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Energy and Precious Metals Technical Analysis
Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed May 25 16 05:37 ET
Oil inclined, stabilizing above 49.00, while stability above 48.90 is positive already and would extend the bullishness. Prices ignore the overbought signal on RSI, which is so close to 70.00 levels, as ADX remains positive. Trading above 48.05 will be bullish, but we prefer to see oil trading above 48.90 to target 50.90, while a break above it will accelerate.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed May 25 16 05:37 ET
Gold continued to decline, approaching 1219.00 –Fib. of 50%- as seen on the provided daily chart. Technical indicators shows increase in bears’ power, while prices stabilize below moving averages. The aforesaid factors are negative, but we should see stability below 1219.00 levels to extend the bearish wave.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 25 16 00:49 ET
Spot gold plunged to $1,228.14 a troy ounce, a fresh 1 month low, as speculation over a possible US rate hike next June sent the dollar running higher after Monday's pause. Given that the FED has reiterated that an upcoming rate hike is data dependant, news that US New Home Sales surged by 16.6% in April, the biggest jump since 1992, fuelled demand for the American currency. Now trading a few cents above the mentioned low, the commodity has broken below a conjunction of trend lines that suggest that the bearish move is just starting. The commodity is now trading roughly $7.00 below the daily ascendant trend line coming from February 10th low, and the base of the daily descendant channel that contained price action ever since May started. Furthermore, the daily chart shows that the price is below its 100 DMA for the first time since late January, whilst the technical indicators have accelerated south within bearish territory. In the 4 hours chart, the 20 SMA extended its decline, but is now far above the current level, whilst the technical indicators are losing downward strength within oversold territory, but far from suggesting the downward move is exhausted.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue May 24 16 05:53 ET
Oil trades bearishly below 48.05, but it is still stable above 47.00, which makes the neutrality in favor. ADX shows decrease in bullishness and RSI is negative, but moving averages are positive inside the ascending channel. Hence, we will be neutral, but a break below 47.00 or above 48.05 will force us to update.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue May 24 16 05:52 ET
Gold traded below 1247.00 –SMA50- along with bearish signs on RSI, while ADX shows strength of the bearishness. Trading below 1247.00 will keep the negative scenario available, targeting 1219.00m while minor support resides at 1230.00. A break above 1260.00 will negate the scenario.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue May 24 16 00:51 ET
Precious metals fell at the beginning of the day, with spot gold down to $1,243.11 a troy ounce daily basis. Nevertheless, easing FED's rate hike jitters and disappointing US data, helped the commodity to rebound towards its daily opening, where it stands by the US close. Gold is under increasing bearish pressure ever since the month started, on rising expectations that the US FED will raise rates as soon as next June. And while odds of such move are still well below 50%, Central Bank officers keep fueling hopes, with Williams saying this Monday that two or three rate hikes are about right for this 2016. The daily chart for spot supports some further slides, given that the technical indicators are still heading south within negative territory, while the price is moving further away and below its 20 SMA. In the 4 hours chart, the price is currently below a strongly bearish 20 SMA, although the Momentum indicator is aiming to advance above its 100 level and the RSI indicator turned higher from oversold readings, limiting chances of a stronger decline for this Tuesday.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon May 23 16 04:46 ET
Oil declined below 48.05 influenced by the bearishness from RSI, while ADX shows decrease in bears’ power. Meanwhile, we can’t affirm the bearishness with trading inside the ascending channel. We will be neutral in the European session, waiting for a new signal to appear.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon May 23 16 04:45 ET
Gold inclined after finding support at SMA50 around 1247.00, but it remains limited below 61.8% Fibonacci at 1260.00, which is negative catalyst over intraday basis. RSI moves bearishly below the value of 50.00, while ADX is moving to the downside. As far as 1247.00 hold, we will be bearish, while coming above 1260.00 will give us a rational reason for concern.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun May 22 16 23:52 ET
Spot gold traded at the lower end of its weekly range on Friday, closing the day down at $1,252.48 a troy ounce. The commodity entered a selling spiral last Wednesday, on heightened speculation that the FED will pull the trigger on a rate hike as soon as next June, plunging by nearly $20 immediately after the release of the Fed minutes. The precious metal has been trading within a descendant channel ever since topping at 1,303 for the year early May, and has tested the base of the figure last Thursday. Daily basis, the technical picture favors a continued decline, given that the price extended below a now flat 20 SMA, whist the technical indicators present modest bearish slopes within negative territory, as the price was unable to break below the weekly low of 1243.76 on Friday. In the 4 hours chart, the price develops below all of its moving averages, with the 20 SMA heading sharply lower and about to break below the 200 SMA after already clearing the 100 SMA on Wednesday, while the technical indicators consolidate near oversold readings, in line with the longer term outlook.
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GOLD - Declines On Continued Correction Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 22 16 22:38 ET
GOLD - With GOLD extending it corrective weakness the past week, further decline is envisaged. However, with its price action on Thursday and Friday, we may see it return into its consolidation range. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further on further correction.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri May 20 16 06:34 ET
Oil-June settlement- has stabilized above 48.50 where 88.6% exists, while ADX shows increase in bulls’ power although RSI resides near 70.00. We will ignore the signals on RSI due to stability above 48.05 to witness upside move, targeting 50.00 and 50.89 respectively.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri May 20 16 06:33 ET
Gold traded bearishly in Asian session, but it remains trapped within a tight range after touching 1260.00, which is negative signal. RSI is negative, but ADX needs a stable move below 1247.00. Anyway, we are bearish, aiming to see the pair below 1247.00 to extend the moves.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri May 20 16 00:37 ET
Spot gold sunk to $1,243.76 in the zenith of dollar's momentum, this Thursday, but bounced back in the US session, to end the day around $1,254.50 a troy ounce. After the US Central Bank released the minutes of its latest meeting, chances of a rate hike in June have become more likely, as the commodity has been for over a year now, quite responsive to changes in FED's interestrate hike probabilities. Bulls are not out of the equation yet, given that gold bounced from the base of the descendant channel that has been leading price action ever since it topped around 1,303.00, but the upward momentum keeps fading. From a technical point of view, the daily chart shows that the price has extended further below its 20 SMA, while the technical indicators keep heading south below their midlines. In the 4 hours chart, the technical indicators are bouncing from oversold territory, but remain well below their midlines, far from suggesting a stronger recovery. A daily ascendant trend line coming from February 10th daily low comes this Friday around 1,235.00, being the line in the sand for bulls, as a break below it should imply a downward continuation for the upcoming sessions.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu May 19 16 05:12 ET
Gold declines below 61.8% Fibonacci at 1259.00, which is a negative catalyst along with stability below SMA20 and negative signals on ADX and RSI, A break below SMA50 at 1247.00 is required to extend the bearishness today.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu May 19 16 05:11 ET
Oil declined after failing to stabilize above 88.6% Fibonacci at 48.05, which could be a negative signal. RSI is negative, while ADX shows decrease in bears’ power. We believe that, bearish actions are under preparation on oil, targeting 78.6% level at 45.55.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu May 19 16 00:23 ET
Spot gold plummeted to its lowest for the week and trades a few cents below $ 1,260.00 a troy ounce, on renewed expectations of a US June rate hike. Nearing past week low of 1,256.79, the immediate support, the commodity has been largely correlating with FED's tone, down on a hawkish stance and up when a rate hike looked less likely in the nearer term. Despite holding within the daily descendant channel coming from this year high of 1,303.00, the bearish potential has increased exponentially with the news, and technical readings in the daily chart are aligned with market's sentiment, as in the daily chart, the technical indicators have accelerated within negative territory, whilst the price is well below its 20 SMA for the first time since late April. In the shorter term, the 4 hours chart shows that the price is holding above a bullish 200 SMA, but is well below the 20 and 100 SMAs, both converging at 1,274.40, while the Momentum indicator has lost its bearish strength, well below its 100 level, and the RSI indicator keeps heading lower, supporting a continued decline towards the base of the figure.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed May 18 16 04:58 ET
The decline seen in Asian session was limited above 88.6% Fibonacci at 48.05, which could be positive signal. We are still targeting 50.00 and a break above this psychological level will expose 50.89. Only, a break below 47.00 will give us a rational reason for concern.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed May 18 16 04:57 ET
Gold failed to stabilize above 1281.00 during Asian session, while RSI declines, but remains trading above 50.00. ADX also moves upwards with decline +D. We will be neutral due to the aforementioned factors as trading remains above 1259.00, but below 1281.00.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 18 16 00:15 ET
Spot gold swung between gains and losses for most of this Tuesday, following the erratic behavior of the USD, to finally end up around $ 1,278.00 a troy ounce, fueled by a late slide in the greenback and Wall Street´s fall. Despite the positive close, the daily chart shows that the bright metal posted a lower low and a lower high, while it is still capped by the roof of the descendant channel coming from this year high of 1,303.67, which increases the risk of a bearish move over the upcoming days. In the same chart, the technical indicators lack directional strength within neutral territory, while the price keeps holding above a bullish 20 SMA, which ultimately limits the possibility of a stronger decline. In the 4 hours chart, the technical indicators also present a neutral stance, heading nowhere within positive territory, whilst the price develops above its 20 and 100 SMAs, in line with the longer term outlook.
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GOLD - Loses Upside Momentum, Vulnerable Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Tue May 17 16 22:06 ET
GOLD - Having lost its upside momentum to close on a rejection candle on Monday, further weakness is envisaged. On the downside, support comes in at the 1,265.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to weaken further correction.
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