commodities

Technical Analysis – Brent crude oil futures post 3-year high; hold above short-term uptrend line

Posted on January 15, 2018 at 12:37 pm GMT

Brent crude oil futures rose to a new more than 3-year high on Thursday slightly above the strong psychological level of 70.00. During today’s European session, the price headed for a test of the aforementioned level and retreated over the next hours. The price continues to print higher peaks and higher troughs above the uptrend line taken from the low of December 14 and as such the short-term outlook remains positive. In the 4-hour chart, momentum indicators are also pointing to a continuation of [..]

Technical Analysis – WTI crude oil futures sharply extend gains; reach 3-year high

Posted on January 11, 2018 at 3:25 pm GMT

WTI crude oil futures have been skyrocketing over the last four weeks, recording a new three-year high of 64.05. In the daily timeframe, the price has just successfully surpassed the 161.8% Fibonacci retracement level of the last big bearish movement with the high at 55.40 and the low at 42.00. The aggressive run started after the rebound on the latter level last June, while the prices have added more than 34% to its performance since then. The oil price continues to print higher peaks and higher [..]

Technical Analysis – Silver remains under pressure; maintains short-term bearish bias

Posted on January 10, 2018 at 10:51 am GMT

Silver has come under pressure over the last couple of days, in the short to medium-term timeframe, following the sharp bullish rally in the previous days where the price touched a two-week high of 17.25. The price plummeted more than 1.5% in the last two bearish daily sessions and during European trading today, it hit the 50.0% Fibonacci retracement level of the last down-leg with the high at 18.19 and the low at 15.60. The aforementioned Fibonacci mark stands near the 16.87 price level. If price [..]

Technical Analysis – WTI crude oil futures ease following sharp bullish move

Posted on January 5, 2018 at 9:15 am GMT

WTI crude oil’s bullish rally was eventually stopped during Thursday’s trading session, near the fresh high of 62.18 resistance level. The price structure in the short to medium-term time frame is higher peaks and higher troughs above the ascending trend line, drawn from the low of June 21. If buyers drive oil well above the 62.18 barrier, then the price could experience more upside extension, perhaps towards the 161.8% Fibonacci retracement level, of the last big down-leg move on the weekly chart, with the [..]

Technical Analysis – Gold corrects downwards; will bullish run resume?

Posted on January 4, 2018 at 12:38 pm GMT

Gold had edged lower since Wednesday’s trading session as the recovery of the greenback caused the sell-off of the metal. The price had posted an aggressive bullish run during the previous three weeks following the rebound on the 1236 support level, which overlaps with the ascending trend line taken from the low of December 15, 2016. The precious metal recorded a new 16-week high at 1321.28 yesterday. As long as the price continues to trade above the uptrend line, the likelihood for the [..]

Technical Analysis – Outlook 2018: Gold stands in a symmetrical triangle with short-term bullish tendency

Posted on December 29, 2017 at 7:39 am GMT

Gold has been developing within a symmetrical triangle over the past two years as it failed to post a higher top from 1375 on June 2016. The price failed to extend its gains above the aforementioned level and has been creating a continuation pattern, indicating a breakdown as the previous tendency was a descending move. In case of a drop below the 1204 strong support obstacle, could open the way for the 1123 level. However, if the price continues to move slightly to the upside, [..]

Technical Analysis – Brent drops following bounce off 2-½-year high at 67.06

Posted on December 27, 2017 at 11:14 am GMT

Brent crude oil futures for February printed six positive daily closes and added more than 7% to its performance extending their gains to a 2-½-year high of 67.06. The upward tendency started after the retest of the ascending trend line, which has been holding since October. The next level to have in mind is the 161.8% Fibonacci extension level at 68.15, with the low at 62. and the high at 65.80. On the downside, if the price fails to rise further, it could hit again [..]

Technical Analysis – Silver consolidates near the bottom of descending triangle

Posted on December 22, 2017 at 1:11 pm GMT

Silver has not had a clear tendency since June 2016 as the price has been trading in a broad descending triangle with the downtrend line starting from the $21.10 resistance level and forming a significant support barrier near $15.60. In the short term, prices have moved to the lower level of the triangle, though they have firmed up this week. The price has made a recovery to the upside, following the bounce from the $15.60 barrier. But, XAGUSD is still developing beneath the $16.31 resistance level and if the [..]

Technical Analysis – WTI oil futures in bullish near-term bias; neutral in medium term

Posted on December 19, 2017 at 1:33 pm GMT

WTI oil futures entered a neutral phase since late November following a rise from the 54 handle to 59. In the near term, prices gained upside momentum after testing and moving off the 57 level yesterday. The market remains well bid in the short-term as can been seen on the 4- hour chart. After yesterday’s sharp drop, prices found some traction to head higher to try and target the 58 level. RSI is rising slightly but not with enough strength [..]

Technical Analysis – Gold stuck in range after rebounding off 5-month lows; risk is to upside

Posted on December 18, 2017 at 11:21 am GMT

Gold prices are firmer after rebounding off a 5-month low of 1236.49 last week but remain stuck in a range between 1250 and 1260 during the past few trading days. The flat RSI on the 4-hour chart is indicative of no clear direction in the market. Risk though is tilted to the upside as prices are trading in the upper half of the Bollinger Band. Also, gold has crossed above the 50-period MA, strengthening the prospects for more upside in [..]

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