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Energy and Precious Metals Technical Analysis
Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Feb 12 16 00:00 ET
Gold's rally reached a 1year high this Thursday, benefited by the ongoing market turmoil sending investors towards safehaven assets. Spot reached a daily high of $1,263.36 a troy ounce, adding nearly 5% on the day, before easing some, now trading above 1,250.00. Plummeting bond yields worldwide also supported the commodity that advanced almost 20% ever since the year started. The rally is way overstretched, and the daily chart shows that the RSI indicator heads north around 85, while the Momentum indicator also heads north in extreme overbought levels, maintaining the bullish trend firm in place. Nevertheless, it seems to be a bit too late to join the buying party as there are high chances of some profit taking ahead of the weekend for this Friday. In the 4 hours chart, the technical indicators are losing upward strength, but remain at extreme levels, while the 20 SMA heads sharply higher around 1,201.00, providing a strong support in the case of a downward movement.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Feb 11 16 06:26 ET
Gold inclined to trade above the main resistance line near 1200.00 psychological, which opens the door up for additional upside actions and would ease the path towards 1210.00 and 1231.00 respectively. Stable moves above 1200.00 argue us to neglect the overbought signs on RSI, as ADX remains positive.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Feb 11 16 06:24 ET
Bears' power increased on oil chart according to ADX readings, while RSI 14 indicator continues to edge lower. Trading below 29.65 is a negative factor, while 28.00 act as a ceiling. In result, we remain bearish today, targeting 25.55 and a break below this level will ease the path towards 24.60.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Feb 10 16 05:36 ET
Oil declined strongly yesterday to stabilize below 29.60 and 29.65, which is a very negative catalyst.Trading below those levels suggests further depreciation, targeting 25.50 followed by 2005 Fibonacci at 24.60. We will be bearish depending on Fibonacci trading rules, as a break below 29.60 has exposed 24.60. Note that, a breakout below 27.55-previous low- will affirm and accelerate.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Feb 10 16 05:35 ET
Gold declined during the Asian session after touching the resistance of the bearish trend at 1200.00 zones. RSI14 shows overbought signs, while ADX shows decrease in the uptrend, but we can’t depend on that to suggest a reversal.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Feb 09 16 06:51 ET
Gold trades at very sensitive levels near the previous top of 1191.50 and near the main resistance of the bearish trend seen on the chart at 1200.00. RSI shows overbought sign, while ADX remain positive as same as moving averages.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Feb 09 16 06:49 ET
Oil trades slightly upwards, but the inclines remain limited below 30.60 resistance. Trading below SMA20 and below the main resistance of 31.85 keeps the bearish pressures unchanged. On the downside, a break below 29.60 is required with a four-hour closing tto affirm the bearish scenario.
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Gold Shines At New Seven-Month High On Sharp Plunge In Equities Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Mon Feb 08 16 22:19 ET
The further plunge in global equity markets that has marked the beginning of this new trading week has understandably helped to prop up certain assets that are considered safer alternatives to volatile stocks. These 'safe haven' instruments include the Japanese yen and gold.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Feb 08 16 06:40 ET
Gold shows some kind of corrective actions following the sharp inclines seen last week, which took the metal towards 1175.00 where 88.6% Fibonacci exists. We can't confirm extending the bearish correction due to stability above 1160.00 –Fibonacci of 78.6%- and thus, we will be neutral, as ADX remains positive and also moving averages didn't show reversal signal.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Feb 08 16 06:38 ET
Weak movements have been witnessed on Oil along with bullish attempts above 13% Fibonacci at 30.35. Meanwhile, prices stabilize below main resistance and below SMA20 at 32.05, which keep the negativity available today. A break below 30.55 is required to affirm the bearish outlook, while RSI is negative below 50.00 level and that proves the strength of the downside wave as far as 32.05 hold.
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CRUDE OIL - Looks To Weaken Further Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Feb 07 16 21:49 ET
CRUDE OIL - The commodity continues to hold on to its downside pressure leaving risk of more strength on the cards. On the downside, support resides at the 30.00 level where a break will expose the 29.00 level. A cut through here will set the stage for a run at the 28.00 level. Further down, support resides at the 27.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 32.00 level. Further out, resistance comes in at the 33.00 level. A break above here will aim at the 34.00 level and then the 35.00 level followed by the 36.00 level. All in all, CRUDE OIL’s broader bias remains lower with more weakness envisaged.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Feb 05 16 07:04 ET
Gold approaches 78.6% Fibonacci at 1160.00, which was a target for our long setup; while ADX shows bullish continuation and moving averages are positive with stable moves above 1136.00. Now, RSI is entering overbought zones and therefore, we should be careful since risk versus reward could be inappropriate for some traders ahead of NFP. Anyway, a break above 1160.00 will expose 1175.00.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Feb 05 16 00:15 ET
Gold prices continued rallying this Thursday, with spot at a fresh 4month high. The commodity advanced beyond the $1,150.00 level for the first time since late October, and climbed to a peak of $1,557 a troy ounce, on the back of a weaker dollar, which was pressured further by disappointing jobless claims and factory orders data. Currently trading around $1,155.00 and up 1.1% on the day, the daily chart shows that the 20 DMA advanced further above the 100 DMA, maintaining a strong upward slope, both well below the current level, while the technical indicators head sharply higher, despite being in overbought territory. For the shorter term, and according to the 4 hours chart, the bias is also towards the upside, as the technical indicators head north, also in extreme overbought territory, while the price is far above a bullish 20 SMA. A disappointing US jobs report on Friday can boost the bright metal, as it will likely put the FED on hold when it comes to rates.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Feb 04 16 06:28 ET
Oil trades near SMA20, which is a very sensitive level around 32.20 and Fibonacci of 23.6% at 33.050. Those levels are decisive today following yesterday’s long wick candle and we still believe that, oil will attempt to breach 33.05 towards 34.20. A break above 35.05 –SMA50- will ease the path for further upside actions as far as 31.85 holds and preferably as far as 32.20 holds.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Feb 04 16 06:27 ET
Gold inclined, breaching 61.8% Fibonacci at 1136.00, which assisted bulls to target 78.6% Fibonacci at 1160.00 ADX is positive, while moving averages are positive and that makes us neglect the overbought on RSI. Stability above 1118.00 is required to keep the bullish scenario valid, while 1136.00 is the key for intraday bulls.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Feb 04 16 00:06 ET
Gold prices advanced on Wednesday as the US dollar weakened across the board, with spot reaching its highest level since October 30th at $1,145.51 an ounce, before correcting slightly. The yellow metal ended the day at $1,141 an ounce at the Comex, its highest close in over three months. There were no clear catalysts for the slump witnessed in the US dollar, although dovish comments from Fed’s Dudley ignited the downward move at the beginning of the New York session, while disappointing ISM services PMI fueled the decline. The bright metal continues developing its newly born bullish trend, and the daily chart for spot shows that the price extended further beyond its 200 DMA, while the technical indicators have resumed their advances and maintain healthy bullish slopes near overbought levels. In the 4 hours chart, the 20 SMA heads north around 1,125.60, providing a strong support in the case of a downward correction, while the technical indicators have turned flat near overbought readings, rather reflecting the late pullback than suggesting that the upside is exhausted.
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GOLD - Strengthens On Further Bullish Offensive Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Wed Feb 03 16 23:47 ET
GOLD - With the commodity breaking and holding above the 1129.00 zone on Wednesday, further bullishness is likely. On the downside, support comes in at the 1130.00 level where a break will turn attention to the 1120.00 level. Further down, a cut through here will open the door for a move lower towards the 1110.00 level. Below here if seen could trigger further downside pressure targeting the 1100.00 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1160.00 level. A turn above there will expose the 1170.00 level. Further out, resistance stands at the 1180.00 level. All in all, GOLD looks to build up on its recovery strength
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Feb 03 16 06:37 ET
It seems that gold has lost the upside momentum as it approached 61.8% Fibo located at 1136.00, which appears on the RSI, while the ADX indicator shows some weakness in the upside trend despite its continuation. Hence, out trading position is neutral and did not change, although we predict some upside attempts as long as the price remains above 1118.00, noting that the risk/return ratio is not appropriate to make a good trading position, but we will keep our previous trading positions since we expect some upside attempts and touching the target at 1136.00.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Feb 03 16 06:36 ET
Crude oil attempts to rise taking advantage of the support at 29.60 a barrel, located at 161.8% Fibo. But, technical indicators are still bearish until this moment, where the long candles formed the previous two sessions are supporting the possibility of breaching the above mentioned level.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Feb 03 16 00:15 ET
Gold prices fell at the beginning of the day, but managed to erase most of its intraday losses amid increasing demand for safe havens. Spot posted a higher high at $1,130.95 a troy ounce, and ends the day around 1,127.30, empathizing the increasing upward momentum of the bright metal, and supporting an even stronger rally. Daily basis, spot is well above its 200 DMA, while the 20 DMA is crossing above the 100 DMA below the larger one, supporting the positive bias, although the technical indicators have turned flat, well above their midlines. In the 4 hours chart, the price recovered sharply on an approach to a bullish 20 SMA, but the technical indicators are also losing upward strength within positive territory. This 20 SMA stands at 1,120.80, and as long as the level holds, the downside will remain limited, while the price needs to extend beyond 1,134.90 to confirm a new leg higher.
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