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Commodities

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Technical Analysis – Palladium futures jump by 20%

Posted on December 15, 2023 at 1:43 pm GMT

Palladium recoups December losses after rocket rally A close above 1,140 required to bolster buying appetite   Palladium futures had a sparkling week, booming by 23% from nearly a five-year low of 922 to a one-and-a-half month high of 1,156 on Friday. The bulls jumped above the resistance trendline drawn from May’s highs, surpassing the 23.6% Fibonacci retracement level of the April-December downtrend at 1,097 too. Although the price has reached the upper Bollinger band, the RSI and the stochastic [..]

Technical Analysis – Gold feels the blues after record rally

Posted on December 11, 2023 at 9:23 am GMT

Gold starts a new bearish wave after record high A consolidation phase is likely; support at 1,970-1,990   Despite its rocket rally to a new record high of 2,144 last Monday, gold could not successfully remain above the pandemic-era 2,070 bar, which caused a negative trend reversal in 2022 and 2023. The precious metal has been trending southwards since then, feeding concerns that a new bearish trend could be underway as the price has slipped below a short-term support trendline [..]

Technical Analysis – WTI oil turns down, but 2020 trendline feeds hopes

Posted on November 16, 2023 at 9:00 am GMT

WTI oil futures driven by bears Will the 2020 bar block the way down?   WTI oil futures reversed their post-CPI increase above the 200-day SMA, dropping immediately after reaching a high of 79.77 on Tuesday. The RSI and the MACD have resumed their negative slope in the bearish area, signaling more depressing sessions ahead. But the upcoming sessions might be quite interesting as the long-term support trendline, which connects the 2020 and 2023 lows, is within breathing distance at 74.70 [..]

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Technical Analysis – Gold turns lower again

Posted on November 10, 2023 at 10:39 am GMT

Gold stalls recovery; cannot surpass 20-SMA Sentiment weakens, but the bulls might have another chance   Gold rebounded from a three-week low of 1,944 on Thursday, but the recovery was immediately stopped by the 20-period SMA on the four-hour chart at 1,962. The 23.6% Fibonacci retracement of the previous uptrend cemented that ceiling, forcing the price to move lower. The latest negative reversal in the RSI is discouraging, but the indicator is still in an upward move since bottoming out [..]

Technical Analysis – Could gold return above 2,000?

Posted on November 6, 2023 at 8:30 am GMT

Gold extends last week’s sideways move below 2,000 Bullish structure in progress above 1,980   Gold shifted to a sideways pattern after its impressive rally from a seven-month low of 1,800 run out of steam slightly above the 2,000 mark. The consolidation phase seems to be developing within a bullish pennant formation, feeding hopes that the bulls have more fuel in the tank. In other encouraging signals, the 20-day simple moving average (SMA) has drifted above the longer-term SMAs, while the price itself has yet [..]

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Technical Analysis – Will NGAS futures shift to a bull market?

Posted on October 10, 2023 at 12:04 pm GMT

Natural gas futures reach caution area Market structure sends encouraging signals   Natural gas futures (November delivery) have been gently trending up since April’s 32-month lows, marking new higher highs and higher lows at a soft pace. The recent upturn in the price brought the January 2023 resistance territory of 3.40 under the spotlight. Interestingly, this is where the bulls faced confluence at the end of October 2020 and it took them seven months to crack that wall and stage an impressive [..]

Technical Analysis – WTI oil’s uptrend faces hazards

Posted on October 5, 2023 at 8:19 am GMT

Oil rally at risk near 84.00 after latest freefall Bearish continuation likely, but patience required   WTI oil futures closed with heavy losses on Wednesday near a one-month low of 84.16 following the rejection near the 20-day simple moving average (SMA) at 89.40. The 50-day SMA put the brakes on the bear run marginally below the support trendline from June. But the negative trajectory in the RSI, which has slipped below its 50 neutral mark, and the downward move in [..]

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Technical Analysis – Silver hopes for some recovery after freefall

Posted on October 3, 2023 at 2:24 pm GMT

Silver hits multi-month lows but bears look exhausted A bounce above 21 could improve sentiment Silver extended Monday’s freefall to a seven-month low of 20.66 on Tuesday before turning slightly positive in the day during the early US trading hours. The slump in the price preceded the close below the one-year-old support trendline, but the metal seems to be forming a long-legged hammer candlestick today, suggesting that the downfall could take a breather. The Stochastic and the RSI are testing their previous lows [..]

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Technical Analysis – Gold returns to bearish area

Posted on September 6, 2023 at 10:11 am GMT

Gold came under fresh selling pressure after rising as high as 1,952 in the first trading day of September, exiting the rising channel in the four-hour chart and pulling back into the May-August bearish channel. The price is currently looking for a rebound around the 38.2% Fibonacci retracement of the 1,987-1,884 downtrend at 1,923, but the technical signals are not promising. Although the stochastic oscillator is sending oversold signals, the falling RSI has yet to cross below 30, while the MACD has started a new [..]

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Technical Analysis – Gold leans on the bullish side

Posted on August 23, 2023 at 9:58 am GMT

Gold is looking to exit a bearish channel in the four-hour chart after its sell-off stalled around the 1,884 level. Encouragingly, the precious metal has surpassed its 20- and 50-period simple moving averages (SMAs), making its latest rebound more credible. The positive momentum in the technical indicators is further boosting hopes for an upside reversal; the MACD has entered the positive region for the first time since the end of July, while the RSI is clearly trending up above its 50 neutral mark. [..]

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