Commodities

Technical Analysis – WTI futures posts bearish doji after 1-year high

Posted on February 11, 2021 at 7:40 am GMT

WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term. The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a flattening move, while the MACD holds above the trigger line in the positive region. However, the 20- and 40-day simple moving averages (SMAs) are continuing the upside price action, while the Ichimoku lines [..]

Technical Analysis – Gold’s advances tackle 100-MA and Ichimoku cloud

Posted on February 10, 2021 at 7:17 am GMT

Gold’s latest climb is simultaneously confronting the curbing Ichimoku cloud and the 100-period simple moving average (SMA) around 1,844. The Ichimoku lines are reflecting a pause in positive momentum, while the relatively horizontal SMAs are promoting a sideways market. The short-term oscillators suggest sentiment remains positively skewed. The MACD, in the positive region, is slightly above its red trigger line, while the RSI is persisting in bullish territory. Furthermore, the stochastic oscillator has shifted to positive, endorsing more price gains. [..]

Technical Analysis – WTI futures’ compass points north; bias optimistic

Posted on February 9, 2021 at 9:26 am GMT

WTI oil futures maintain a bullish tone but appear to be mildly faltering just shy of a resistance belt of 58.75-59.01, after the commodity’s recent rally above the 53.92 ceiling of a consolidation phase. The bolstering Ichimoku lines are feeding the ascent, while the simple moving averages (SMAs) are defending the bullish picture. The short-term oscillators are conveying an upside preference despite transmitting some easing in positive momentum. The MACD, way above zero, is beyond its red trigger line, while [..]

Technical Analysis – Gold fails to increase buying interest; holds in descending channel

Posted on February 8, 2021 at 7:33 am GMT

Gold has been holding in a bearish sloping channel over the last six months, developing beneath the simple moving averages (SMAs) and the Ichimoku cloud in the daily timeframe. Technically, the stochastic oscillator posted a bullish crossover within the %K and %D lines in the oversold zone, while the RSI is pointing up in the negative territory, indicating an upside retracement in the very short-term. However, if the price fails to jump above the 1,817 resistance, this could pull the price back towards the 1,764 [..]

Technical Analysis – WTI futures surge to 1-year high; back to positive view

Posted on February 2, 2021 at 10:24 am GMT

WTI crude oil futures rose to a fresh one-year high of 54.41 earlier today, continuing the strong rebound off the short-term uptrend line. The simple moving averages (SMAs) are returning higher, while the RSI is approaching the overbought territory. Moreover, the MACD is extending its positive momentum above its trigger and zero lines. Traders would be eager to engage in more buying activities if the price manages to surpass today’s high and move towards the nearby resistance at 54.62, registered in February 2020. [..]

Technical Analysis – Gold gets congested near tough resistance after positive gap

Posted on February 1, 2021 at 8:35 am GMT

Gold opened Monday’s session with a small positive gap, which settled the price slightly above its constraining simple moving averages (SMAs) and near the tough topline of the descending channel at 1,864. A decisive close above that resistance trendline is required to keep the bulls in play. However, the 38.2% Fibonacci retracement of the August downfall at 1,883 and the surface of the Ichimoku cloud are placed in the same location, increasing the difficulty of such a violation. The RSI [..]

Technical Analysis – WTI futures at a standstill as bullish drive wanes

Posted on January 28, 2021 at 8:49 am GMT

WTI oil futures’ ascent appears to have hit a snag following the near three-month uptrend from the 34.02 trough, which stretched to the 53.92 high. The Ichimoku lines are reflecting the freeze in positive momentum, while the climbing simple moving averages (SMAs), are all endorsing improvements in the price of the commodity. The short-term oscillators are also demonstrating the latest price consolidation but directional hints seem to be fairly subdued. The RSI and the MACD – the latter a tad [..]

Technical Analysis – WTI futures extend consolidation; upside risks remain

Posted on January 26, 2021 at 12:28 pm GMT

WTI oil futures are pushing slightly higher within a sideways market that has progressed after oil touched a near 11-month high of 53.92. The easing in the incline of the 50-period simple moving average (SMA) and the directionless Ichimoku lines are further feeding the range-bound price format. However, the soaring 100- and 200-period SMAs are preserving the positive bias. Furthermore, the short-term oscillators, although currently feeble, also seem to favour the upside. The MACD, marginally above its signal line, is [..]

Technical Analysis – Gold edges sideways, confined by SMAs

Posted on January 25, 2021 at 9:05 am GMT

Gold is consolidating around its 200-day simple moving average (SMA), after recently collapsing from the resistance ceiling of 1,960-1,974, which has been curbing gains since early September 2019. The converging SMAs and their fairly reduced gradients are fuelling a more neutral demeanour in the commodity. The short-term oscillators are suggesting directional momentum has somewhat dried up but are leaning ever so slightly towards the downside. The MACD, marginally underneath zero, is merely below its red trigger line, while the RSI [..]

Technical Analysis – WTI futures remain close to 11-month high; indicators look weak

Posted on January 21, 2021 at 8:29 am GMT

WTI crude oil futures are continuing the long-term buying interest, reaching in the previous sessions an eleven-month high of 53.94. However, the upside momentum is a bit weak as the MACD is falling beneath its trigger line in the positive area, while the RSI is flattening below the overbought zone. Both are suggesting a possible downside retracement. If the market moves higher, the bullish action may pause initially near the 57.40-59.64 zone before attention shifts to the 65.61 resistance, taken from [..]

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