Commodities

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Technical Analysis – WTI futures find resistance at 23.6% Fibo; ‘golden cross’ completed

Posted on July 16, 2019 at 6:58 am GMT

WTI crude oil futures recorded an upside rally last week, but this week the price is on the backfoot after the bounce off the significant barrier of the 23.6% Fibonacci level of the upward wave from 42.50 to 66.60 near 60.90. The technical indicators fail to give clear direction as the MACD is flattening in the positive territory, while the RSI is sloping marginally up. It is worth mentioning that the short-term 20-day simple moving average (SMA) completed a ‘golden [..]

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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, [..]

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Technical Analysis – Silver climbs above 200-SMA in near term; still bearish in long-term

Posted on July 10, 2019 at 1:07 pm GMT

Silver prices came close to breaking the 14.90 level on Friday, finishing the day slightly above the 200-day simple moving average (SMA). According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped marginally above its neutral threshold of 50, though the stochastic is creating a bullish cross within the %K and %D lines. On the upside, the price could attempt to hit the 15.55 resistance level, which if successfully broken the door [..]

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Technical Analysis – WTI futures erase upside rally, holding in Ichimoku cloud

Posted on July 9, 2019 at 8:35 am GMT

WTI crude oil futures have been underperforming over the last couple of days, remaining within the short-term moving averages and the Ichimoku cloud in the 4-hour chart. The RSI and the MACD oscillator are moving sideways near the 50 and the zero lines respectively, suggesting a neutral performance on price action. Should oil price manage to strengthen its positive momentum and jump above the 40-simple moving average (SMA), immediate resistance could come around the 23.6% Fibonacci of the low of [..]

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Technical Analysis – Gold develops in consolidation area; indicators signal bullish move

Posted on July 8, 2019 at 8:20 am GMT

Gold prices have been trading within a congestion area over the last two weeks with the 1,439 resistance as the upper boundary and the 1,382 support the lower boundary. Despite the sideways move, the technical indicators are suggesting an upside tendency in the 4-hour chart. The stochastic oscillator is moving higher and the RSI is sloping upwards approaching the 50 level. In the event of an upside reversal, the 20- and 40-period simple moving averages (SMAs) could be significant obstacles for the yellow metal at 1,407 and [..]

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Technical Analysis – Brent futures bears look exhausted; indicators signal bullish action

Posted on July 3, 2019 at 1:27 pm GMT

Brent crude oil futures have gained a bit in the last 4-hour session, paring some losses of yesterday’s move. The technical indicators are currently feeding prospects for a possible positive short-term trading as the RSI is pointing up in the negative area and the %K line of the stochastic oscillator is creating a bullish cross with the %D line in the oversold zone, suggesting the end of the bearish phase. Alternatively, if 63.40 and the 23.6% Fibonacci of the downward wave from 75.60 to 59.40, near 63.24, proves [..]

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Technical Analysis – WTI futures remain above 50.0% Fibo; MACD signals negative divergence

Posted on July 2, 2019 at 8:37 am GMT

WTI crude oil futures are on course to jump above the 20-simple moving average (SMA) after they found crucial support at the 50.0% Fibonacci retracement level of the downleg from 66.60 to 50.60 near 58.58 over the last sessions. Having a look at the technical indicators, the MACD oscillator is creating a bearish divergence as it is slipping at the same time that prices are moving higher in the 4-hour chart, suggesting a possible negative correction soon. However, the RSI [..]

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As the OPEC meeting concludes, what’s next for oil? – Commodity News

Posted on July 1, 2019 at 3:45 pm GMT

The Organization of Petroleum Exporting Countries (OPEC) is meeting in Vienna, and the latest headlines suggest a nine-month extension of the existing production cuts is nearly certain. With OPEC’s output plans now clear, oil prices will take their cue from how the US-China trade talks and the situation with Iran unfold. Trade optimism may keep crude supported for now, with the risk of a corrective pullback increasing drastically if the talks show no real signs of progress later in the [..]

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Technical Analysis – Gold tumbles inside Ichimoku cloud; bearish in short-term

Posted on July 1, 2019 at 8:35 am GMT

Gold prices have reversed back down again after finding resistance at the six-year high of 1439 at the end of the preceding month. Currently, prices are developing within the Ichimoku cloud and the red Tenkan-sen and the blue Kijun-sen lines are pointing down, suggesting more losses. The 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the 4-hour chart, while the stochastic oscillator and the RSI are heading towards the oversold zone. Further losses should see the 38.2% [..]

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Technical Analysis – Gold shines near six-year high; rally could stall but not end

Posted on June 24, 2019 at 9:13 am GMT

Gold bulls got extra energy on Friday, driving the price towards an almost six-year high of 1,411. Downside corrections are likely in the very short term as the stochastics are set for a bearish cross above 80 overbought mark. The MACD however, has yet to show any sign of weakness, an indication that any slowdown in the market may be short-lived. Slightly higher, the 50% Fibonacci ratio of 1,421 of the three-year old downleg from 1,796 to 1,046 could prove a trigger point for another bullish [..]

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