commodities

Technical Analysis – Silver reverses up from 200-SMA; bears try to stop the gains

Posted on September 24, 2019 at 7:24 am GMT

Silver’s bears resurfaced around the 2017 high of 18.63 after a rally which bounced off the 200-period simple moving average (SMA). The move up began once the price of the metal gapped back above the 200-period SMA, following a brief close beneath it on September 13. The upward sloping 21- and 42-period SMAs indicate that the move up may stick around, with the 200-period SMA also backing the bigger positive outlook. That said, short-term oscillators paint a mixed picture, as [..]

Technical Analysis – Palladium futures climb higher; plot new all-time high

Posted on September 23, 2019 at 1:02 pm GMT

Palladium futures are logging new peaks after the tables turned on the bears on September 18, following three negative daily sessions from the recent high of 1617. The metal seems to have new life injected into the push higher, something also backed by the inclining simple moving averages (SMAs). Positive momentum has picked up with the thrust up to uncharted territory as the MACD continues to rise in the bullish area and above its red trigger line. The RSI has [..]

Technical Analysis – Gold retains ascending channel; looks neutral in short-term

Posted on September 23, 2019 at 7:17 am GMT

Gold managed to close slightly positive and above the 1,500 mark last week thanks to Friday’s rebound which found support around the bottom of the 4 ½-month old ascending channel. In the short-term, the precious metal could follow a sideways path as long as the RSI holds around its 50 neutral mark and the MACD fluctuates near its red signal line. Besides the lower boundary of the channel, traders will be closely watching the 1,485 handle where the market seems [..]

Technical Analysis – WTI gaps higher and breaks upper boundary

Posted on September 17, 2019 at 10:11 am GMT

WTI oil futures’ steam cooled after a fierce move led to a break above the upper boundary of the three-and-a-half-month sideways market, with the price of the commodity already starting to consolidate again. The price had gapped above the simple moving averages (SMAs), which now paint a positive picture, with their bullish cross. The stall in the price is also reflected in the momentum indicators, as they show positive momentum has calmed. The MACD, although having inclined above its red [..]

Technical Analysis – Palladium futures push to a new all-time peak

Posted on September 16, 2019 at 3:36 pm GMT

Palladium futures plotted a new all-time high of 1617.03 as the bulls surpassed the previous peaks from March 21 and July 11. However, the sellers have emerged and have frozen all short-term efforts of a climb higher, something which is also reflected in the momentum indicators. The MACD although in positive areas and above its trigger line, has flattened out, while the RSI has deflected off the 70-level and heads down. Despite this, the bigger positive picture from the simple [..]

Technical Analysis – Brent futures soar, logging biggest intraday gains

Posted on September 16, 2019 at 2:42 pm GMT

Brent crude oil today gapped higher, propelling the commodity to levels not seen for three-and-a-half months. The price soared by 6.51 at the opening to reach a peak of 68.49, before black gold retraced down to 64.81, surrendering some of its gains. Yet, the bulls have resurfaced and revived the move up back above 65.52, which is the 23.6% Fibonacci retracement level of the up leg from 55.87 to 68.49. The momentum indicators reflect a short-term positive picture, as the [..]

Technical Analysis – Gold retraces to 23.6% Fibonacci; bounces off uptrend line

Posted on September 16, 2019 at 9:47 am GMT

Gold bounced off the uptrend line drawn from May 30, gapping above the 21-period simple moving average (SMA) and then was halted by the 50-period SMA. The metal had consolidated around the 1488 level, which is the 23.6% Fibonacci retracement of the up leg from 1266.20 to 1556.92, after dropping from a recent seventy-seven-month high of 1556.92 on September 4. The 100-period SMA has flattened suggesting the sideways move may extend. While also neutral, the MACD, just below the zero [..]

Technical Analysis – WTI oil futures ease volatility within symmetrical triangle

Posted on September 12, 2019 at 3:26 pm GMT

WTI oil futures for October delivery saw volatility drying up within the boundaries of a symmetrical triangle over the past four months. Any breakout at the lines of the triangle could determine the directional bias, though since the RSI and the MACD keep fluctuating around neutral levels, the current consolidation phase is likely to continue for now. A remarkable move above the downward resistance line and more importantly above the 50% Fibonacci of 59.81 of the downleg from 76.87 to 42.53 could [..]

Technical Analysis – Gold unable to lift 1,560 barrier; upward channel sustains confidence

Posted on September 9, 2019 at 7:33 am GMT

Gold gave up some ground after failing to cross the 1,560 border, with the sellers currently eyeing the 1,493 noisy support area as the technical indicators warn over a neutral-to-bearish session in the short-term; the RSI is attached at its 50 neutral mark following last week’s decline and the MACD continues to lose momentum below its red signal line. The market, however, keeps a positive trend inside an ascending channel and unless the price breaches it on the way down, any weakness could [..]

Technical Analysis – WTI oil futures test the 38.2% Fibonacci multiple times

Posted on September 6, 2019 at 2:16 pm GMT

WTI oil futures rallied from a seven-month low on August 7, but the gains were halted at 56.68 and around the 38.2% Fibonacci retracement level of the down wave from 66.57 to 50.58. After multiple failed attempts to close above the 56.68 resistance level over the last couple of weeks, the 20-, 50- and 200-day simple moving averages (SMAs) have converged, encapsulating the price of the commodity. More importantly, the bull’s endeavor, to move above the downward sloping 100-day SMA [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms