Commodities

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Technical Analysis – Gold’s latest optimism looks to restart positive picture

Posted on April 6, 2020 at 7:41 am GMT

Gold’s fresh confidence is currently pushing off the 1,607 level – that being the 61.8% Fibonacci retracement of the down leg from 1,703.36 to 1,451 – following the recent positive sessions which commenced on April 1 from 1,566. Backing an improving near- and medium-term picture are all the inclining simple moving averages (SMAs) as well as the short-term technical indicators. The MACD has remained above zero and is expanding above its red trigger line, while the RSI is hovering above [..]

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Technical Analysis – WTI futures retain bearish picture in long term

Posted on April 3, 2020 at 7:12 am GMT

WTI futures look to be mostly bearish after a descent rally from the 65.61 resistance on January, driving the commodity down to a multi-year trough of 19.32. In the preceding days, the price reversed slightly higher, touching the 20-day simple moving average (SMA). The short-term oscillators reflect a rise in the positive momentum. The MACD, in the negative area, has moved above its trigger line and is approaching the zero line. Additionally, the stochastics, which are moving towards the overbought [..]

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Technical Analysis – Gold bulls to stay in charge until trendline breaks

Posted on April 2, 2020 at 8:01 am GMT

Gold found strong footing near 1,450 and the upper surface of the Ichimoku cloud on the weekly chart and reversed north again, retaining its bullish structure in the long-term picture. Currently, the price is eating a portion of the bold gains it earned last week and the RSI and the MACD are providing little hope of another rocky rally in the short-term as the indicators are lacking positive momentum. Still, the market seems to be well supported by the ascending trendline [..]

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Technical Analysis – WTI futures flirt with short-term downtrend line after bounce off multi-year low

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

WTI crude oil futures rebounded on the multi-year low of 19.25 on Monday, struggling beneath the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, the RSI is pointing upwards in the negative territory, approaching the 50 level, while the stochastic is flirting with the overbought zone. Immediate resistance, in case of some gains above the near-term trend line, could come from the 20- and 40-period SMAs currently at 21.76 and 22.88 respectively. More upside pressure could drive the market [..]

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Technical Analysis – Silver maintains negative signals after pullback

Posted on March 30, 2020 at 3:43 pm GMT

Silver reversed from an 11-year low of 11.62 and a key support region which includes the 150.0% Fibonacci extension of the up leg from 14.28 to 19.63 – where buyers pushed the price back up to the area of troughs from late 2018 and mid-2019. Despite this, the Ichimoku lines continue to reflect a bearish picture in the price action with a flattened blue Kijun-sen line and the red Tenkan-sen distancing itself below. Additionally, this is also starting to be [..]

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Technical Analysis – Gold revisits Ichimoku cloud; flattens after strong bullish action

Posted on March 30, 2020 at 6:30 am GMT

Gold found a strong wall near the 1,644 resistance level as it created an aggressive bullish rally from the 1,454 support area. The price successfully jumped above the 20- and 40-day simple moving averages (SMAs) turning the MACD oscillator higher near its zero line as well. However, the stochastics completed a bearish crossover within its %K and %D lines in the overbought area, while the RSI is flattening slightly above the 50 level. Both are suggesting weak upside movement in [..]

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Technical Analysis – WTI oil futures poise for another bearish session; completing descending triangle

Posted on March 27, 2020 at 8:36 am GMT

WTI oil futures for May delivery have been in quite a sideways trade since the plunge to an 18-year low of 20.50 last week on the four-hour chart. While a neutral trading is better than a negative one, in this case the market seems to be developing within an almost fulfilled bearish descending triangle that usually gets dissolved on the downside. In other words, technically, another sell-off seems to be a more likely outcome in the near future, as the [..]

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Will endless QE push gold to new records? – Special Report

Posted on March 26, 2020 at 3:47 pm GMT

Gold’s reputation as the ultimate safe haven asset took a real beating lately, as the collapse in stock markets forced investors to ‘sell everything’ in order to meet margin calls. Yet, that might be about to change. With central banks unleashing a tsunami of quantitative easing (QE) at a time when fear is running rampant in the markets and government debts are about to explode, this seems like the perfect cocktail that could push gold back to record highs. That [..]

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Technical Analysis – Gold approaches 2-week high; recoups strong losses

Posted on March 26, 2020 at 2:10 pm GMT

Gold prices continue to rise above the simple moving averages (SMAs), towards the two-week high of 1,638, stretching its upward movement from the four-month trough of 1,451.  According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam near its overbought zone. The stochastic oscillator is also advancing, creating a bullish crossover within its %K and %D lines. Also, the 20-period SMA crossed above the 40- and 100-period SMAs, confirming the [..]

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Technical Analysis – WTI futures creates narrow range in a strong sell-off period

Posted on March 24, 2020 at 10:08 am GMT

WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50 level, while the stochastic is turning slightly lower in the overbought territory. However, the Ichimoku lines are moving lower in the 4-hour chart. Immediate resistance, in [..]

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