Commodities

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Technical Analysis – US 30 index pauses negative move at 100-day SMA

Posted on September 25, 2020 at 9:31 am GMT

The US 30 (cash) index found support at the 100-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the upward wave from 18,145 to 28,187 at 26,598 on Thursday.   The technical indicators are still located in bearish area, with the MACD stretching further below its trigger line and the RSI moving below its neutral threshold of 50. Yet, the latter could also be an indication that the rally is overdone, and hence negative corrections should not be a surprise in coming sessions. [..]

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Technical Analysis – Copper futures penetrates ascending line; indicators weaken

Posted on September 24, 2020 at 12:58 pm GMT

Copper futures penetrated the six-month ascending trend line to the downside, falling beneath the 20- and 40-day simple moving averages (SMAs). The RSI indicator is standing in the negative zone, moving sideways, while the MACD oscillator is falling below the trigger line losing some momentum. A successful drop below the 2.9280 support level may shift the recent neutral bias to bearish moving towards the 2.7960 barrier. Clearing this zone, the 2.6960 hurdle could come in spotlight before slipping to 2.5510. [..]

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Technical Analysis – Silver crashes by 12%; next support within 23.00-22.20 area

Posted on September 23, 2020 at 11:08 am GMT

Sliver staged a dramatic decline of 12% this week after failing to close above the 20-day simple moving average (SMA). The sell-off has also pushed the price below the 50-day SMA and near the bottom of the Ichimoku cloud for the first time in three months, bringing the case for a downtrend forward. The momentum indicators are painting a gloomier short-term picture as well. The MACD has extended its weakness into the negative area, while the RSI is forcefully falling towards its 30 [..]

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Technical Analysis – Gold’s bearish drive accelerates; downward risks grow

Posted on September 23, 2020 at 7:40 am GMT

Gold is gaining negative momentum beneath the simple moving averages (SMAs) and the Ichimoku cloud, as reflected in the declining Ichimoku lines. The commodities’ recent break out of the sideways market is also receiving backing from the evolving bearish tone in the SMAs. The short-term oscillators further convey the descent in the precious metal. The MACD, in the negative region, is weakening below its red trigger line, while the RSI has dipped into oversold territory. Additionally, the descending stochastic lines [..]

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Technical Analysis – WTI futures stabilize near the cloud after selling pressure

Posted on September 22, 2020 at 11:30 am GMT

WTI crude oil futures had a strong selling interest over the previous, touching the 40-period simple moving average (SMA) and the Ichimoku cloud. The commodity found resistance at the 200-period SMA and the technical indicators are falling aggressively. The RSI is standing in the negative territory, while the MACD stands below the trigger line in the positive area. In the light of more negative pressures, initial tough support could develop from the 38.43 support before meeting the lower surface of the [..]

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Technical Analysis – Gold maintains weak bias in near term; broader trend is bullish

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

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Technical Analysis – WTI futures recede below 200-MA, denied passage over 43.69

Posted on September 10, 2020 at 8:35 am GMT

WTI oil futures have found some footing on the 100-day simple moving average (SMA) of 37.03, residing at the Ichimoku cloud’s lower band, following ineffective efforts to overrun the vital resistance border of 43.69. The flat Ichimoku lines and the converging SMAs appear to signal oxygen-deprived directional drive, which could nudge the price sideways. That said, the short-term oscillators also display conflicting signals in momentum. The MACD is extending a negative move below its red trigger line and the zero [..]

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Technical Analysis – WTI futures plunge to new 2-month low

Posted on September 8, 2020 at 9:13 am GMT

Since its deep fall towards a two-month low of 38.15 earlier today, WTI crude oil futures have been trading within a descending movement after the pullback from 43.77. The technical picture supports a bearish structure in the short-term timeframe.   Looking at momentum indicators, the RSI is holding in the oversold zone with weak momentum, while the stochastic oscillator posted a bearish crossover within its %K and %D lines and is moving lower towards the 20 line. In the wake [..]

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Technical Analysis – Gold sustains bullish tone despite crawling sideways

Posted on September 7, 2020 at 8:15 am GMT

Gold is currently extending a sideways pattern above the simple moving averages (SMAs) and the 1,900 psychological number. Directional momentum has dried up as displayed by the steadied Ichimoku lines. Nonetheless, the rising SMAs continue to dictate a predominant bullish bias. The short-term oscillators reflect a relatively paused picture under a restrictive diagonal line drawn from the all-time high. The MACD has remained somewhat in the positive region but beneath its red signal line, while the RSI hovers marginally underneath [..]

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Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

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