commodities

US Open Preview – Dollar inches up as Fed takes center stage

Posted on August 1, 2018 at 11:05 am GMT

Here are the latest developments in global markets: FOREX: The US dollar continued the bullish movement today against the Japanese yen (+0.05%), near 112.00, while tariffs returned to the spotlight as the US and China were reportedly seeking to resume talks to find common ground on trade. The main event of the day will be the FOMC monetary policy decision later in the day. In the Eurozone, the final IHS Markit manufacturing PMI posted a reading of 55.1 in July, unchanged from [..]

Technical Analysis – WTI crude oil futures remain bullish above short- and long-term uptrend lines

Posted on July 31, 2018 at 12:58 pm GMT

WTI futures have been standing above the short (since July 18) and long-term (since June 21, 2017) ascending trend lines suggesting a possible strong upside momentum after the strong bounce off the 75.24 resistance level. However, over today’s session, the price posts limited losses approaching the 20-simple moving average (SMA) of 69.46 in the 4-hour chart. The RSI indicator and the MACD oscillator have both weakened, with the former holding near its neutral threshold of 50 and the latter easing [..]

Technical Analysis – Gold trades in consolidation area in short-term; bearish mode in medium-term

Posted on July 30, 2018 at 9:58 am GMT

Gold has been consolidating since July 19 and has been stuck below the 23.6% Fibonacci retracement level near 1235 of the downleg from 1309 to 1211.38. The price holds within the upper boundary of the 1235 resistance and the lower boundary of the 1218 support barrier, while it also stands below the 20- and 40-simple moving averages in the near-term. Turning to the technical indicators, the MACD oscillator is falling below the zero and trigger lines strengthening its momentum. Additionally, [..]

Technical Analysis – WTI futures suggest further gains in near term; bullish crossover within SMAs completed

Posted on July 24, 2018 at 12:36 pm GMT

WTI futures have been in a flying mode today in the short-term timeframe as it surpassed the 20- and 40-simple moving averages (SMAs). The price rebounded on the 67.56 key level, so, having all these in mind, the outlook seems to be cautiously positive. Looking at the 4-hour chart, the technical oscillators are giving signs that the latest run may continue for a while more. The RSI turned up after it jumped above its 50 line, however, the MACD has flattened near its zero [..]

Technical Analysis – Gold retreats below 40-SMA; bearish picture remains in long term

Posted on July 23, 2018 at 8:06 am GMT

Gold eases on Monday’s session after an aggressive buying interest in the previous day after the rebound on the one-year low of 1211.38. The precious metal dipped below the 40-simple moving average (SMA) in the 4-hour chart pointing to a continuation of the bearish outlook. From the technical point of view, the Relative Strength Index (RSI) is sloping to the downside, slightly above the threshold of 50, while the %K line dipped below the %D line in the overbought zone, creating a [..]

Technical Analysis – Copper futures extend significant sell-off daily session; trade near 1-year low

Posted on July 19, 2018 at 1:49 pm GMT

Copper futures with delivery in September tumbled towards a fresh one-year low near 2.6700 over today’s trading session and are set to complete the sixth consecutive negative week. Prices remain under pressure as the 20- and 40- simple moving averages (SMAs) in the daily timeframe are acting as significant resistance levels. Technically, momentum indicators are pointing to a negative bias. The RSI indicator is moving in the oversold zone and is pointing south while the MACD oscillator is strengthening its bearish momentum below the [..]

Technical Analysis – WTI crude oil futures plunges near 3-week low; bearish phase holds

Posted on July 17, 2018 at 8:14 am GMT

WTI futures for August delivery recorded a fresh more than three-week low of 67.56 on Monday, while the sharp bearish run started following the pullback on the 74.64 resistance level last Tuesday. Also, the price plunged below the 61.8% Fibonacci retracement level of the upleg from 63.37 to 75.24 of 67.90, indicating that a bearish movement is in play in the near term. In the 4-hour chart, the momentum indicators are supportive of the bearish picture, with the RSI remaining into the oversold zone [..]

Technical Analysis – Gold rebounds on 1-year low; bearish sloping channel holds

Posted on July 16, 2018 at 8:36 am GMT

Gold dipped to a fresh one-year low of 1236.27 during Friday’s trading session and posted a strong negative day, while it closed well above its intraday trough. Zooming in the 4-hour chart, the price today found a significant hurdle on the 20-simple moving average (SMA) and failed to jump above it. The technical indicators are sending different signals with the Relative Strength Index (RSI) flattening in the negative zone, however, the MACD oscillator created a bullish cross with its trigger line in the bearish [..]

Technical Analysis – Gold manages to pick up speed; posts 2-week high

Posted on July 9, 2018 at 8:24 am GMT

Gold has created a new two-week high of 1262.13 over today’s European session and is trying to have a session close above the 1261 barrier in the 4-hour chart. The technical indicators are sending bullish signals, supporting the upside movement in price action and suggesting that the softness may come to an end. The Relative Strength Index (RSI) is moving towards the threshold of 70, while the %K line of the stochastic oscillator is approaching the overbought zone with the %D line. If the market manages [..]

Technical Analysis – Cocoa futures unable to jump above 38.2% Fibonacci; bullish move is expected

Posted on July 6, 2018 at 12:02 pm GMT

Cocoa futures for September delivery have reversed to the upside over the last three weeks after the rebound on the 2313 support. However, the price is still trading below the 38.2% Fibonacci retracement level of the upleg from 1796 to 2930 at 2500, which seems to be acting as a strong resistance barrier, setting the scene for a sideways move. Momentum indicators in the daily timeframe are currently moving near their neutral levels with weak momentum. Specifically, the RSI indicator is holding marginally below the 50 zone, while [..]

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