Commodities

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Technical Analysis – WTI oil futures bulls look exhausted below 3½-month peak  

Posted on January 2, 2020 at 12:10 pm GMT

WTI oil futures for February delivery dived beneath the three-and-a-half-month high of 62.33 reached on December 30 and the momentum seems to be weak. The price has remained within a bullish wave since October and it touched the upper boundary several times over the last two weeks. The location of the RSI, which maintains a negative slope below its 70 mark, keeps the very short-term bias in neutral-to-bearish territory. Moreover, the MACD oscillator declined below its red trigger line, suggesting a negative move, while the price dropped below the [..]

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Technical Analysis – Gold trades at overbought waters near 1,500 and key resistance

Posted on December 30, 2019 at 8:13 am GMT

Gold returned to the 1,500 territory after almost two months following the breach of the 1,490 barrier, which is the 23.6% Fibonacci of the 1,266-1,566 uptrend. The market is currently looking overbought as the RSI is flattening slightly above its 70 mark, the Stochastics are ready to complete a bearish cross above 80, and the price itself is trading around the upper Bollinger band. A downside correction could retest the 1,500 round-level, where any violation would shift attention back to [..]

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Technical Analysis – Gold finally climbs above resistance trendline; eyes turn to 1,490

Posted on December 23, 2019 at 9:12 am GMT

Gold is reviving bullish momentum after an almost flat week, with the precious metal finally looking for a closure above the four-month old restrictive descending trendline that is part of a downward sloping channel before the Christmas and New Year’s festivities begin. The RSI and the MACD are endorsing the positive move in the price (also in the 4-hour chart) as the former is resuming its upside direction above its 50 neutral mark and the latter is trying to expand [..]

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Technical Analysis – Copper futures reload for a push higher

Posted on December 19, 2019 at 4:19 pm GMT

Copper futures are attempting to restart the climb with the latest push off the 2.7957 level, which is the 61.8% Fibonacci retracement of the down leg from 2.9915 to 2.4785. While the Kijun-sen line displays a short period of consolidation, the Tenkan-sen line is reflecting a pick up in positive momentum, something also suggested in the technical indicators. The short-term oscillators, although having weakened, exhibit signs of an improving picture. Currently both in bullish territory, the RSI is rising from [..]

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Technical Analysis – Silver waits patiently for fuel in a still-negative picture

Posted on December 19, 2019 at 2:39 pm GMT

Silver is attempting to move below the 16.95 level, which is the 50.0% Fibonacci retracement of the up leg from 14.28 to 19.63 and where the 20-day simple moving average (SMA) presently lies. Even though negative momentum has weakened, the bearish demeanor of the commodity appears to be assisted by the bearish crossovers and the capping of the price by the downward sloping 50-day SMA and restrictive trendline drawn from the 35-month high of 19.63. The short-term oscillators reflect the [..]

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Technical Analysis – Palladium futures halt bullish run at fresh record high; resistance line in focus

Posted on December 19, 2019 at 11:29 am GMT

Palladium futures has been in the green every single day since mid-November, extending the row of record highs to 1,972 on Tuesday before retracing marginally lower. The short-term risk is tilted to the downside as the RSI has reached its previous peaks in the overbought area and is now following a downward direction, while the MACD has also found resistance in a familiar region and is easing momentum towards its red signal line. Trend signals, however, remain positive as the [..]

Technical Analysis – WTI oil futures extend upside above 60 level

Posted on December 17, 2019 at 8:28 am GMT

WTI oil futures for January delivery continued their upside trajectory on top of the 60 level and closed marginally above the 50% Fibonacci of the 76.87-42.53 bearish wave on Monday. The location of the RSI, which maintains a positive slope comfortably above its 50 neutral mark, keeps the short-term bias in bullish territory. However, with the indicator approaching its 70 overbought mark, a slowdown in the price’s positive momentum cannot be ruled out. With the focus being mostly on the upside, traders will [..]

Technical Analysis – Gold remains neutral as negative sentiment takes a breather

Posted on December 10, 2019 at 9:50 am GMT

Gold’s recent push lower has come to a standstill at the 1459 level while at the same time the ADX indicates an absence of a trend. The loss in steam – in the still neutral-to-bearish picture – is also reflected by the flattening of the 50- and 100-period simple moving averages (SMAs) and the short-term oscillators. The oscillators reflect a stall in negative momentum. The MACD, is in the negative region and below its red trigger line but has eased [..]

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Technical Analysis – WTI oil futures retest 58.60 resistance

Posted on December 5, 2019 at 11:03 am GMT

WTI oil futures for January delivery staged a respectable rally on Wednesday but the 61.8% Fibonacci of 58.60 of the downleg from 63.22 to 50.98 proved a tough resistance to overcome. The upside reversal in the 20-period simple moving average (SMA) following the bounce on the 200-period SMA is a positive signal that the upward direction in the price may not fade yet. Still, the odds for a downside correction remain high as the RSI is not far below its [..]

OPEC+ meeting: Are deeper production cuts on the cards? – Special Report

Posted on December 3, 2019 at 4:40 pm GMT

OPEC, Russia and other major oil producers will meet in Vienna on December 5-6 to decide what production quotas to set as the current arrangement to cap output is set to expire in March 2020. The club’s largest producer, Saudi Arabia, is pushing for deeper cuts. However, its key strategic partner – Russia – is unlikely to agree to anything more than an extension of existing limits. But as oil prices aim to finish the year more than 20% higher, [..]

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