Commodities

Technical Analysis – Gold at fresh 7-year high; strongly bullish on virus fears

Posted on February 24, 2020 at 7:40 am GMT

Gold surged to a fresh seven-year high earlier today, hitting the 1,679.65 level and continuing the sharp upside extension, posting a gap up. The market recorded four consecutive green days and opened the door for a long-term clear positive direction, following the penetration of the previous top of 1,612 on virus fears. From a technical viewpoint, the RSI indicator is holding in the overbought territory with strong momentum, and the MACD oscillator is heading north above trigger and zero lines. [..]

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Technical Analysis – Copper futures’ 2-week pullback from lows loses steam

Posted on February 19, 2020 at 3:50 pm GMT

Copper futures are facing renewed selling interest, though prices are currently seeking support from the 2.5780 level – which is the 23.6% Fibonacci retracement of the down leg from 2.8819 to 2.4839 – and the 100-period simple moving average (SMA) just below it at 2.5740. Looking at the short-term oscillators, negative momentum appears to be picking up. The MACD, currently at the zero mark, is only just below its red trigger line and seems to be trying to move into the negative zone, while [..]

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Technical Analysis – Palladium futures unlock another record high at 2,752; 17% up this month

Posted on February 19, 2020 at 3:41 pm GMT

Palladium futures for March delivery seem unwilling to stop the extraordinary rally in uncharted territory, with the price flying as high as 2,752 on Wednesday after a short consolidation period within the 2,424-2,148 zone. The higher highs and higher lows remain well intact in the market’s bullish structure, while the shorter-term simple moving averages continue to fluctuate above the longer-term SMAs, all pointing to a stronger uptrend in the coming sessions. Some stabilization cannot be ruled out as the RSI [..]

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Technical Analysis – Silver jumps above 18.00 and into overbought zone

Posted on February 19, 2020 at 8:21 am GMT

Silver staged a remarkable rally beyond the 18.00 number after closing above the 200-period simple moving average (SMA) on the four-hour chart on Tuesday. With the RSI signaling overbought conditions and the price currently testing a former resistance area which is near the 23.6% Fibonacci of the long upleg from 13.87 to 19.63 (November 2018- September 2019), there is an increasing possibility of a downside correction. In this scenario, the price is expected to retreat to 18.13, where it recently [..]

Technical Analysis – WTI futures fail to conquer neckline of looming double bottom

Posted on February 18, 2020 at 8:57 am GMT

WTI oil futures yesterday – as positive momentum evaporated – were unable to decisively overrun the neckline and complete a possible double bottom pattern. The commodity today has declined to the nearby Ichimoku cloud’s upper band around 51.30, with backing from the technical indicators and the easing in the red Tenkan-sen line. The short-term oscillators suggest an increase in negative momentum for now. The MACD, in the positive region, has slipped below its red trigger line, while the falling RSI [..]

Technical Analysis – Gold bulls look exhausted near 2-week peak in very short-term

Posted on February 17, 2020 at 7:15 am GMT

Gold stretched its upside rally to a two-week high of 1,584.90 on Friday before pulling slightly lower in a bullish sloping channel in the 4-hour chart. Currently, in the near term, the price is losing some momentum confirmed by the technical indicators as the RSI is flattening near the 70 level, suggesting an overbought market. Also, the stochastic oscillator is turning lower as it posted a bearish crossover within its %K and %D lines above the 80 level, signaling a [..]

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OPEC considers output cuts; will they be worth it? – Commodity News

Posted on February 13, 2020 at 12:06 pm GMT

At the end of 2019 analysts were positive that crude markets may be at the start of a bull run but China’s deadly coronavirus put a damper on those hopes in January. Amid fears of a collapse in demand, OPEC and its partners recommended further production cuts on top of an ongoing pact, but Russia decided to take more time to investigate the case, making markets wondering whether such an action would make much of a difference to the price outlook. Coronavirus is the [..]

Technical Analysis – WTI futures possibly forming a double bottom pattern

Posted on February 11, 2020 at 9:42 am GMT

WTI oil futures during yesterday’s trading session reversed ahead of the 49.29 fresh bottom – which is a 13-month low – forming the start of a likely double bottom pattern. Currently, the overhead Ichimoku cloud, the slipping red Tenkan-sen line and all downward sloping simple moving averages (SMAs) promote a strong negative picture. Moreover, the RSI is hovering below its 50 mark, further backing this view. That said, the MACD has climbed above its red trigger line, in the negative [..]

Technical Analysis – Gold’s climb restricted by Bollinger band and 23.6% Fibonacci

Posted on February 10, 2020 at 9:42 am GMT

Gold’s gradual incline – after reversing ahead of the 1,546 low – appears to have stalled between the 50-period simple moving average (SMA) and the upper-Bollinger band residing at the 23.6% Fibonacci retracement of the up move from 1,458.42 to 1,611.28. The short-term oscillators reflect improving positive momentum. The MACD, above its red trigger line, has risen above the zero mark, while the RSI is increasing in the bullish territory. Moreover, all SMAs have kept their bullish picture intact. A [..]

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Technical Analysis – Are palladium futures completing a bullish cycle?

Posted on February 6, 2020 at 10:41 am GMT

Palladium futures have been well supported by the 20-day simple moving average (SMA) recently, but the bulls seem to be struggling to overcome previous record high levels around 2,400, with the price registering a negative candle on Wednesday. The price continues to lose ground on Thursday, increasing speculation of a bearish double top pattern as the momentum indicators are shifting south; the RSI and the Stochastics topped near overbought levels and are turning lower, while the MACD seems to be [..]

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