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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 | Thu Apr 28 16 04:54 ET
Following yesterday’s strong fluctuation, oil stabilized above 44.45 and above 45.00 psychological. Trading above 44.40 suggests more inclines and also above 45.00 since ADX shows decrease in bulls’ power. In general, we are targeting 46.90.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Apr 28 16 04:53 ET
Gold inclines, stabilizing above the psychological level of 1250.00, which assisted bulls to approach 61.8% Fibonacci at 1260.00. Stable moves above 1260.00 will prove the bullish tendency and the effect of moving above moving averages.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Apr 27 16 23:23 ET
Gold prices advanced heading into the Fed’ decision, with spot reaching a fresh weekly high of $1,252.71 a troy ounce before turning south after the announcement to finally close pretty much flat around 1,243.90.The early rally in the commodity was supported by a softer greenback, whilst the late decline is being blamed on risk appetite, as speculation that the US Central Bank will remain onhold for longer, is fueling demand for stocks. The base metal maintains therefore, the neutral stance seen on previous updates, and in the daily chart, the price is standing barely above its 20 SMA, whilst the technical indicators head slightly lower around their midlines, lacking clear directional conviction. In the shorter term, the 4 hours chart shows that the technical indicators have turned lower, but remain above their midlines, whilst the price is above its moving averages that anyway remain all together in a tight range right below the current level, a clear indication of the ongoing absence of trend.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Apr 27 16 06:02 ET
Crude oil prices managed to rise and stabilize above 44.40-44.45, where the trading above this level is considered positive according to Fibo trading rules, as this level represents 127.2%. The stability above this level increases the chances of seeing further rise to the next level of 161.8% located at 46.90. Despite the sideways movements of the RSI , it still hovers above the 50 line, we favor further bullishness as the moving averages support the extension of the upside direction, but the stability above 43.40 is needed.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Apr 27 16 06:01 ET
Gold failed to stabilize Below SMA 20 located at 1238.00, yet it rose the previous session. The ADX shows the emergence of a new upside direction while RSI 14 is hovers above the 50 line. However, the bullish direction would need a breach of 1250.00 on the intraday basis then a daily closing above 1260.00, noting that any failure in these two steps could halt the upside direction. We will be bullish today, but any failure to stabilize above 1250 or 1260 would force us to cancel out bullish direction and prefer neutrality.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Apr 26 16 23:25 ET
Gold prices recovered some further ground this Tuesday, with spot surpassing by a few cents Monday's high and ending the day around $1,242.00 a troy ounce. The commodity has been unable to attract speculative interest so far this week, as investors remain sidelined ahead of the upcoming US FED's decision this Wednesday, as gold has been largely correlated with the Central Bank's announcements. Trading within Friday's range ever since the week started, the daily chart maintains the neutral stance seen on previous updates, with the price still moving back and forth around a horizontal 20 SMA, and the technical indicators lacking directional strength within neutral territory. In the 4 hours chart, a slightly positive tone prevails given that the Momentum indicator heads north above its 100 level, whilst the RSI consolidates around 52. In this last time frame, the price is above its moving averages, but all of them are quite close and within a $5 range, a clear sign of the ongoing lack of directional strength.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Apr 26 16 04:43 ET
The negativity appearing on ADX and RSI isn’t affirmed, while prices failed to stabilize below 42.47. Trading between SMA20 and SMA50 is neutral and a break above 43.40 will ease the path towards 44.45 followed by 44.45.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Apr 26 16 04:42 ET
The bullish attempts were limited below SMA20 at 1238.00w, which may cause further downside actions. The negativity requires a break below 1219.00 to activate the bearishness on ADX. RSI moves below 50.00, but remains sideways and we need the aforementioned breakout. On the upside, a break above 1250.00 will negate the bearishness.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Apr 25 16 23:40 ET
Spot gold posted a modest advance this Monday, having extended up to $1,242.23 a troy ounce before settling around 1,237.00, as broad dollar's weakness and stocks soft tone supported demand for the safehaven asset. Trading, however, was lackluster ahead of the FED's meeting this Wednesday, as the commodity has been long dependent of the US economic policies. Set to consolidate further, the daily chart presents quite a neutral stance, as the technical indicators hover around their midlines, whilst the price is stuck around a horizontal 20 SMA. Also, the price remains above, but getting closer, to a daily ascendant trend line coming from February 10th low at 1,181.46, today around 1,222.30, the level to break to confirm a steeper decline. In the 4 hours chart, the price failed to advance above its moving averages, with the 20 SMA maintaining a strong bearish slope and offering a dynamic resistance around 1,242.80, whilst the technical indicators have recovered partially within bearish territory, but turned flat, lacking directional strength.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Apr 25 16 06:44 ET
Oil hovers around SMA20 near 43.40-Fib. of 113%- as seen on the graph. Trading above 42.45 is positive despite the weakness on RSI and we need to see oil trading above 44.45 to be bullish based on trading above moving averages.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Apr 25 16 05:50 ET
Gold trades below SMA20 despite trying to inch higher in Asian session, but 1238.00 held, keeping the bearishness valid. A break below 1219.00 will affirm the bearishness and trading below SMA50 will affirm. Only a break above 1260.00 will be bullish.
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GOLD - Corrective Bias Remains Intact Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Apr 24 16 23:48 ET
GOLD - With the commodity remains weak and vulnerable to the downside following its rejection candle print the past week, further weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Apr 24 16 23:46 ET
Spot gold fell of Friday, dropping to $1.227,38 a troy ounce and hitting the lowest since April 15th, on broad dollar strength. The yellow metal ended the week at $1,233.48, slightly lower, but within the previous week range, consolidating its yearly gains ahead of the US Federal Reserve economic policy decision this week. Gold has been extremely sensitive to US economic policies, and if the Central Bank comes in with a hawkish stance, the commodity may suffer big, and break below the $1,200 figure, approaching then to production cost once again. In the meantime, the daily outlook is neutral, as the price continues hovering back and forth around a horizontal 20 SMA, whilst the technical indicators have turned slightly lower, but around their midlines and with no clear directional strength. In the 4 hours chart, the price accelerated its decline after breaking below its 20 SMA, now bearish around 1,248.30, while the Momentum indicator heads sharply lower below the 100 level and the RSI consolidates around 39, supporting some additional declines towards 1,220.00, a daily ascendant trend line coming from February 10th low at 1,181.46.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Apr 22 16 04:55 ET
Although ADX shows weakness in trend, but oil trades above moving averages, which is a positive catalyst. The resistance of 44.45 should be cleared to accelerate. A break above 44.45 will bring the bullishness back and could assist ADX to present new bullish sign. The protection for the bullish scenario is 42.45 and preferably stability above 43.45.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Apr 22 16 04:54 ET
Gold trades within a narrow range after failure to hit 1260.00 regions. Trading above 1235.00 is positive, but this positivity isn’t as same as yesterday according to RSI and ADX. Anyway we will be bullish and a break above 1260.00 will affirm and failure to take it out again will be a sign for closing positions.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Apr 21 16 23:05 ET
Spot gold rallied to a fresh monthly high of $1,270.23 a troy ounce, following a buoyed EUR, but turned south alongside with the common currency, closing the day right below the 1,250.00 level, as investors now look ahead to the US FED meeting next week. Also, a strong US employment report, showing that weekly unemployment claims fell to the lowest since 1973, added to the short term negative sentiment towards the commodity. The daily chart for spot shows that the price continues developing well above a mild bullish 20 SMA, while the technical indicators lack directional strength within positive territory, suggesting some further consolidation ahead. In the 4 hours chart, the 20 SMA is offering an immediate support around 1,247.00, whilst the Momentum indicator heads south below the 100 level and the RSI stands flat in neutral territory in line with further range trading as suggested by bigger time frames.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Apr 21 16 04:51 ET
Oil inclined, touching 44.40 in Asia and that exposes 44.90 and may be 46.55 followed by 64.90. Trading above 43.30 is a positive signal along with positivity on ADX, but RSI approaches the value of 70.00. We need to see stability above 44.40 to be bullish, while coming below 42.45 is negative.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Apr 21 16 04:50 ET
Gold inclined, touching the initial resistance of 1260.00 –Fib. of 61.8- and it is important level to define the next move today. Trading above moving averages in addition to positivity on RSI will assist bulls above 1260.00. On the downside, coming below 1242.00 and 1235.00 will wean the bullish wave.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Apr 20 16 22:45 ET
Stop gold hovered around $ 1,250.00 a troy ounce for most of the first half of the day, but finally capitulated to market's optimism and fell as oil and stocks advanced to fresh yearly highs in the US. The bright metal has been trading within a symmetrical triangle ever since topping around $ 1,283.00 a troy ounce earlier this year, and during this last few days, the price pressured, by failed to break above the roof of the figure, quite discouraging for bulls, which may be forced into profittaking and therefore result in a stronger retracement in spot. Now closer to $1,240.00 the daily chart shows that the price remains anyway above its 20 SMA, while the technical indicators have barely retraced within bullish territory, signaling the downward pressure is still not enough to signal a longer term continuation. In the 4 hours chart, the price is approaching its 20 and 200 SMAs, both around 1,241.10, whilst the technical indicators head sharply lower and are about to cross their midlines towards the downside, suggesting the decline may extend further lower this Thursday.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Apr 20 16 04:54 ET
Moving to June 2016 settlement, we see oil prices decline in Asian session, trading below SMA50, despite the signs of weakness on RSI and ADX. A break of 40.90 will bring the bearishness back into focus, as it represents 78.6% Fibonacci near SMA50 and coming below it will trigger a downside wave towards 39.75 and 38.90 respectively. On the upside, clearing 42.50 will be a positive catalyst.
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