commodities

Technical Analysis – WTI crude oil futures hold below 23.6% Fibonacci level, near 3-week low

Posted on February 6, 2018 at 3:07 pm GMT

WTI crude oil futures have been trading slightly lower over the last few hours and created a 3-week low of 63.10. Having a look at the bigger picture the price is endorsing the scenario for further losses, while the short-term timeframe indicates an upward tendency. In the 4-hour chart, the price dropped below the 23.6% Fibonacci retracement level at 63.84 of the last big upward movement with the low of 54.80 and high of 66.60. The RSI indicator is pointing to the upside above the 30 level. Additionally, the [..]

Technical Analysis – Gold surpasses 23.6% Fibonacci mark, extending gains

Posted on February 5, 2018 at 2:23 pm GMT

Gold is trading higher in the last few hours, following the strong rebound on the 1327 support level and successfully surpassed the 23.6% Fibonacci retracement level at 1335 of the last big upward movement with the low of 1236 and the high of 1366. In the 4-hour chart, the technical indicators seem to be turning positive. The short-term technical indicators seem to be turning positive and point to more strength in the market. The RSI indicator is pointing sharply to the upside, below the [..]

Technical Analysis – Silver struggles below symmetrical triangle again; more gains are expected

Posted on January 31, 2018 at 3:12 pm GMT

Silver has come under strong pressure over the last trading days, in the short to medium-term timeframe, following the pullback on the 17.70 resistance level. The price penetrated to the upside of the symmetrical triangle that was holding since July 2017 and ended several days above the descending trend line. However, on Monday, the price slipped again below the diagonal line. From the technical point of view, the white metal is developing above the short-term 20 and 40 simple moving averages, and is endorsing again [..]

Technical Analysis – WTI oil futures correct below 65; scope to extend lower

Posted on January 30, 2018 at 3:53 pm GMT

WTI oil futures for March delivery broke below what was thought of as a strong support at the 50-period simple moving average of 64.67 in the 4-hour chart, hinting that further corrections could emerge in the near term. This followed unsuccessful efforts to crawl back to a three-year high of 66.63 reached last week. The market is building negative momentum in the short-term as the RSI is below 50 and is heading lower, while the MACD is well below its signal line in bearish territory and the [..]

Technical Analysis – Gold creates bearish correction; next level to watch 23.6% Fibonacci mark

Posted on January 29, 2018 at 2:59 pm GMT

Gold is moving lower over the last hours following the strong pullback from the 4-month high of 1366. The price headed south and is challenging the short-term ascending trend line, which has been holding since December 12, near 1345 support level. The short-term technical indicators seem to be turning negative and point to more weakness in the market. In the 4-hour chart, the RSI indicator is pointing sharply to the downside, below the 50 level, while the MACD oscillator is falling and is [..]

Technical Analysis – WTI crude oil futures struggle below 64.20; bullish move is expected

Posted on January 23, 2018 at 2:59 pm GMT

WTI crude oil futures have been trading slightly higher over the last few hours and touched the 64.20 resistance level. Having a look at the bigger picture the price is endorsing the scenario for further gains, while the short-term timeframe indicates a pause of the downward correction. In the 4-hour chart, the price jumped above the 20 and 40 simple moving averages while the technical indicators are confirming the recent bullish phase. The RSI indicator is pointing to the upside in the positive territory. [..]

Technical Analysis – Gold makes corrective move lower after challenging new 4-month high

Posted on January 22, 2018 at 10:41 am GMT

Gold moved lower over the previous week following the pullback from the 4-month high of 1344. The price snapped the five weekly winning sessions and posted a negative week as it lost momentum. The short-term technical indicators seem to be turning negative and point to more weakness in the market. In the 4-hour chart, the RSI indicator is pointing slightly to the upside near the 50 level, whilst the MACD oscillator lost its momentum and is flattening near the zero line. Moreover, the 40-simple [..]

Technical Analysis – WTI crude oil futures maintain weak upside bias in near-term; broader trend is bullish

Posted on January 19, 2018 at 9:55 am GMT

WTI crude oil futures have traded lower in the prior three days following the pullback on the fresh three-year high of 64.80. When looking at the bigger picture the price is endorsing the scenario for further gains, however, in the short-term timeframe a bearish correction is possible. The price slipped below the 161.8% Fibonacci retracement level at 63.65 of the last big downward movement with the high at 55.40 and the low at 42.00. If price action remains below 63.65, [..]

Technical Analysis – Gold retreats after hitting 4-month high; reinforces long-term bearish structure

Posted on January 18, 2018 at 10:28 am GMT

Gold reached a more than a four-month high of 1344 during the past week, after an aggressive bullish rally from the 1236 support level. However, over the last two daily sessions, the price bounced off on the aforementioned resistance obstacle and posted a bearish move. The short-term technicals seem to be negative and point to more weakness in the market. Having a look at the short-term chart, the RSI indicator plunged below the overbought area, whilst the MACD oscillator is ready to create [..]

Technical Analysis – Gold continues bullish run to 4-month high

Posted on January 15, 2018 at 1:23 pm GMT

Gold continues its bullish run to hit its highest level since September 2017, maintaining its strong upside momentum since breaching the 1320 level. The commodity has been in an uptrend since reversing losses in mid-December 2017. Looking at the 4-hour chart, the market is looking a little overstretched as indicated by the stochastic and RSI both being in overbought territories. Despite this, gold is expected to hold its bullish bias but will likely pause the rally in the near-term. Support [..]

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