commodities

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Technical Analysis – Palladium futures non-stop rally shows no sign of fading 

Posted on January 23, 2020 at 10:00 am GMT

Palladium futures are staging an extraordinary rally over the past three weeks and technically, there is no convincing signal at the moment that the uptrend could soon hit a strong turning point. Even though the RSI and the Stochastics have bounced back into the overbought territory, increasing the odds for a downside correction, the MACD has yet to show signs of reversing at a time when the price is still trading comfortably above the Ichimoku cloud and its simple moving averages [..]

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Technical Analysis – WTI futures may have more weakness in store in short term

Posted on January 22, 2020 at 1:19 pm GMT

WTI crude oil futures with delivery in March, are declining below the three-month ascending trend line, creating a bearish-to-neutral view. Momentum indicators are pointing to a negative bias in the short term with the RSI just below 50 and the stochastic oscillator is heading towards the bearish territory. The MACD oscillator is strengthening its downward movement below the trigger and zero line. In addition, the 40-day simple moving average (SMA) is pointing down and approaching the 20-SMA for a possible [..]

Technical Analysis – Gold bulls could stay in charge within January’s range

Posted on January 20, 2020 at 8:10 am GMT

Gold came under pressure following the peak at a 7-year high of 1,611 but the 1,535 level rejected the downside move, sending the price slightly up. The upside reversal in the RSI and the rebound in the Stochastics suggest that there is still some room for improvement in the short-term, though with the MACD having recently reached a peak and eased its momentum below the red signal line, the price could probably gain ground only within this month’s range. Heading higher, the price could [..]

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Technical Analysis – Copper futures unlock 8-month high; positive momentum increases

Posted on January 16, 2020 at 1:23 pm GMT

Copper futures for March delivery stretched their rally to a fresh eight-month peak of 2.8794 earlier today, exiting from the squeeze Bollinger Band. The near-term bias is looking bullish as the RSI is heading upwards near the 70 level, while the MACD surpassed its red trigger line, remaining in the positive territory. Should the price make another move higher, it’s likely to meet resistance at 2.9180 as this level has capped prices since late April 2019. A successful break above this key [..]

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Technical Analysis – WTI oil futures flirt with supportive line; look oversold

Posted on January 14, 2020 at 10:42 am GMT

WTI crude oil futures recorded a significant downfall over the past six days after they found strong resistance at the eight-month high of 65.60 last week. Currently, the price is flirting with the ascending trend line around the 57.70 support level, supposing a possible rebound on it or a breakdown. The negative slope in the RSI, which falls comfortably below its 50 neutral mark, and the downfall of the MACD near its zero line, is painting a bearish picture for [..]

Technical Analysis – Gold retreats within Ichimoku cloud; bears take control in near term

Posted on January 13, 2020 at 7:32 am GMT

Gold has declined considerably over the last couple of trading days after the touch on the almost seven-year peak of 1,611 on January 8. The price entered the Ichimoku cloud and is capped by the bearish crossover within the short-term 20- and 40-period simple moving averages (SMAs), assuming a negative correction. The technical indicators in the 4-hour chart seem to be neutral to bearish. The RSI indicator has just dropped beneath the 50 level with nearly flat momentum, while the [..]

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Technical Analysis – Palladium futures sellers surface putting pressure on the ascent

Posted on January 9, 2020 at 1:41 pm GMT

Palladium futures sellers have emerged after the recent rally, which bounced off the 50-day simple moving average (SMA) at 1783 and stretched the commodity above the upper-Bollinger band plotting a fresh all-time-high of 2111.23. The upward sloping SMAs continue to paint an improving positive picture as do the technical indicators. That said, the slight decline in the RSI – in the overbought territory – suggests a slight weakening in the existing bullish view cautioning for a pullback towards the mid-level [..]

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Technical Analysis – Brent futures reverse quickly lower after touching 8-month peak

Posted on January 9, 2020 at 1:37 pm GMT

Brent futures extended their Wednesday losses and are currently trading far below the eight-month high of 71.30, slipping beneath the 20-day simple moving averages (SMAs) and the blue Kijun-sen line.  However, in the medium-term the price has a bullish view confirmed by higher highs and higher lows. The RSI turned lower after entering the bearish area. At the moment, it continues to head lower in support of a negative short-term picture. The bias in the very-short-term also looks bearish as [..]

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Technical Analysis – Gold returns lower after surpassing 1,600 in near term

Posted on January 8, 2020 at 1:09 pm GMT

Gold looks to be overbought as it returns the significant gains that it posted in the preceding days. Earlier today, the price jumped to a fresh almost seven-year high of 1,611. The technical indicators seem to be overstretched in the 4-hour chart. The RSI slipped below the oversold area and the 70 level and continues to slope down, while the MACD fell beneath the trigger line but is still moving in the positive zone. Both are indicating a possible downside [..]

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Technical Analysis – WTI oil futures hover above SMAs in positive outlook

Posted on January 7, 2020 at 11:12 am GMT

WTI crude oil futures have been making higher highs and higher lows since October 2019 and yesterday the price touched a fresh eight-month high of 64.72, although it ended the day in the red. Today, the oil price is trying to recover some of the losses, remaining above the short-term simple moving averages (SMAs). The momentum indicators in the 4-hour chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the stochastic oscillator is picking up speed above [..]

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