clearing this zone, the market could hit the 48.80 [..]

Technical Analysis – Gold’s stability may not be a worry above 2,000-1,939 zone

Posted on August 10, 2020 at 7:32 am GMT

Gold finished Friday’s session in the red after pulling slightly below its new record high of 2,079, but overall managed to add another constructive week for the ninth consecutive time. In the daily chart, technical signals remain cautiously bullish. The RSI hit a wall near its previous high in the overbought zone and reversed south, the Stochastics are also pointing downwards after printing a lower high, while the MACD, although above its red signal line, seems to be losing momentum. [..]

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