Commodities

Technical Analysis – Gold gains backing for push to multi-year high

Posted on April 13, 2020 at 8:22 am GMT

Gold is presently attempting to breach the 1,690 resistance, after holding above the near-term uptrend line drawn from March 20. The recent positive price action off the ascending line appears to be reflected in a bullish crossover of the Kijun-sen line by the upward sloping Tenkan-sen line. The short-term oscillators continue to confirm the positive sentiment from the 1,566 level, with the MACD, in the positive region, increasing above its red trigger line while the RSI gradually advances in the [..]

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Technical Analysis – WTI oil futures sank below 20-SMA; lacks direction in very short-term

Posted on April 10, 2020 at 9:54 am GMT

Since its deep fall towards the multi-year low of 19.32 in the end of March, WTI oil futures have been fluctuating around the 20-day simple moving average (SMA). The technical picture supports that the selling interest is likely to remain in the short-term. The stochastic oscillator bounced off the overbought zone and is heading south, while the RSI is pointing down in the negative territory. Also, the price is trading well below the Ichimoku cloud in the daily timeframe. Further losses could see the March 30 low of 19.32 acting [..]

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OPEC: What’s the deal? – Special Report

Posted on April 8, 2020 at 3:13 pm GMT

This will be a pivotal week for energy markets. The world’s largest oil producers will meet to discuss cutting their production in an attempt to stabilize a market that has been devastated by collapsing demand. OPEC and Russia will sit down for talks on Thursday, before the G20 energy ministers convene on Friday. The immediate reaction in oil prices will depend on whether a deal is struck at all, and if so, by how much they will cut. In the [..]

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Technical Analysis – Silver could retreat but will the trendline help?

Posted on April 8, 2020 at 2:44 pm GMT

Silver bulls surrendered to the 200-period moving average (SMA) on the four-hour chart earlier this week and shifted sideways, pausing the uptrend at a fresh high of 15.50. Downside risks seem to be increasing as the RSI is pointing down to its 50 neural mark and the MACD keeps losing strength below its red signal line. Yet, whether any negative correction will be noticeable will depend on the ascending trendline that has been supporting the market since the plunge to [..]

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Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]

Technical Analysis – WTI oil futures draw a bullish inverted head and shoulders pattern

Posted on April 8, 2020 at 7:39 am GMT

WTI oil futures (May delivery) appear to be forming an inverted head and shoulders pattern in the four-hour timeframe in a possible signal for a positive trend reversal. In the latest upturn, the price failed to overcome its previous high of 28.45 and reversed south to build the right shoulder. The bullish cross between the 20- and 50-period simple moving averages (SMAs) is also encouraging for a trend improvement. A decisive rebound above the 29.00 level, where the formation’s neckline is standing, could indicate the start of [..]

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Technical Analysis – Brent futures complete double bottom at 24.55; surpass SMAs

Posted on April 7, 2020 at 12:07 pm GMT

Brent has gained some of its positive momentum after the creation of a double bottom pattern at 24.55 on March 18 and on April 1. In the short-term the market could retain range-bound trading as the RSI is moving sideways above the 50 level and the MACD remains near the trigger line and above its zero line. Should the pair stretch north, the 35.38 level could provide immediate resistance before the price touches the area within the gap that posted [..]

Technical Analysis – Gold’s latest optimism looks to restart positive picture

Posted on April 6, 2020 at 7:41 am GMT

Gold’s fresh confidence is currently pushing off the 1,607 level – that being the 61.8% Fibonacci retracement of the down leg from 1,703.36 to 1,451 – following the recent positive sessions which commenced on April 1 from 1,566. Backing an improving near- and medium-term picture are all the inclining simple moving averages (SMAs) as well as the short-term technical indicators. The MACD has remained above zero and is expanding above its red trigger line, while the RSI is hovering above [..]

Technical Analysis – WTI futures retain bearish picture in long term

Posted on April 3, 2020 at 7:12 am GMT

WTI futures look to be mostly bearish after a descent rally from the 65.61 resistance on January, driving the commodity down to a multi-year trough of 19.32. In the preceding days, the price reversed slightly higher, touching the 20-day simple moving average (SMA). The short-term oscillators reflect a rise in the positive momentum. The MACD, in the negative area, has moved above its trigger line and is approaching the zero line. Additionally, the stochastics, which are moving towards the overbought [..]

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Technical Analysis – Gold bulls to stay in charge until trendline breaks

Posted on April 2, 2020 at 8:01 am GMT

Gold found strong footing near 1,450 and the upper surface of the Ichimoku cloud on the weekly chart and reversed north again, retaining its bullish structure in the long-term picture. Currently, the price is eating a portion of the bold gains it earned last week and the RSI and the MACD are providing little hope of another rocky rally in the short-term as the indicators are lacking positive momentum. Still, the market seems to be well supported by the ascending trendline [..]

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