commodities

Technical Analysis – Silver consolidates near 1-year lows; bearish in long term

Posted on August 31, 2018 at 1:34 pm GMT

Silver turned increasingly bearish after it dropped below the 16.00 key-level, the bottom of its range-bound trading recorded between early February and mid-June, printing lower lows and lower highs until it reached one-year lows at 14.31 on August 16. Since then, the market has been moving sideways, with the RSI and the MACD supporting that chances for a bull market are minimal in the short-term; the RSI is negatively sloped below 50 and the MACD holds steady marginally above its [..]

Technical Analysis – WTI oil futures hold inside ascending channel; risks tilted to the downside

Posted on August 28, 2018 at 8:57 am GMT

WTI crude oil futures (October delivery) have been trading within a steep ascending channel in the 4-hour chart the past two weeks after being unable to dip below the two-month low of 64.40 reached on August 16. The market, however, could violate the bullish channel as the RSI is moving lower to exit the overbought area, while the MACD is slowing down below its red signal line, both flagging that some weakness could appear in the short-term. A correction to the downside could [..]

Technical Analysis – Gold closes above 1,200; breaks descending triangle to the upside

Posted on August 27, 2018 at 1:30 pm GMT

Gold’s impressive rally on Friday paused around a two-week high of 1,208.41 after the RSI and the Stochastic oscillators touched overbought levels above 70 and 80 respectively in the 4-hour chart. While both indicators have already turned lower, suggesting that downside pressures could dominate in the short-term, the MACD continues to move higher in positive territory above its red signal line, giving some bullish signals for the market. Besides, with prices having already run significantly above the Ichimoku cloud for [..]

Technical Analysis – Brent futures eases slightly; bullish in medium-term

Posted on August 23, 2018 at 11:14 am GMT

Brent futures have surged over the previous five consecutive days following the rebound on the 70.25 level, which coincides with the 200-day simple moving average (SMA). Also, the price still holds above the 50-SMA and the technical indicators are moving in the positive territory. The MACD is advancing above the trigger line, however, the RSI is sloping slightly to the downside above the 50 level. If price action remains above the 50-day SMA, there is scope to test the 79.30 resistance level, taken from the [..]

Technical Analysis – Gold creates bullish correction after hitting 1,160 in near term

Posted on August 20, 2018 at 9:01 am GMT

Gold prices edge higher today and are set to post the second bullish day in a row. In the previous week, the precious metal hit a fresh 19-month low of 1,160 before heading higher. Also, the price advanced above the 20-simple moving average (SMA) in the 4-hour chart and is currently approaching the 40-SMA, with the technical indicators showing some improvement as well; the Relative Strength Index (RSI) climbed into positive territory, above the 50 level but not much, and the MACD oscillator continues the [..]

Technical Analysis – WTI crude oil futures advance considerably near 40-SMA in near term

Posted on August 14, 2018 at 8:50 am GMT

WTI futures resumed neutral mode in the short-term picture following the rebound on the six-week low of 65.70 on Monday’s session. The RSI and the MACD have both improved but remain near their neutral zones; the RSI is currently moving slightly above 50, while the MACD has deviated further above its red signal line but continues to hold below zero. Should the price shift successfully above the 67.90 resistance level, which overlaps with the 40-simple moving average (SMA) and the 23.6% Fibonacci of the [..]

Technical Analysis – Gold trades around 17-month low in short term trading range

Posted on August 13, 2018 at 8:53 am GMT

Gold prices have been developing within a sideways channel over the last ten days with upper boundary the 1217 resistance level, and lower boundary the 1204 support level. It is worth mentioning that the price recorded a fresh 17-month low of 1203.55 earlier on Monday. The technical structure enhances the argument that the outlook is entirely negative at the moment. Looking at momentum oscillators in the 4-hour chart, they suggest further declines may be on the cards in the short-term. The RSI is approaching the threshold [..]

Technical Analysis – London Gas Oil futures trades near ascending trend line; outlook still bullish

Posted on August 9, 2018 at 2:00 pm GMT

London Gas Oil futures have reversed back up again after finding support near the long-term ascending trend line. After the pullback on the 704.13 resistance level, the price came under pressure and started a downside rollercoaster. However, the weak picture in the short-term is further support by the technical indicators. But the technical indicators now support that the market could develop sideways in the short-term as the RSI holds near its neutral threshold of 50 and the MACD lies pretty close to zero [..]

Technical Analysis – West Texas Intermediate futures regain some ground above SMAs

Posted on August 7, 2018 at 10:29 am GMT

WTI crude oil futures for September delivery have finally reversed to the upside after the rebound on the long-term ascending trend line. The price also surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, suggesting an extension of the bullish momentum. From the technical point of view, the RSI indicator is pointing up in the positive territory, while the MACD oscillator jumped above its trigger line but remains near its zero line. In case of a further [..]

Technical Analysis – Gold holds above 17-month low; could weaken further in near term

Posted on August 6, 2018 at 9:14 am GMT

Gold posted a fresh 17-month low of 1204.36 last Friday, but now it is trading slightly higher from this bottom. The aggressive sell-off continues after the bounce off the short-term falling trend line and the 20- and 40-simple moving averages in the 4-hour chart. From a technical point of view, the RSI is currently increasing negative momentum and is heading to the downside, while the %K line of the stochastic oscillator completed a bearish crossover with the %D line. Should prices decline further, immediate support could be [..]

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