Commodities

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Technical Analysis – WTI oil futures support bullish view above 36.00

Posted on June 18, 2020 at 11:10 am GMT

WTI oil futures for July delivery maintain a clear positive structure reflected by the higher highs and the higher lows since late April, with the price printing another higher trough at 34.35 last week. Now it remains to be seen if the outlook can improve beyond the 40.42 peak, which is likely given the recent rebound in the RSI. For that to happen, the 50% Fibonacci of the downleg from 65.61 to 6.62 and the 20-day simple moving average (SMA) [..]

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Technical Analysis – Gold in the process of head and shoulders pattern; neutral bias

Posted on June 17, 2020 at 7:18 am GMT

Gold prices have been consolidating over the last week, currently stuck in a sideways channel. Looking at the past three weeks, the yellow metal has been creating an inverse head and shoulder pattern with a significant neckline near 1,746. A successful climb above the neckline may change the recent bearish bias to bullish in the short-term. Resistance was met at around the 1,729 region, being the 61.8% Fibonacci retracement level of the down leg from 1,765 to 1,671 after prices hit the 38.2% Fibonacci, forcing the commodity to reverse [..]

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Technical Analysis – WTI futures fail to conquer 40-SMA; holds within narrow Bollinger band

Posted on June 16, 2020 at 7:10 am GMT

WTI oil futures over the last few sessions – as positive momentum evaporated – were unable to decisively overrun the 40-period simple moving average (SMA), remaining within the squeezed Bollinger bands that are suggesting an aggressive move if there is an exit of the channel. The short-term oscillators suggest a neutral mode for now. The MACD, in the negative region, has jumped above its red trigger line, while the rising RSI has just moved above its neutral mark. That said, the [..]

Technical Analysis – Gold may not expect higher highs in the near-term

Posted on June 15, 2020 at 8:01 am GMT

Gold remained trapped within a two-month old sideways move after refusing to drop into the Ichimoku cloud last week. Yet, the fact that the yellow metal is unable to print higher highs above the 1,765 peak favors the bearish side of trading, something also endorsed by the RSI and the MACD which keep trending downwards. Should the price retreat below 1,718 and the 20-day simple moving average (SMA), the bears may push harder to exit the neutral zone below the [..]

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Gold rally: Worth to hold your breath – Special Report

Posted on June 12, 2020 at 1:45 pm GMT

During market stress periods, safe-haven gold tends to generate strong returns, outperforming other alternative means of investment and hence moving rapidly in traders’ favor as a store of wealth. This year thanks to the Covid-19 pandemic, the precious metal printed new multi-year highs capitalizing more than 12% year-to-date, while compared to the same period last year it managed to earn a whopping 29% annual increase. Markets are now wondering whether gold could look more ‘golden’ in the post-lockdown period, and [..]

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Technical Analysis – Copper futures give up some gains; positive picture stands

Posted on June 11, 2020 at 2:16 pm GMT

Copper futures retreated slightly from their freshly plotted four-and-a-half month high of 2.6959. Confirming the bullish sentiment that has mostly controlled the ascent from the 45-month low of 1.9684 are the rising Ichimoku lines. Additionally, the improving 50-day simple moving average (SMA) is endorsing forthcoming advances. The short-term oscillators are positively tilted in spite of the current weakening in positive momentum. The MACD, deep in the positive region, is waning above its red signal line, while the RSI has dropped [..]

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After incredible rally, oil outlook still uncertain as virus casts shadow over demand – Special Report

Posted on June 11, 2020 at 9:45 am GMT

Few would argue that 2020 has been a good year for oil after the market turmoil sparked by the coronavirus crisis sent WTI prices crashing into negative territory for the first time in the US benchmark’s history. But just as the unexplainable recovery of global equities, oil is looking bullish once again, at least in the medium-term timeframe. The encouraging signs of rebounding economic activity as businesses emerge from the virus shutdowns bode well for oil and other commodities. But [..]

Technical Analysis – WTI futures on a sideline move below 3-month peak

Posted on June 11, 2020 at 7:23 am GMT

WTI crude oil futures is continuing a seven-week rebound but with slower momentum over the last couple of days, reaching a fresh three-month peak near 40.60. The short-term bias looks overbought as the RSI pulled back from the 70 level and is heading south, while the MACD is flattening above its trigger and zero lines. The 40.60 could be a key point for steeper bullish actions if the price manages to break the line. This is also slightly below the [..]

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Technical Analysis – Gold returns above 1,700; still bearish in short term

Posted on June 9, 2020 at 9:44 am GMT

Gold is extending its positive momentum following the bounce off the 1,671 support level, having surpassed the 20-period simple moving average (SMA) in the 4-hour chart. However, the structure in the short-term remains bearish despite the latest upside correction. In momentum indicators, the RSI is pointing up near its neutral threshold of 50, while the MACD oscillator has posted a bullish cross with its trigger line in the negative territory. Should gold challenge more levels to the upside, immediate resistance could come from the 40-period SMA at 1,713. Clearing this line, [..]

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Technical Analysis – WTI dipping under mid-Bollinger band; positive picture intact

Posted on June 9, 2020 at 8:13 am GMT

WTI oil futures presently appear to be retracing under the mid Bollinger band around 38.23, heading towards the 50-period simple moving average (SMA) at 35.88. The commodity’s one-and-a-half month hike from the 6.62 bottom pivoted back down just before filling the gap from early March at 41.28. Nevertheless, the SMAs continue to back the positive picture for the commodity. The short-term oscillators at the moment reflect conflicting signals in directional momentum. The MACD, in the positive region, has marginally dipped [..]

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