commodities

Technical Analysis – Copper futures unlock 8-month high; positive momentum increases

Posted on January 16, 2020 at 1:23 pm GMT

Copper futures for March delivery stretched their rally to a fresh eight-month peak of 2.8794 earlier today, exiting from the squeeze Bollinger Band. The near-term bias is looking bullish as the RSI is heading upwards near the 70 level, while the MACD surpassed its red trigger line, remaining in the positive territory. Should the price make another move higher, it’s likely to meet resistance at 2.9180 as this level has capped prices since late April 2019. A successful break above this key [..]

Technical Analysis – WTI oil futures flirt with supportive line; look oversold

Posted on January 14, 2020 at 10:42 am GMT

WTI crude oil futures recorded a significant downfall over the past six days after they found strong resistance at the eight-month high of 65.60 last week. Currently, the price is flirting with the ascending trend line around the 57.70 support level, supposing a possible rebound on it or a breakdown. The negative slope in the RSI, which falls comfortably below its 50 neutral mark, and the downfall of the MACD near its zero line, they are painting a bearish picture [..]

Technical Analysis – Gold retreats within Ichimoku cloud; bears take control in near term

Posted on January 13, 2020 at 7:32 am GMT

Gold has declined considerably over the last couple of trading days after the touch on the almost seven-year peak of 1,611 on January 8. The price entered the Ichimoku cloud and is capped by the bearish crossover within the short-term 20- and 40-period simple moving averages (SMAs), assuming a negative correction. The technical indicators in the 4-hour chart seem to be neutral to bearish. The RSI indicator has just dropped beneath the 50 level with nearly flat momentum, while the [..]

Technical Analysis – Palladium futures sellers surface putting pressure on the ascent

Posted on January 9, 2020 at 1:42 pm GMT

Palladium futures sellers have emerged after the recent rally, which bounced off the 50-day simple moving average (SMA) at 1783 and stretched the commodity above the upper-Bollinger band plotting a fresh all-time-high of 2111.23. The upward sloping SMAs continue to paint an improving positive picture as do the technical indicators. That said, the slight decline in the RSI – in the overbought territory – suggests a slight weakening in the existing bullish view cautioning for a pullback towards the mid-level [..]

Technical Analysis – Brent futures reverse quickly lower after touching 8-month peak

Posted on January 9, 2020 at 1:37 pm GMT

Brent futures extended their Wednesday losses and are currently trading far below the eight-month high of 71.30, slipping beneath the 20-day simple moving averages (SMAs) and the blue Kijun-sen line. However, in the medium-term the price has a bullish view confirmed by higher highs and higher lows. The RSI turned lower after entering the bearish area. At the moment, it continues to head lower in support of a negative short-term picture. The bias in the very-short-term also looks bearish as [..]

Technical Analysis – Gold returns lower after surpassing 1,600 in near term

Posted on January 8, 2020 at 1:10 pm GMT

Gold looks to be overbought as it returns the significant gains that it posted in the preceding days. Earlier today, the price jumped to a fresh almost seven-year high of 1,611. The technical indicators seem to be overstretched in the 4-hour chart. The RSI slipped below the oversold area and the 70 level and continues to slope down, while the MACD fell beneath the trigger line but is still moving in the positive zone. Both are indicating a possible downside [..]

Technical Analysis – WTI oil futures hover above SMAs in positive outlook

Posted on January 7, 2020 at 11:13 am GMT

WTI crude oil futures have been making higher highs and higher lows since October 2019 and yesterday the price touched a fresh eight-month high of 64.72, although it ended the day in the red. Today, the oil price is trying to recover some of the losses, remaining above the short-term simple moving averages (SMAs). The momentum indicators in the 4-hour chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the stochastic oscillator is picking up speed above [..]

Technical Analysis – Gold jumps higher but strong resistance awaits near 1,556

Posted on January 3, 2020 at 11:51 am GMT

Gold prices are continuing the strong bullish rally, reaching a fresh four-month high of 1,550 today. The short and medium-term biases look positive as the RSI keeps gaining ground in the overbought territory, while the MACD completed a positive crossover with its trigger line above the zero line in the 4-hour chart. Immediate resistance to further gains would likely come from 1,556, which was last touched on September 4. If there is a successful break above this area, further resistance [..]

Technical Analysis – Gold trades at overbought waters near 1,500 and key resistance

Posted on December 30, 2019 at 8:13 am GMT

Gold returned to the 1,500 territory after almost two months following the breach of the 1,490 barrier, which is the 23.6% Fibonacci of the 1,266-1,566 uptrend. The market is currently looking overbought as the RSI is flattening slightly above its 70 mark, the Stochastics are ready to complete a bearish cross above 80, and the price itself is trading around the upper Bollinger band. A downside correction could retest the 1,500 round-level, where any violation would shift attention back to [..]

Technical Analysis – Gold finally climbs above resistance trendline; eyes turn to 1,490

Posted on December 23, 2019 at 9:12 am GMT

Gold is reviving bullish momentum after an almost flat week, with the precious metal finally looking for a closure above the four-month old restrictive descending trendline that is part of a downward sloping channel before the Christmas and New Year’s festivities begin. The RSI and the MACD are endorsing the positive move in the price (also in the 4-hour chart) as the former is resuming its upside direction above its 50 neutral mark and the latter is trying to expand [..]

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