Commodities

Technical Analysis – WTI oil futures recent rally retests the 200-SMA

Posted on August 20, 2019 at 8:48 am GMT

WTI oil futures collapsed back down to the lower boundary of the nearly three-month trading range, registering a seven-month low of 50.51, before the bulls rallied back up to the 200-period simple moving average (SMA) on the four-hour chart. The MACD and the RSI are also indicating some weakness but suggest a positive directional momentum is still in place. They are both in the positive region with the MACD above its red trigger line and the RSI slowly creeping higher [..]

Technical Analysis – Gold slips below 50-SMA; risk leans towards negative

Posted on August 19, 2019 at 8:57 am GMT

Gold has only been focused on making new peaks as it logged a new 6-year and four-month high of 1534.91. The metal corrected to the downside after the high on August 13 but the 50-period simple moving average (SMA) in the four-hour chart managed to limit the negative movement. The MACD and the RSI are indicating that the positive directional momentum is decreasing as the MACD is underneath its red trigger line, nearing zero, whereas the RSI has moved slightly [..]

post-image

Technical Analysis – Silver meets 2018 peaks; bias neutral-to-bearish

Posted on August 16, 2019 at 10:12 am GMT

Silver topped near its 2018 peaks this week before pulling slightly back, with the MACD and the RSI pointing now to a neutral-to-bearish mode in the short-term; the former is increasing negative momentum below its red signal line, while the latter is fluctuating slightly below its 50 neutral mark. The support area around the 23.6% Fibonacci of 16.90 of the upleg from 15.03 to 17.49 will be closely watched if the decline extends. In case of a sharper downside move, the 38.2% Fibonacci and [..]

post-image

Technical Analysis – Copper futures fail to close below 2.54; move back sideways

Posted on August 13, 2019 at 3:24 pm GMT

 Copper futures were unable to close below the 2.54 hurdle, and the bulls logged gains, sending the metal back into the neutral sideways market that has lasted for three months. The momentum indicators suggest the short-term negative trend is weakening. The MACD has started to turn up in the negative area for a cross above its trigger line, while the ADX shows a weakening of the bearish trend in place. The simple moving averages (SMAs) although bearish have flattened in [..]

post-image

Technical Analysis – WTI oil futures spike up, but still cautiously negative

Posted on August 13, 2019 at 2:06 pm GMT

WTI oil futures for September delivery have recovered some ground in recent days, but the broader picture remains cautiously negative from a technical standpoint, as the price action still consists of lower highs and lower lows. That said, a break below 50.50 is required to signal that the bigger downtrend is back in force. If the sellers retake the reins, their first obstacle may be the 50.50 zone, where a downside break would mark a lower low on the daily [..]

post-image

Technical Analysis – Gold bulls locked below 1,500; could lose momentum in short-term

Posted on August 12, 2019 at 7:22 am GMT

Gold bulls got trapped around the 6-year high of 1,500 and the 61.8% Fibonacci of the long downleg from 1,796 to 1,046 after gaining more than 3.5% last week. Technically, the market could soften in the short-term as the RSI and the Stochastics seem to be slowing down in the overbought territory. The flattening Tenkan-sen and the stable Kijun-sen are also an indication that the market could trade more cautiously in the short-term. Yet the higher highs and the higher [..]

post-image

Technical Analysis – Silver prints new 14-month high above 138.2% Fibonacci extension level

Posted on August 7, 2019 at 2:50 pm GMT

Silver was unable to push below the 100-day simple moving average (SMA) at the beginning of the month. Silver found support from the Ichimoku cloud and the 100-day SMA was tested multiple times. After a short-term sideways move, the metal finally broke out of the cloud upwards and rallied past the previous thirteen-month high of 16.64, as well as the 138.2% Fibo extension level of the downleg from 16.20 to 14.28, printing a nearly fourteen-month new high of 17.08. A [..]

Technical Analysis – WTI oil futures unable to conquer previous swing low

Posted on August 6, 2019 at 8:35 am GMT

WTI oil futures fell from the 58.79 peak from the beginning of the month to a spike low of 53.58. Presently standing at 55.25, the price is trading between the 56.00 resistance and 53.45 support. Although the Tenkan-sen is showing a downwards direction in the short-term, the Kinjun-sen has flattened over the recent period, with the sideways move suggesting some indecision present. The MACD has crossed above its red trigger line while in the negative region, whilst the RSI points [..]

Technical Analysis – Gold breaks upper boundary of trading range; prints new high

Posted on August 5, 2019 at 8:12 am GMT

Gold tested the 1400 hurdle for the third time over the last three weeks, and then rallied past the previous highs of 1437.58 and 1439.04 from July 3 and June 25. The metal then took a breather, and today moved above its six-year high of 1452.87, to produce a current new high of 1459.06. Although the 20- and 100-day simple moving averages (SMAs) are nearly parallel and flat, suggesting some neutrality, the 14-day SMA has broken above the 20-day SMA [..]

post-image

Technical Analysis – Palladium futures’ aggressive drop halted near 100-SMA and 50.0% Fibonacci; price moves inside Ichimoku cloud

Posted on August 1, 2019 at 2:38 pm GMT

Palladium futures’ struggle with the 23.6% Fibo of 1517 finally came to an end, after a two-week period. The metal collapsed through the 1467 support level, which is the 38.2% Fibo retracement level of the move up from 1255 to 1598, and the 1454 near support, to break into the Ichimoku cloud. Presently the metal is faced with the 100-day simple moving average (SMA) barrier which is parallel with the 50.0% Fibo of 1426. The 20-day SMA has started to [..]

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.