commodities

Technical Analysis – Gold decline stalls at the 50% Fibonacci, near oversold levels

Posted on November 28, 2018 at 11:49 am GMT

Gold bears entered the market on Tuesday, driving the precious metal to two-week lows. The 50% Fibonacci retracement level of the upleg from 1,196 to 1,230, at 1213 is currently acting as a barrier to steeper declines on the four-hour chart. The MACD though warns that bearish actions may break this wall as the indicator seems to have already started a new bearish phase below its red signal line. Yet the RSI suggests that the market is very close to its oversold area, suggesting that upside corrections cannot be [..]

Technical Analysis – WTI crude futures hold above 15-month low; record some gains

Posted on November 27, 2018 at 9:02 am GMT

West Texas Intermediate (WTI) crude oil futures are trying to pare some of the previous month’s heavy losses, however the momentum is still too weak. During Monday’s session, the price completed a fresh 15-month low around the 50.00 handle, recording a significant bearish day. The MACD oscillator seems to be ready for a potential upside retracement in the near term as it climbed above the trigger line in the negative zone. If the price continues to move slightly higher, immediate resistance is [..]

Technical Analysis – Gold neutral in very short-term; stands above uptrend line

Posted on November 26, 2018 at 9:09 am GMT

Gold has advanced above the 23.6% Fibonacci retracement level of the upward movement from 1160 to 1243, near 1223, while it currently stands above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the price has held in a neutral mode over the last week, after it jumps above the 1220 barrier. Zooming to the indicators, the RSI is moving higher in the positive area as well as the stochastic oscillator is approaching the overbought zone. The next target to watch to [..]

Technical Analysis – London Gas oil futures plunge to 8-month low; bearish bias in short term

Posted on November 23, 2018 at 11:29 am GMT

London Gas oil futures have been underperforming in the past six days, breaking below the 38.2% Fibonacci retracement level of the upleg from 352.63 to 751.00, around the 600.00 handle, recording a fresh eight-month low of 584.50. Momentum indicators are endorsing the sharp bearish movement as the MACD is strengthening its negative momentum in the negative area and the RSI holds below the oversold zone. The next target to the downside is the 555.60 support, which stands near the 50.0% [..]

Technical Analysis – Brent futures finds support at 1-year low; strongly bearish in near term

Posted on November 21, 2018 at 3:13 pm GMT

Brent crude oil futures with delivery in January 2019 plummeted to an almost one-year low around 61.70 on Tuesday. The price is set to complete the seventh straight negative week, however, looking at the very-short term timeframe, it has jumped above the multi-month low today. The MACD oscillator is flattening below its trigger line, while the RSI is moving sideways in the bearish zone. If the price continues the weak upside movement, it would challenge again the 64.60 resistance, before being able to re-touch the 20- and [..]

Technical Analysis – WTI crude futures consolidate after hitting 9-month low

Posted on November 20, 2018 at 9:11 am GMT

West Texas Intermediate (WTI) futures advanced slightly above the nine-month low of 54.80 after the sharp sell-off in the preceding week but is trading in a narrow range of 55.25 – 58.15. Prices are trading within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, which are heading for a bullish crossover in the near future. According to the technical indicators, the MACD oscillator is rising in the negative zone, while the RSI indicator is pointing down slightly below the 50 zone. Should the price manage [..]

Technical Analysis – Gold builds base above bullish crossover of SMAs

Posted on November 19, 2018 at 9:39 am GMT

Gold has reversed back up again after finding support at the short-term ascending trend line during the preceding week. The price reached a one-week high of 1225 on Friday before falling back below 1220. The momentum indicators lost their strong positive momentum in the 4-hour chart. The RSI indicator remains in bullish territory and is pointing slightly up, while the MACD oscillator is flattening above the trigger and zero lines. Moreover, the yellow metal remains well above the bullish crossover of the 20- and 40-simple moving [..]

Technical Analysis – Platinum futures stands in bullish correction within long-term’s negative structure

Posted on November 16, 2018 at 11:18 am GMT

Platinum futures delivered on January 2019 are moving higher over the last three months, following the bounce off the 753 support level. The price seems to be in a bullish correction mode as it surpassed the first significant level of Fibonacci barriers, the 23.6% level, taken from the downleg from 1030 to 753, near 818. From the technical point of view, the RSI indicator looks neutral near the 50 level, while the MACD oscillator holds below the trigger line but [..]

Technical Analysis – WTI crude oil futures hover near 9-month low; bearish bias in short-term

Posted on November 13, 2018 at 9:16 am GMT

West Texas Intermediate (WTI) futures plummeted to a new nine-month low of 58.66 on Monday, creating the eleventh red day in a row. Prices remain below the simple moving averages (SMAs) in the 4-hour chart and are hovering slightly above the aforementioned low. According to the momentum indicators, the blue %K line of the stochastic oscillator is turning higher, ready to create a bullish crossover with the red %D line. The RSI indicator is flattening in the bearish territory. Both are suggesting an end to the [..]

Technical Analysis – Gold plummets to a new 1-month low; bearish rally in progress

Posted on November 12, 2018 at 9:00 am GMT

Gold dived to a fresh one-month low of 1203.83 today after recording six negative days in a row. The price seems to hold far away from the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, which are sloping to the downside, endorsing the negative view. The Relative Strength Index declined to the oversold zone, indicating bearish sentiment, while the MACD oscillator is falling with strong momentum below the trigger and zero lines. The significant leg below the 1206.58 support level, could stop around the 50.0% Fibonacci retracement level [..]

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