Commodities

Technical Analysis – Gold preserves positive composure

Posted on May 11, 2020 at 6:57 am GMT

Gold is trading around the mid-Bollinger band at 1,707 after fading for nearly a month from the multi-year high of 1,746.95. The precious metal seems to be lacking direction as it plots lower highs and higher lows. Yet, the technical oscillators and the upward slopes in the simple moving averages (SMAs) appear to support a neutral-to-bullish picture for now. The MACD, has remained in the positive section but is below its red signal line, while the RSI continues to hover [..]

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Technical Analysis – Silver retests 50-day SMA as trend optimism rises

Posted on May 7, 2020 at 2:06 pm GMT

Silver is struggling to claim the 50-day simple moving average (SMA) but the bullish cross between that line and the 20-day SMA, although weak, is currently somewhat promising of an uptrend resumption. In order to attract buying interest and challenge its recent peak of 15.82, the metal should close above its short-term SMAs and specifically above 15.30, where the upper surface of the Ichimoku cloud lies. Then, if it manages to build gains above 15.82, traders could look for resistance [..]

Technical Analysis – WTI futures’ correction calms ahead of the 50-day SMA

Posted on May 7, 2020 at 6:46 am GMT

WTI oil futures’ pullback ran out of steam before reaching the 50-day simple moving average (SMA) at the 26.00 handle. This price stall can also be seen in the hovering of the RSI above the 50 level and the smoothing of the incline of the red Tenkan-sen line. The short-term oscillators provide conflicting opinions. Looking at the RSI, it has run above its neutral mark while the MACD, in the negative zone, is increasing above its red trigger line towards [..]

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Technical Analysis – Gold struggles in symmetrical triangle; neutrality holds

Posted on May 6, 2020 at 7:15 am GMT

Gold prices are heading sideways in a symmetrical triangle formation, hovering near the short-term simple moving averages (SMAs) and within the squeezed Bollinger bands. The market could remain in consolidation if the RSI keeps moving around 50 and the MACD stays around the zero line with weak momentum in the 4-hour chart. An extension to the upside and above the descending line of the triangle, which overlaps with the upper Bollinger band could meet the 1,722 area. Further up, resistance [..]

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Technical Analysis – WTI futures double bottom pattern completed to the upside; bullish bias

Posted on May 5, 2020 at 7:02 am GMT

WTI crude oil futures have advanced considerably over the last five days, finding a top today near the 200-period simple moving average (SMA) after the completion of a double bottom pattern in the 4-hour chart. Also, the commodity is creating a new two-week high near 22.24 and the bullish action is confirmed from the bullish crossover within the 20- and 40-period SMAs. From the technical viewpoint, the RSI indicator is approaching the 70 level with weak momentum, while the stochastic [..]

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Technical Analysis – Copper futures bullish correction under strain

Posted on May 4, 2020 at 3:19 pm GMT

Copper futures’ correction seems to be faltering below the 50-day simple moving average (SMA) and under the 2.3175 level – that being the 38.2% Fibonacci retracement of the down leg from 2.8819 to 1.9684 – as it edges in the Ichimoku cloud. The Ichimoku lines support the bullish run as does the MACD, which is for now, just above its red trigger and zero line. That said, the RSI, just below its neutral threshold, and the falling stochastics back a [..]

Technical Analysis – Gold appears to be gaining confidence

Posted on May 4, 2020 at 6:45 am GMT

Gold is currently resting at the mid-Bollinger band around 1,700 while still confined between the boundaries of 1,660 and 1,739. The short-term oscillators further reflect a neutral-to-bullish bias, while the rising simple moving averages (SMAs) continue to be positively charged suggesting further advances to come. The MACD and the RSI display the pause in the market. The MACD, deep in the positive region, has dipped below its red trigger line but appears to be flattening, while the RSI, bouncing near [..]

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Technical Analysis – Could WTI oil futures confirm a bullish double bottom structure

Posted on April 30, 2020 at 10:30 am GMT

WTI oil futures for June delivery have been moving back and forth since the plunge to 6.62 last week, forming a double bottom pattern around the 10.00 level on the four-hour chart. The bullish reversal pattern, however, needs a confirmation above the neckline that is placed around the 18.00 mark to turn valuable. Currently, the momentum indicators are painting a positive picture for the short-term as the MACD is strengthening in the positive area for the first time since early April, the RSI is also comfortably within the [..]

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Technical Analysis – Gold consolidates below multi-year top

Posted on April 29, 2020 at 6:37 am GMT

Gold’s recent footing on the 100-period simple moving average (SMA) has kept the precious metal above the Ichimoku cloud and has returned it slightly above the 50-period SMA. Yet, the commodity’s two-week sideways move endures, unable to break out of the 1,739 and 1,660 boundaries. Further displaying the creeping horizontal mode are the unclear signals from the Ichimoku lines in the 4-hour chart. Looking to the short-term oscillators, they too paint a picture of evaporated directional momentum. The MACD is [..]

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Technical Analysis – Are WTI futures ready for a minor recovery?

Posted on April 28, 2020 at 10:33 am GMT

WTI crude oil futures have come under renewed selling pressure, falling back below the 38.2% Fibonacci retracement level of the downward wave from 36.22 to 6.75 at 18.03. The technical indicators, though, are sending some bullish signals, suggesting that the softness in the market may pause. The RSI has reversed higher near oversold levels, slightly above 30 indicating that the market could weaken its bearish structure a little bit in the short-term. Stochastics are still in oversold territory, posting a [..]

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