commodities

Technical Analysis – Gold drops after flying to more than 2-year high

Posted on July 19, 2019 at 11:22 am GMT

Gold advanced to a more than two-year high of 1,452.87 earlier today, but quickly reversed lower near the previous highs of 1,438. The technical indicators seem to be overstretched in the daily timeframe as the RSI is reversing lower after it touched the 70 level, while the MACD has found obstacle at the trigger line. If the price successfully surpasses the two-year high (1,452.87), it could prove a trigger point for another bullish round towards the 1,475 mark, registered on [..]

Technical Analysis – Silver records new high, advancing above descending triangle

Posted on July 18, 2019 at 12:36 pm GMT

Silver is having one of its best trading sessions of this year, gaining strong momentum above the descending triangle that was holding since April 2017. This week the price continues to attract buying interest, with the price registering a fresh five-month high of 16.10. The technical indicators are still located in bullish area, with the MACD stretching further above its red trigger line and the RSI moving above 70. Yet the latter could also be an indication that the rally [..]

Technical Analysis – WTI futures find resistance at 23.6% Fibo; ‘golden cross’ completed

Posted on July 16, 2019 at 6:58 am GMT

WTI crude oil futures recorded an upside rally last week, but this week the price is on the backfoot after the bounce off the significant barrier of the 23.6% Fibonacci level of the upward wave from 42.50 to 66.60 near 60.90. The technical indicators fail to give clear direction as the MACD is flattening in the positive territory, while the RSI is sloping marginally up. It is worth mentioning that the short-term 20-day simple moving average (SMA) completed a ‘golden [..]

Technical Analysis – Silver climbs above 200-SMA in near term; still bearish in long-term

Posted on July 10, 2019 at 1:07 pm GMT

Silver prices came close to breaking the 14.90 level on Friday, finishing the day slightly above the 200-day simple moving average (SMA). According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped marginally above its neutral threshold of 50, though the stochastic is creating a bullish cross within the %K and %D lines. On the upside, the price could attempt to hit the 15.55 resistance level, which if successfully broken the door [..]

Technical Analysis – WTI futures erase upside rally, holding in Ichimoku cloud

Posted on July 9, 2019 at 8:35 am GMT

WTI crude oil futures have been underperforming over the last couple of days, remaining within the short-term moving averages and the Ichimoku cloud in the 4-hour chart. The RSI and the MACD oscillator are moving sideways near the 50 and the zero lines respectively, suggesting a neutral performance on price action. Should oil price manage to strengthen its positive momentum and jump above the 40-simple moving average (SMA), immediate resistance could come around the 23.6% Fibonacci of the low of [..]

Technical Analysis – Gold develops in consolidation area; indicators signal bullish move

Posted on July 8, 2019 at 8:20 am GMT

Gold prices have been trading within a congestion area over the last two weeks with the 1,439 resistance as the upper boundary and the 1,382 support the lower boundary. Despite the sideways move, the technical indicators are suggesting an upside tendency in the 4-hour chart. The stochastic oscillator is moving higher and the RSI is sloping upwards approaching the 50 level. In the event of an upside reversal, the 20- and 40-period simple moving averages (SMAs) could be significant obstacles for the yellow metal at 1,407 and [..]

Technical Analysis – Brent futures bears look exhausted; indicators signal bullish action

Posted on July 3, 2019 at 1:27 pm GMT

Brent crude oil futures have gained a bit in the last 4-hour session, paring some losses of yesterday’s move. The technical indicators are currently feeding prospects for a possible positive short-term trading as the RSI is pointing up in the negative area and the %K line of the stochastic oscillator is creating a bullish cross with the %D line in the oversold zone, suggesting the end of the bearish phase. Alternatively, if 63.40 and the 23.6% Fibonacci of the downward wave from 75.60 to 59.40, near 63.24, proves [..]

Technical Analysis – WTI futures remain above 50.0% Fibo; MACD signals negative divergence

Posted on July 2, 2019 at 8:37 am GMT

WTI crude oil futures are on course to jump above the 20-simple moving average (SMA) after they found crucial support at the 50.0% Fibonacci retracement level of the downleg from 66.60 to 50.60 near 58.58 over the last sessions. Having a look at the technical indicators, the MACD oscillator is creating a bearish divergence as it is slipping at the same time that prices are moving higher in the 4-hour chart, suggesting a possible negative correction soon. However, the RSI [..]

Technical Analysis – Gold tumbles inside Ichimoku cloud; bearish in short-term

Posted on July 1, 2019 at 8:35 am GMT

Gold prices have reversed back down again after finding resistance at the six-year high of 1439 at the end of the preceding month. Currently, prices are developing within the Ichimoku cloud and the red Tenkan-sen and the blue Kijun-sen lines are pointing down, suggesting more losses. The 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the 4-hour chart, while the stochastic oscillator and the RSI are heading towards the oversold zone. Further losses should see the 38.2% [..]

Technical Analysis – WTI futures hover in narrow range; flat in short term

Posted on June 25, 2019 at 12:54 pm GMT

WTI oil futures for August delivery are moving sideways below the 50.0% Fibonacci mark of the 66.60 – 50.60 downleg near 58.58 but hover above the 20-period simple moving average (SMA) in the 4-hour chart. The RSI and the MACD are losing steam as both are falling in the positive area. If the market proves overbought, the price could reverse south to retest the 38.2% Fibonacci of 56.70. Lower, the 40-period SMA would be the next target around 55.30 before [..]

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