commodities

Technical Analysis – Gold maintains short-term neutral bias; weak movement over last 3 weeks

Posted on June 11, 2018 at 9:10 am GMT

Gold remains under pressure as it has been consolidating within a trading range over the last three weeks with upper boundary the 1307.50 resistance level and lower boundary the 1289 support barrier. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the 20-simple moving average (SMA). The Relative Strength Index (RSI) is heading lower below the 30 level and is sloping downwards, while the [..]

Technical Analysis – Brent crude oil futures turns bullish in short term after aggressive sell-off

Posted on June 7, 2018 at 12:14 pm GMT

Brent futures have advanced considerably over the last couple of hours, surpassing the 50- and 200-simple moving averages (SMAs). The bullish picture in the short term looks to last for a while longer after the moving averages turned to the upside. Support was met at around the 73.80 region after prices hit a one-month low, forcing the commodity to reverse higher. The positive bias in the near term is supported by the improvement in the momentum indicators. The MACD oscillator has risen sharply above [..]

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative

Posted on June 5, 2018 at 8:13 am GMT

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative West Texas Intermediate crude oil futures fell sharply lower during yesterday’s trading session and penetrated the medium-term ascending trend line to the downside. The price reached a fresh two-month low of 64.56, shifting the bullish outlook to bearish. Currently, the price is moving slightly higher while the short-term technical indicators are endorsing the scenario for a minor correction. Looking at momentum indicators, the RSI indicator is rising after the rebound [..]

Technical Analysis – Gold maintains weak bias in near term; broader trend is neutral

Posted on June 4, 2018 at 8:45 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 1300 psychological level. It is worth mentioning that the precious metal has been developing within a sideways channel since May 23 with upper boundary the 1307.50 resistance level and lower boundary the 1289 support barrier. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the [..]

Technical Analysis – WTI futures consolidating after aggressive bearish rally; bullish in medium term

Posted on May 30, 2018 at 12:55 pm GMT

West Texas Intermediate (WTI) futures are on course for the second day of gains, which have driven the price towards the upper boundary of the narrow range with a resistance level of 67.30 and support barrier of 65.75. The trading range has been standing since Monday while the oil dropped below the 67.30 hurdle and started a sideways move. The RSI is currently increasing positive momentum towards its neutral threshold of 50 after an exit from oversold levels, while the MACD is rising in the negative [..]

Technical Analysis – Gold back above 1300 but lacks direction

Posted on May 29, 2018 at 3:50 pm GMT

Gold managed to bounce back above the 1300 key-level on Tuesday, though, the market continues to lack direction in the four-hour chart according to momentum indicators; the RSI continues to trend around its neutral threshold of 50, while the MACD is moving below its red signal line but above zero. In case the price corrects to the upside, resistance could run towards the upper bound of the Ichimoku cloud seen around 1303.83. Then a close above this level could drive the [..]

Technical Analysis – WTI futures stand near multi-year high of 72.70; strong bullish mode

Posted on May 22, 2018 at 8:12 am GMT

West Texas Intermediate (WTI) crude oil futures are edging higher, recording a new multi-year high of 72.70 during Tuesday’s early European session. The price jumped above the previous peak of 72.30 and the short-term technical indicators are endorsing the bullish scenario. From the technical point of view, the MACD oscillator climbed above its trigger line and is rising with strong momentum, while the ROC oscillator stands above the neutral area and is sloping to the upside. Moreover, the 20- and [..]

Technical Analysis – Gold posts new trough near 1282; bearish in short and medium-term

Posted on May 21, 2018 at 8:24 am GMT

Gold is on course to post a strong trading day of losses, which have taken the price towards a fresh five-month low of 1281.96. The sharp sell-off, especially in the past week, has shifted the near-term bias from neutral to negative. The momentum indicators are supportive of the bearish picture in the 4-hour chart. The RSI is currently increasing negative momentum towards its 30 level and is approaching the oversold level, while the MACD oscillator is moving lower below the [..]

Technical Analysis – WTI futures ease below 3½-year high; capped by 20-SMA

Posted on May 15, 2018 at 8:17 am GMT

West Texas Intermediate (WTI) crude oil futures have eased after the pullback on the fresh three-and-a-half-year high of 71.85 reached last Thursday. The price is being capped by the 20-simple moving average (SMA) but remains above the 40-SMA in the 4-hour chart. Short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, the RSI stands slightly above the 50 level with weak momentum, while the MACD oscillator is flattening in the positive territory below its trigger line, suggesting [..]

Technical Analysis – Brent crude oil futures erase some gains in the near-term after they touch 3-year high of 77.94

Posted on May 10, 2018 at 12:24 pm GMT

Brent crude oil has retreated over the last few hours after a sharp bullish rally in the past five days. On Thursday, the price posted a fresh more than three-year high of 77.94 and currently is paring some of its gains. However, the short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, oil prices are still developing above the 20- and 40-simple moving averages (SMAs) and are still pointing up. Meanwhile, the RSI indicator bounced off the overbought level and [..]

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