commodities

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Technical Analysis – Copper futures reload for a push higher

Posted on December 19, 2019 at 4:19 pm GMT

Copper futures are attempting to restart the climb with the latest push off the 2.7957 level, which is the 61.8% Fibonacci retracement of the down leg from 2.9915 to 2.4785. While the Kijun-sen line displays a short period of consolidation, the Tenkan-sen line is reflecting a pick up in positive momentum, something also suggested in the technical indicators. The short-term oscillators, although having weakened, exhibit signs of an improving picture. Currently both in bullish territory, the RSI is rising from [..]

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Technical Analysis – Silver waits patiently for fuel in a still-negative picture

Posted on December 19, 2019 at 2:40 pm GMT

Silver is attempting to move below the 16.95 level, which is the 50.0% Fibonacci retracement of the up leg from 14.28 to 19.63 and where the 20-day simple moving average (SMA) presently lies. Even though negative momentum has weakened, the bearish demeanor of the commodity appears to be assisted by the bearish crossovers and the capping of the price by the downward sloping 50-day SMA and restrictive trendline drawn from the 35-month high of 19.63. The short-term oscillators reflect the [..]

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Technical Analysis – Palladium futures halt bullish run at fresh record high; resistance line in focus

Posted on December 19, 2019 at 11:29 am GMT

Palladium futures has been in the green every single day since mid-November, extending the row of record highs to 1,972 on Tuesday before retracing marginally lower. The short-term risk is tilted to the downside as the RSI has reached its previous peaks in the overbought area and is now following a downward direction, while the MACD has also found resistance in a familiar region and is easing momentum towards its red signal line. Trend signals, however, remain positive as the [..]

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Technical Analysis – Gold remains capped below downtrend line

Posted on December 18, 2019 at 3:22 pm GMT

Gold prices have been trending lower in recent months, posting lower highs and lower lows below a downtrend line drawn from the highs of September. The outlook therefore looks cautiously negative, with a clear break below the 1445 zone needed to refuel the bears. Short-term oscillators paint a flat picture, suggesting that the latest consolidation phase between 1490 and 1445 could continue for now. The RSI has flattened near its neutral line, while the MACD is at zero. If the [..]

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Technical Analysis – WTI oil futures extend upside above 60 level

Posted on December 17, 2019 at 8:28 am GMT

WTI oil futures for January delivery continued their upside trajectory on top of the 60 level and closed marginally above the 50% Fibonacci of the 76.87-42.53 bearish wave on Monday. The location of the RSI, which maintains a positive slope comfortably above its 50 neutral mark, keeps the short-term bias in bullish territory. However, with the indicator approaching its 70 overbought mark, a slowdown in the price’s positive momentum cannot be ruled out. With the focus being mostly on the upside, traders will [..]

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Technical Analysis – Gold remains neutral as negative sentiment takes a breather

Posted on December 10, 2019 at 9:50 am GMT

Gold’s recent push lower has come to a standstill at the 1459 level while at the same time the ADX indicates an absence of a trend. The loss in steam – in the still neutral-to-bearish picture – is also reflected by the flattening of the 50- and 100-period simple moving averages (SMAs) and the short-term oscillators. The oscillators reflect a stall in negative momentum. The MACD, is in the negative region and below its red trigger line but has eased [..]

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Technical Analysis – Gold in neutral mode within tentative descending channel

Posted on December 2, 2019 at 8:33 am GMT

Gold has been light in terms of volatility over the past two weeks, sliding sideways within a tentative downward sloping channel that remains intact since early September. The momentum indicators continue to suggest a neutral-to-bearish bias for the short-term as both the RSI and the MACD have yet to show a clear direction in the bearish area, with the former ranging below its 50 neutral mark and the latter holding flat around its red signal line. A downside reversal in the price [..]

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Technical Analysis – Palladium futures at fresh record high; approach 2-year old resistance line

Posted on November 29, 2019 at 2:39 pm GMT

Palladium futures edged up on Friday to unlock a fresh record high of 1,815 but room for improvement seems to be narrowing as the price is approaching the 2-year old resistance line. Moreover, the RSI is not far below its 70 overbought mark and the Stochastics have already run above 80 and are looking to post a bearish cross above the 80 mark. Should buyers persist, breaching the resistance line currently around 1,835, the focus will initially shift to the [..]

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Technical Analysis – Copper futures resume positive outlook; buyers unable to breach 2.7015 resistance

Posted on November 27, 2019 at 4:01 pm GMT

Copper futures are attempting to push back up to retest the 2.7015 resistance from the high of September 16, which halted gains from the bounce off the 200-period simple moving average (SMA). Aiding the positive view are the 50- and 100-period SMAs that have held above the 200-period SMA and the recent upward turn in the slope of the 50-period SMA. Furthermore, the MACD, currently in the positive region, has distanced itself above its red trigger line, while the RSI [..]

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Technical Analysis – WTI oil futures hold onto bullish bias but momentum is weakening

Posted on November 26, 2019 at 8:31 am GMT

WTI oil futures have eased slightly off the 58.56 resistance, which is the 61.8% Fibonacci retracement of the down leg from 63.22 to 50.98, following the recent price appreciation from the bounce off the 200-period simple moving average (SMA). The short-term oscillators reflect a stall in the positive momentum. The MACD, in the positive zone has slipped below its red trigger line, while the RSI is decreasing in the bullish region and is nearing the 50-level. However, as the price [..]

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