commodity

Technical Analysis – Gold hovers above 2½-month high; bearish in near-term

Posted on March 16, 2020 at 7:46 am GMT

Gold prices are advancing somewhat after the downfall towards the two-and-a-half-month trough of 1,504.52 that was posted last Friday. The technical indicators are suggesting a bullish correction in the 4-hour chart as the RSI is rising, surpassing the oversold zone, while the stochastic posted a bullish crossover within its %K and %D lines. It is noteworthy, that the 40-period simple moving average (SMA) created a negative cross with the 100-period SMA, indicating a longer-term downtrend. If the price climbs above [..]

Technical Analysis – Brent futures rebound on supportive uptrend line; bullish view remains

Posted on January 17, 2020 at 11:17 am GMT

Brent futures bounced off the short-term ascending trend line on Wednesday, failing to extend the downward move. Currently, the commodity is trying to overcome the 40-day simple moving average (SMA) and the 64.85 resistance level. The RSI turned higher but is still the near 50 level, while the stochastic oscillator is gaining momentum after the bullish cross within its %K and %D lines in the daily timeframe. The bulls would probably challenge the 38.2% Fibonacci retracement level of the upleg from 56.10 to 71.30 near 65.48. [..]

Technical Analysis – GOLD loses steam, after rallying out of long-term trading range

Posted on July 12, 2019 at 12:42 pm GMT

Gold lost steam in the last weeks, after a rally that began at the beginning of June. Price moved sideways after the break above the upper boundary of the three-year and five-month trading range, of 1366, and is currently trading between the short-term simple moving averages (SMAs) of the 14- and 21-day SMAs. Momentum indicators suggest a short-term neutral bias, as the MACD and RSI flatten out in positive areas. The Chikou span is pointing up and above the price, [..]

Technical Analysis – Soybean futures pause bearish action; could bounce up in short-term

Posted on April 24, 2018 at 1:42 pm GMT

Soybean futures for May delivery have already erased half of their gains made from April 3 to April 14 and are now consolidating losses near three-week lows in the four-hour chart. In the short-term, the downward pattern could remain in place as long as the SMAs trend to the downside and prices hold below them. Still, upside movements cannot be ruled out yet since both the RSI and the Stochastics are currently located in the oversold area, with the former fluctuating marginally below [..]

Technical Analysis – Wheat futures bounce from 1-month lows but could slow down

Posted on January 18, 2018 at 4:09 pm GMT

Wheat futures for March delivery bounced higher after posting the biggest daily fall since August on January 12 and eventually reaching a one-month low of 4.1215 on January 16. Technical indicators send bearish signals for the market. The RSI is a breath below 50 and is pointing to the downside, while the bearish cross between the 50-period simple moving average and the 20-period SMA is still intact and shows no evidence of reversing. Should prices head down, immediate support could be found at 4.2393 which is the [..]

Technical Analysis – WTI oil futures make corrective move lower after hitting fresh 3-year high

Posted on January 16, 2018 at 11:33 am GMT

WTI oil futures rallied to a fresh 3-year high of 64.86 on Monday after successfully rebounding off the 63 level. The underlying trend remains bullish but in the near term, prices are making a correction lower. Upside momentum has weakened, and RSI is turning back down on the 4-hour chart. The market has dipped below what was support at the 64 level and any additional losses would shift the focus to the next support level at 63. To the upside, immediate resistance [..]

Technical Analysis – Gold turns bullish after breach of key 1300 level; consolidates in near term

Posted on January 8, 2018 at 9:24 am GMT

Gold is starting to see immediate pressure to the downside after struggling to hold gains above the key 1320 level. The commodity weakened following the peak just below 1326 and then turned lower to stabilize around 1316. Looking at the 4-hour chart, the immediate focus is near the 1306 level, which has provided support recently. Major support is seen at the key psychological level at 1300. Falling below this would erase the short-term bullish outlook. The RSI and stochastic are [..]

Technical Analysis – Copper pauses its incline move after it posted an almost 4-year high

Posted on January 2, 2018 at 1:40 pm GMT

Copper future contract with delivery in March is clearly in an uptrend since December 5, where it turned increasingly bullish following the rebound on 2.9398. The price snapped the 14 winning days, recording a red session on December 28 after it hit a near 4-year high at 3.3175. In addition, the red metal is still trading comfortably above the 3.2563 support level, however, if the bearish move extends, the aforementioned level could be the first stop. A drop below 3.2563 could [..]

Technical Analysis – WTI oil futures trading at highest level since over 2 years

Posted on January 2, 2018 at 12:07 pm GMT

WTI oil futures are trading at the highest level since June 2015 after rising consistently and breaking above the key 60 mark. Prices were trading sideways since late November between the 56 and 58 handles and a sudden surge higher on December 26 saw the market reach the key 60 level. This acted as strong resistance for a few sessions until a successful breach to rise to 60.71 earlier today. Consequently, upside momentum faded and prices started falling. The key [..]

Oil rebound brings relief to markets but outlook remains uncertain

Posted on February 18, 2016 at 1:08 pm GMT

Crude oil prices extended their gains on Thursday as the deal announced between OPEC and Russia continued to provide support. On Tuesday, OPEC members Qatar, Venezuela and Saudi Arabia agreed with Russia, a non-OPEC member, to freeze output at January levels in a bid to halt the freefall in oil prices. Markets were initially disappointed with the outcome of the Saudi- and Russia-led talks in Doha as the deal did not involve any production cuts. There were also fears of [..]

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