commodities

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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 – 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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Technical Analysis – Silver recoups some losses after the plunge to 11-year bottom

Posted on March 20, 2020 at 11:08 am GMT

Silver prices have gained little over the last couple of sessions, holding above the eleven-year trough of 11.60 that was posted earlier this week. However, the 50-day simple moving average (SMA) is in the process of creating a ‘death cross’ with the 200-day SMA, confirming the steep decline in the preceding days. Regarding the near-term technical viewpoint, the stochastic is pointing marginally up in the oversold territory after the bullish cross within its %K and %D lines. Also, the RSI is moving higher beneath the 30 level, indicating a possible [..]

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Technical Analysis – WTI futures turn up from multi-year low in the near term

Posted on March 20, 2020 at 7:41 am GMT

WTI crude oil futures rebounded on the multi-year low of 20.50 on Wednesday, touching the inside swing low from January 2016 at 27.54. The commodity surpassed the 40-period simple moving average (SMA), suggesting a potential bullish correction in the very short-term. This slightly bullish action is confirmed by the technical indicators. The RSI is flirting with its 50 level and sloping upwards, while the stochastic is edging towards its overbought mark in the 4-hour chart. Moreover, the red Tenkan-sen line [..]

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Technical Analysis – Brent futures covers gap down; still bearish in short term

Posted on March 11, 2020 at 1:43 pm GMT

Brent futures sank towards a fresh low of 31.23 on Monday, creating a gap down, however, they covered some of the losses in the previous four-hour sessions. Looking at the technical indicators, the RSI turned lower but is still the near 50 level, while the stochastic oscillator is losing momentum after the bearish cross within its %K and %D lines in the positive area. On the other side, the MACD oscillator is remaining above its trigger line, but the upside movement is [..]

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Technical Analysis – Palladium’s correction from all-time peak could be short lived as positive structure holds

Posted on March 9, 2020 at 2:17 pm GMT

Palladium futures look to have encountered significant support from the 50-day simple moving average (SMA) and the 2,250 level, which is the 38.2% Fibonacci retracement of the up leg from 1,376 to 2,786.16. The retracement off the fresh all-time high of 2,786.16, is aided by the negative momentum reflected in the technical oscillators. The MACD, is in the positive area but is distancing itself below its red trigger line, heading towards the zero level, while the RSI weakens, steering into [..]

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Technical Analysis – Gold remains bullish despite correction from peak

Posted on March 9, 2020 at 8:58 am GMT

Gold’s pullback from a multi-year high of 1,703 found support at the mid-Bollinger band around 1657 and the very short-term supportive trendline pulled from February 28. The short-term oscillators suggest positive momentum is picking up, with the RSI improving ahead of its 50 mark and the MACD holding just at its red trigger line in the positive zone. If the yellow metal sustains its position above the supportive trendline and the mid-Bollinger band, initial resistance could come from 1,690 ahead [..]

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Technical Analysis – WTI oil futures in extreme downfall; bearish and oversold

Posted on March 9, 2020 at 8:54 am GMT

WTI oil futures for April delivery is in free-fall mode on Monday after OPEC+ meeting triggered a price war between Saudi Arabia and Russia last week. Oil price opened 11% lower on Monday and at a multi-year low of 27.32, though not far from 2016 troughs. Technically, the market is strongly oversold as the RSI is printing new lows below 30, increasing the case for a price reversal. That said, the indicator has yet to change direction and head north and the MACD continues to [..]

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Technical Analysis – Gold remains optimistic despite correction from peak

Posted on March 9, 2020 at 8:24 am GMT

Gold’s pullback from a multi-year high of 1,703 found support at the mid-Bollinger band around 1657 and the very short-term supportive trendline pulled from February 28. The short-term oscillators suggest positive momentum is picking up, with the RSI improving ahead of its 50 mark and the MACD holding above its red trigger line in the positive zone. If the yellow metal sustains its position above the supportive trendline and the mid-Bollinger band, initial resistance could come from 1,690 ahead of [..]

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Could OPEC’s output cut shore up oil prices? – Special report

Posted on March 5, 2020 at 4:21 pm GMT

OPEC members tentatively agreed on Thursday to deliver a larger output cut than they initially proposed last month in the face of the coronavirus outbreak. But it is now up to Russia to approve it when it joins the meeting on Friday. While it is almost certain that Moscow will cave in, there is little optimism that the announcement will trigger the much-needed sustainable rally in oil markets even though a short-lived upside correction cannot be ruled out in the near-term.   Russial may not be happy, but [..]

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