Commodities

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Technical Analysis – Brent crude oil futures advance above ascending channel; reach 3-month peak

Posted on February 14, 2019 at 12:31 pm GMT

Brent crude oil futures are holding slightly below the three-month high of 64.80 after the aggressive bullish run above the ascending sloping channel. The MACD oscillator suggests that the market might improve in the coming sessions as it is moving upwards, however, the RSI indicator seems to be overbought as it reached the 70 level in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction and would challenge the next critical level of 68.35, identified by [..]

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Technical Analysis – Gold trades cautiously above 1300; bullish in medium term

Posted on February 14, 2019 at 9:36 am GMT

According to the RSI, gold touched overbought levels at a nine-month high of 1,326 at the end of January when the indicator topped above 70. Consequently, the price turned slightly southwards since then, with the 1,300 key level deterring steeper declines and therefore the violation of the three-month old ascending channel. The RSI, though, continues the downward move towards its 50 neutral mark and the MACD keeps losing strength below its red signal line, both painting a neutral-to-bearish profile for the short [..]

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Technical Analysis – WTI crude oil futures point slightly higher in the near term

Posted on February 12, 2019 at 9:59 am GMT

West Texas Intermediate (WTI) crude oil futures are edging slightly higher, surpassing the Kijun sen line and the 20-simple moving average (SMA) in the 4-hour chart, indicating a possible upside retracement. However, the price remains below the Ichimoku cloud and the technical indicators are still standing in the negative zone. The RSI is approaching the 50 level, while the MACD jumped above the trigger line in the near term. Moving higher immediate resistance could come from the 40-SMA currently at [..]

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Technical Analysis – Gold reverses down but remains above 1300

Posted on February 11, 2019 at 10:07 am GMT

Gold has come under renewed selling pressure over the last couple of 4-hour sessions, dropping below the 20- and 40-simple moving averages (SMAs) with strong momentum. Also, the price slipped below the Kijun sen and Tekan sen lines, supporting the bearish view, while the RSI indicator plunged into the negative zone. On the other hand, the MACD oscillator is flattening near the zero line. In case of further declines the price could challenge the 1302.50 support, taken from the low on February [..]

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Technical Analysis – Copper futures settle near upper boundary of consolidation area in medium term

Posted on February 8, 2019 at 12:26 pm GMT

Copper futures with delivery in March 2019 have been moving in a sideways channel over the last six months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is easing below the 38.2% Fibonacci retracement level of the downleg from 3.3290 to 2.5480 around 2.8410, having rallied strongly so far in February. The technical indicators are still located in bullish area, with the MACD flattening above its red signal line, while the RSI is losing momentum [..]

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Technical Analysis – WTI crude oil futures turn bias to more bullish; reach 2-month high

Posted on February 4, 2019 at 7:43 am GMT

WTI futures came close to breaking the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode as it jumped above the 20- and 40-simple moving averages (SMAs), which posted a positive crossover in the preceding sessions in the daily timeframe. According to the technical indicators the market could maintain positive momentum in the short-term as the MACD indicator has surpassed [..]

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Technical Analysis – Brent crude oil futures trade sideways in near term; hold in tight Bollinger Band

Posted on February 1, 2019 at 12:19 pm GMT

Brent crude oil futures have been moving sideways within the Bollinger bands over the last three weeks, failing to create a significant movement. The RSI indicator suggests that the market might improve in the coming sessions as it is pointing upwards, however, the MACD oscillator is flattening near the zero line, confirming the recent trend in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction but would first face immediate resistance at the 62.60 [..]

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Fed’s ‘patience’ on rates lifts gold; can it run even higher? – Commodity News

Posted on January 31, 2019 at 2:38 pm GMT

Gold prices have staged a remarkable rally in recent months, supported by a weakening dollar, growth risks and volatility in the broader market, as well as central banks expanding their reserves. There’s little on the horizon to suggest a change in this upward pattern, though for the bulls to manage to clear the $1355-1365 zone, some new trigger may be needed. After a relatively rocky year in 2018, which saw gold prices close marginally lower (-1.5%), the yellow metal has [..]

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Technical Analysis – Gold extends bullish impetus further beyond 1,300

Posted on January 30, 2019 at 9:21 am GMT

Gold’s rally got some extra fuel early on Wednesday, with the price jumping to an 8 ½ -month high of 1,315. In the technical picture, the MACD seems to be resuming upside momentum above its red signal line, a positive sign that the bulls may continue to drive the market even if downside corrections cannot be ruled out in the very short-term as both the Stochastics and the RSI are fluctuating in overbought area. Trend signals are also encouraging, with the price deviating above [..]

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Technical Analysis – WTI crude oil futures on slippery mode; indicators signal bearish retracement

Posted on January 29, 2019 at 9:21 am GMT

West Texas Intermediate (WTI) futures have declined beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating possible negative retracement. Momentum signals are bearish as well, as the red Tenkan-sen line, which is below the blue Kijun-sen line, looks to be heading south, while the RSI has reversed lower, holding beneath its 50 neutral mark. Also, the MACD oscillator lies in negative zone with stronger movement than before. Should the price continue this downward rally of the last session, the next support [..]

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