commodities

Technical Analysis – Gold hits new 6-month high; strongly bullish in near term

Posted on December 31, 2018 at 9:07 am GMT

Gold has been in a flying mode over the last couple of days, touching a fresh six-month high of 1282 earlier today. The rally brought the price above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, endorsing the outlook to a strongly positive one. From the technical point of view, the RSI indicator is moving slightly higher near the overbought zone, while the MACD oscillator dropped below the trigger line but remains well above the zero level, [..]

Technical Analysis – WTI crude oil futures bounce off 1 ½-year lows but still bearish

Posted on December 27, 2018 at 2:23 pm GMT

WTI crude oil futures (for February delivery) jumped by 9% on Wednesday after extending the steep slippery slope to a 1 ½-year low of 42.53. On Thursday, though, the market resumed its bearish mode, with the technical indicators suggesting that there are still some sellers that could hold the market on the downside in the short-term; the MACD consolidates below its red signal line, while the Tenkan-sen line continues to lose ground below the blue Kijun-sen line. The 42.53 bottom could be challenged by the [..]

Technical Analysis – WTI crude oil futures in slippery mode; bears break 49.00 level

Posted on December 18, 2018 at 9:04 am GMT

WTI futures plummeted to a fresh 15-month low during yesterday’s session, challenging the 48.50 level. The price exited from the narrow range that was holding in the preceding three weeks, continuing the strong downside structure in the short to medium term. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is flattening near the overbought levels, while the MACD is strengthening its negative momentum below the trigger and [..]

Technical Analysis – Gold creates bearish retracement; stays bullish in medium term

Posted on December 17, 2018 at 9:04 am GMT

Gold prices completed two consecutive bearish days in the preceding week and retained a negative correction mode, following the pullback on the five-month high of 1250.44. The yellow metal holds beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, however, the momentum indicators are turning slightly higher. The RSI indicator is pointing up in the bearish zone, while the %K line of the stochastic oscillator posted a bullish crossover with the %D line before entering the overbought zone. [..]

Technical Analysis – Copper futures develop in symmetrical triangle

Posted on December 14, 2018 at 11:44 am GMT

Copper futures with delivery on March 2019 have been trading in a symmetrical triangle pattern over the last four months. Currently, the price is trying to slip below the 23.6% Fibonacci retracement level of the sharp downward movement from 3.3290 to 2.5485, around 2.7329 as well as below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last couple of days, the RSI [..]

Technical Analysis – WTI crude futures develop in narrow range after strong sell-off

Posted on December 11, 2018 at 9:30 am GMT

West Texas Intermediate (WTI) crude oil futures have turned neutral after a strong downfall in the previous weeks. The price struggles within a narrow range, with upper boundary the 54.40 resistance level and lower boundary the 50.00 handle. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is moving below its neutral level of 50, while the MACD is strengthening its negative momentum. If the price exits from the trading range and dives below [..]

Technical Analysis – Gold falls following rebound to 5-month high; bullish in medium term

Posted on December 10, 2018 at 9:45 am GMT

Gold prices pared some gains on Monday, following the new five-month high of 1250.44 that was achieved in the preceding week. The yellow metal holds above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, however, the momentum indicators are turning lower. The RSI indicator is pointing down after hitting the overbought zone, while the %K line of the stochastic oscillator posted a bearish crossover with the %D line. A bearish correction would drive prices until the 1243 support level, taken from the [..]

Technical Analysis – Silver pauses negative tendency, creating neutral phase

Posted on December 6, 2018 at 2:32 pm GMT

Silver has been consolidating since August 15 and has been stuck in a sideways channel. The neutral to bearish picture in the medium term looks to last for a while longer after prices failed to break above the upper channel in the preceding month. Resistance was met at around 14.90 region and significant support at 13.90, forcing the price to remain in a range. Technical indicators confirm this view with the RSI approaching the 50 level with weak momentum and the MACD [..]

Technical Analysis – Gold advances to fresh 1-month high; indicators signal more gains

Posted on December 3, 2018 at 9:09 am GMT

Gold has advanced considerably, jumping to a fresh one-month high of 1232 earlier today. The price successfully surpassed the moving averages, which are ready to post a bullish crossover in the 4-hour chart. Furthermore, the RSI indicator is approaching overbought territory, while the MACD oscillator climbed above the trigger line, both suggesting more gains. More upside movements could send prices towards the next immediate resistance of 1236, identified by the highs on November 7, while even higher the area around [..]

Technical Analysis – Brent futures pare losses after reaching 13-month trough

Posted on November 29, 2018 at 2:15 pm GMT

Brent crude oil futures with delivery in January 2019 tumbled to a new 13-month low of 57.48 earlier today, but quickly pared the losses. The price is set to complete the seventh straight negative week, while the technical indicators continue to hold in bearish zones. The MACD oscillator is strengthening its negative bias, while the RSI is pointing marginally up in the oversold region. In case of a slide below the multi-month low, the next support would come from the 56.30 level, taken from [..]

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