Commodities

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Technical Analysis – Gold hovers near 7½-year peak; still positive   

Posted on April 27, 2020 at 6:59 am GMT

Gold prices successfully surpassed the previous high of the 1,703 strong barrier, confirming the upside tendency in the short- and medium-terms. The yellow metal challenged a new fresh seven-and-a-half-year high of 1,746.95 on April 14 and is currently hovering slightly below this level. The momentum indicators are fading to improve the positive picture on price action. The MACD oscillator slipped beneath the trigger line and is losing some ground, while the RSI is pointing marginally to the downside in the [..]

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Oil drowns in a flood of supply, no lifejacket for now – Special Report

Posted on April 24, 2020 at 12:46 pm GMT

Oil prices traded negative for the first time ever this week, as physical space to store the liquid has almost run out amidst an oversupply of epic proportions. In the near term, there’s little that can save oil prices, and we might even see a repeat of the oil-crash movie in mid-May as storage space runs out entirely. That said, if and when storage room runs out, that could also be the point of ‘peak oversupply’ and perhaps the bottom [..]

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Technical Analysis – Gold’s positive sentiment picks up; eyes multi-year top

Posted on April 23, 2020 at 12:05 pm GMT

Gold’s new-found confidence today broke above the Ichimoku cloud confirming the bounce off the lower band of the cloud and the 100-period simple moving average (SMA). Boosting this climb is the bullish crossover within the Ichimoku lines and the upward slopes of the SMAs. Moreover, the short-term oscillators suggest further gains for now, with the MACD increasing above zero and its red trigger line and the RSI nearing the 70 level. Additionally, the stochastics are in the overbought territory, holding [..]

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Technical Analysis – WTI futures recover somewhat after the dramatic crash to 6.62

Posted on April 23, 2020 at 6:50 am GMT

WTI crude oil futures are recovering somewhat after the sharp collapse to a multi-year low of 6.62 on Tuesday. The renewed selling interest broke the 19.32 strong barrier (resistance now – support before) to the downside, opening the way for steeper declines. However, currently, the momentum indicators are suggesting a possible upside pullback in the short-term. The stochastic oscillator is turning higher after the bullish crossover within the %K and %D lines in the oversold zone, while the RSI is [..]

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Technical Analysis – Gold maintains positive structure despite negative pressures

Posted on April 21, 2020 at 12:07 pm GMT

Gold appears to be breaching the 1,678 level, that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to 1,746.95, and the 1,672 inside swing high, following a pullback off the 88-month peak of 1,746.95. The short-term oscillators confirm the recent deterioration in the price. The MACD, deep in the positive region, has faded towards its red trigger line while the RSI, in the bullish zone, has dwindled nearing the neutral mark. Moreover, boosting further declines are the [..]

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Technical Analysis – WTI oil futures collapse to 21-year lows; 13-level eyed next

Posted on April 20, 2020 at 9:18 am GMT

WTI oil futures (May delivery) collapsed to a 21-year low of 14.46 early on Monday, re-activating this year’s bearish direction and eliminating any hopes of a trend reversal that the incomplete head and shoulder and a double bottom patterns created in previous sessions. On the four-hour chart, the RSI returned below its 30 oversold level and the MACD strengthened its negative momentum below the signal line, both hinting that the bears may keep pressuring in the short-term. In this case, [..]

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Technical Analysis – WTI futures bearish despite pause ahead of 19.00 handle

Posted on April 16, 2020 at 8:32 am GMT

WTI crude oil futures appears to be tilting negative again as it pierced just below the February 1999 level of 19.25 by plotting a new low of 19.19. Confirming the bearish sentiment is the RSI, which in the bearish area is slipping towards its 30 point, while the MACD, deep in negative territory, is looking to retake its red trigger line. Furthermore, with the prevailing negative outlook painted by the diving simple moving averages (SMAs) and the still intact bearish [..]

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Technical Analysis – Copper futures maintain negative outlook despite pullback

Posted on April 15, 2020 at 2:45 pm GMT

Copper futures’ bullish correction from the 45-month low of 1.9684 appears to have lost steam as it approaches the restrictive trend line drawn from the 8½-month peak of 2.8819. Further suggesting that positive momentum is wavering is the RSI that has dipped back below its neutral 50 mark and the stochastic lines, which have reversed ahead of the 80 overbought border. While the MACD, in the negative section, continues to move above its red trigger line suggesting that the price [..]

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Technical Analysis – WTI futures bears face big challenge near 21.90; stochastic seems oversold

Posted on April 14, 2020 at 7:10 am GMT

WTI crude oil futures have been on the sidelines over the last couple of days as the 23.6% Fibonacci retracement level of the down leg from 54.70-19.25 at 27.56 seems to be a struggle for the bulls. The price could lose some more ground in the short-term, according to the RSI, as it is changing direction to the downside. However, the stochastics are warning over an oversold market, forming a bullish crossover within the %K and %D lines. A rebound [..]

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Technical Analysis – Gold gains backing for push to multi-year high

Posted on April 13, 2020 at 8:25 am GMT

Gold is presently attempting to breach the 1,690 resistance, after holding above the near-term uptrend line drawn from March 20. The recent positive price action off the ascending line appears to be reflected in a bullish crossover of the Kijun-sen line by the upward sloping Tenkan-sen line. The short-term oscillators continue to confirm the positive sentiment from the 1,566 level, with the MACD, in the positive region, increasing above its red trigger line while the RSI gradually advances in the [..]

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