commodities

Technical Analysis – Gold pares some losses; RSI looks slightly bullish in short term

Posted on March 18, 2019 at 8:28 am GMT

Gold is posting notable gains over the last 4-hour session, successfully surpassing its 20- and 40-simple moving averages (SMAs). While the price continues to trade within the Ichimoku cloud over the last week and the MACD oscillator keeps lacking momentum around its trigger and zero lines, the RSI is trying to frame a more positive picture for the short term as the indicator has started to slope to the upside again above its 50 neutral mark. Immediate resistance would likely come from the [..]

Technical Analysis – Gold rebounds on SMAs’ bullish cross and holds in Ichimoku cloud

Posted on March 12, 2019 at 2:09 pm GMT

Gold has been trading within the Ichimoku cloud after the rebound on the bullish crossover of the 20-and 40-simple moving averages (SMAs) around 1290.45 in the 4-hour chart. Looking at momentum indicators, the RSI is strengthening momentum above the 50 level as it is sloping upwards, while the MACD is trying to surpass the trigger line in the positive zone. Immediate resistance would likely come from the 1300 – 1302 zone as the price successfully climbed above the 23.6% Fibonacci retracement level of [..]

Technical Analysis – WTI oil futures in bullish action but confined to narrow range

Posted on March 12, 2019 at 11:56 am GMT

WTI oil futures jumped to a new one-and-a-half-month high of 57.43 earlier on Tuesday, remaining above the 23.6% Fibonacci retracement level of the upward movement from 51.60 to 57.85 around 56.37 and the 57.16 strong support level. The price has been trading in a narrow range within 55.00 – 57.85 over the last three weeks. However, technical indicators are holding in positive territory with the RSI flattening and the MACD strengthening its momentum. A bullish rally could find immediate resistance at [..]

Technical Analysis – Silver rises after strong downfall from 16.20

Posted on March 8, 2019 at 12:48 pm GMT

Silver came close to breaking the 14.90 support level on Thursday, finishing the day at a two-and-a-half-month low of 14.96. According to the RSI, the market could shift higher as it is sloping slightly upwards in the negate zone, though the MACD oscillator is losing its strong downside momentum in the bearish territory. Also, the 20- and 40-simple moving averages completed a bearish crossover in the daily timeframe, confirming the recent negative view. If the price heads higher, immediate key resistance could come from the 38.2% Fibonacci [..]

Technical Analysis – WTI oil futures hold in narrow range; bullish bias in near term

Posted on March 5, 2019 at 7:51 am GMT

WTI oil futures have been trading above the short-term ascending trend line in the 4-hour chart but are consolidating in a narrow range over the last couple of weeks. The three-and-a-half month high of 57.85 acts as significant upper boundary of the channel while the 55.00 handle is the lower boundary. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) with very weak momentum. The technical indicators are supportive of this view as the RSI is neutral marginally below the 50 level and [..]

Technical Analysis – Gold declines near 1-month low; loses momentum in near term

Posted on March 4, 2019 at 7:51 am GMT

Gold had been trading sharply lower over the last three consecutive days, dropping towards a fresh one-month low near 1290 on Friday. The bounce off the ten-month high of 1346.61 drove the market back to the downside, below the 20- and 40-simple moving averages (SMAs), which are both now suggesting a possible bearish retracement in the short-term. Looking at momentum indicators, the RSI is lacking direction slightly below its neutral threshold of 50, suggesting that the market could keep losing [..]

Technical Analysis – Soybeans futures are on course for possible downward movement

Posted on February 27, 2019 at 2:14 pm GMT

Soybeans futures pulled back on the medium-term ascending trend line and the 23.6% Fibonacci retracement level of the upleg from 8.1156 to 9.3045 near 9.0219, confirming the medium-term upside rally in the daily timeframe. Currently, the price is trading below the bearish cross within the 20- and 40-simple moving averages (SMAs), pointing to a possible fall below the trend line. The MACD and the RSI are flattening near their neutral levels, suggesting that the recent view is weakening. A decline below the 23.6% Fibonacci of [..]

Technical Analysis – WTI crude oil futures recover slightly higher after sharp bearish move

Posted on February 26, 2019 at 9:58 am GMT

WTI crude oil futures is retreating sharply after the pullback on the three-month high of 57.78 that was reached on February 22. The 20- simple moving average (SMA) is ready to create a bearish crossover with the 40-SMA in the 4-hour chart, as the price is moving towards the short-term rising trend line, taken from the lows on December 26. In the short-term timeframe, the RSI indicator is pointing slightly up in the negative territory as well as the %K line of the stochastic [..]

Technical Analysis – Gold retreats within SMAs; indicators seem too weak

Posted on February 25, 2019 at 10:20 am GMT

Gold prices are consolidating within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart as well as within the red Tenkan-sen and blue Kijun-sen lines. The momentum indicators seem flat also, as the RSI is flattening near the neutral threshold of 50, while the MACD is holding above the zero line with very weak momentum in the short-term. If the price surpasses the 1333.10 resistance level, which overlaps with the 20-SMA, this could send price towards the 10-month high of [..]

Technical Analysis – Soybeans futures remain in bullish mode; eyes 7-month high next

Posted on February 22, 2019 at 10:04 am GMT

Soybeans futures rebounded on the medium-term ascending trend line and the 23.6% Fibonacci retracement level of the upleg from 8.1156 to 9.3045 near 9.0219 in the preceding days, confirming the recent upside rally in the daily timeframe. Currently, the price is trading between the 20- and 40-simple moving averages, while a jump above these lines would endorse the bullish outlook. However, the MACD and the RSI are flattening near their neutral levels, suggesting that the recent view is weakening. In case the [..]

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