commodities

Copper slumps as trade conflict clouds global growth outlook – Commodities News

Posted on July 5, 2018 at 9:13 am GMT

The price of copper continues its freefall this week, falling to a nine-month low of $6,450 per tonne on the London Metal Exchange and to an 11-month low of $2.874 per pound on New York’s Comex. The popular base metal has been under pressure since trade tensions first started brewing in late February. Copper is considered to be a good indicator of global economic growth due to its wide use across the construction, industrial and technology sectors. The fall in [..]

Technical Analysis – WTI futures create multi-year highs; bullish bias but possibility of overstretched rally

Posted on July 3, 2018 at 8:42 am GMT

West Texas Intermediate (WTI) futures surged to a fresh high of 74.80 since November 2014 as it is recording a sharp bullish run over the last five days. Prices broke above the 72.20 level and are trading above their moving averages. The bullish picture in the short term is kindly supported by the technical indicators. From the technical point of view, in the 4-hour chart, the RSI is holding slightly above the 70 level, suggesting an overstretched rally, while, the [..]

Technical Analysis – Gold holds near return line of downward sloping channel; posted 6-month low

Posted on July 2, 2018 at 8:49 am GMT

Gold started an aggressive bearish roller coaster over the previous three weeks, creating a fresh six-month low of 1245.84 last Thursday. The price is developing near the aforementioned low and the short-term technical indicators are pointing to more weakness in the market. Looking at the at the 4-hour chart, gold prices are looking capped by the 20 and 40-simple moving averages (SMAs) which are negatively aligned after a bearish crossover that took place on June 15. The Relative Strength Index [..]

Technical Analysis – Coffee futures find strong resistance at 1.2456; further losses are expected

Posted on June 29, 2018 at 1:43 pm GMT

Coffee futures for September have reversed to the downside over the previous two days after printing a 20-day high of 1.1897, which holds near the 40-simple moving average (SMA) in the daily timeframe. From the technical point of view, the Relative Strength Index (RSI) is increasing the negative momentum as it lies below the neutral threshold of 50 and is approaching the 30 level. Moreover, the MACD oscillator holds above the trigger line but is strengthening its bearish structure. If the price [..]

Oil turns bullish after OPEC output hike deal confuses markets – Commodities News

Posted on June 27, 2018 at 3:26 pm GMT

The Organization of the Petroleum Exporting Countries (OPEC) and a group of 11 non-OPEC countries struck a deal on Friday to raise oil production from July, marking the first increase since the alliance began capping output in January 2017. Crude oil prices surged immediately after the announcement as an agreement was not certain due to strong objections from Iran. However, the lack of clarity on how the production increases will be achieved and how much of a supply boost can [..]

Technical Analysis – WTI futures remains bullish as it stands above 50.0% Fibonacci

Posted on June 26, 2018 at 7:50 am GMT

West Texas Intermediate (WTI) futures posted a negative day after they reached a new one-month high of 69.40 yesterday, while on Friday the price created sharp bullish extensions. The price eased and tested the 67.75 support level on Monday before the jump above the 50.0% Fibonacci retracement level of the downleg from 72.87 to 63.37, near 68.12, once again. In the 4-hour chart, the RSI stands in the bullish area and is sloping slightly north, while the %K line of the stochastic oscillator posted a [..]

Technical Analysis – Gold finds strong obstacle on 38.2% Fibonacci; remains in bearish mode in long term

Posted on June 25, 2018 at 8:47 am GMT

Gold rebounded on the six-month low of 1261 on Thursday and drove the price until the 38.2% Fibonacci retracement level of the upleg from 1122 to 1365, around 1273. Currently, the precious metal is trading above the 20-simple moving average (SMA) in the 4-hour chart, increasing the chances for upside movement. Technical indicator in the short-term are suggesting further advances. The Relative Strength Index (RSI) is sloping upwards below the threshold of 50, while the MACD oscillator is rising in [..]

Technical Analysis – Gold trades near 6-month low; confirms medium-term bearish structure

Posted on June 18, 2018 at 8:49 am GMT

Gold prices plummeted more than 1.7% on Friday, reaching a fresh six-month low of 1275.30 after the bounce off the 1303 resistance level. The neutral bias shifted to bearish as the price penetrated the trading range 1289 – 1307.50 to the downside, experiencing further losses. Despite the latest upside pullback, the bearish picture in the short-term is further supported by the technical indicators. Momentum indicators in the 4-hour chart are holding in the negative threshold. The RSI indicator is flattening [..]

Technical Analysis – Cocoa futures rebound to challenge the upper bound of the descending channel

Posted on June 14, 2018 at 3:50 pm GMT

Cocoa futures for July delivery have finally reversed to the upside last Friday after printing lower highs and lower lows in the preceding six weeks to reach a three-month low of 2,245 on June 7. The downward pattern started at the end of April, however, may not change unless the market manages to crawl substantially above the descending channel. Momentum indicators in the four-hour chart though are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed above 50 and [..]

Technical Analysis – WTI crude oil futures surpass 23.6% Fibonacci; next resistance at 67.30

Posted on June 12, 2018 at 7:44 am GMT

West Texas Intermediate futures is on course for a bullish correction and is posting some gains today, following the rebound on the 64.20 support level. The price jumped above the 66.00 handle and the 23.6% Fibonacci retracement level of the downleg from 72.87 to 64.20, near 66.25, while is currently completing a new eight-day high around 66.49. The momentum indicators are supportive of the bullish picture, with the RSI rising into positive territory above 50 and approaching the 70 overbought mark. The MACD [..]

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