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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 | Tue Jun 28 16 06:20 ET
Crude oil price is trying to rise again, but this rise is still limited in the levels below 48.30 resistance level, and any trading below this level will keep the possibility for extension of the downward trend. But today, trading below 46.85 presented by SMA 50 is needed to prove the negativety over intra-day trading and prove the bearishness toward 23.6% Fibonacci located at 45.60. Break 45.60 will cause a large extension in the downward direction.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Jun 28 16 06:19 ET
Gold price fell during the Asian session today, after failing to achieve a breakthrough above 1332.00 resistance and stability above it of it yesterday. In addition, signs of weakness on both RSI and ADX indicator appears. Weak signals that appeared on the technical indicators makes us prefer staying aside today, where trading below 1332.00 and 1303.00 will be considered not clear trends. However, we must point out that breaching 1332.00 and stability above it will bring back the positivity once again.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jun 27 16 23:44 ET
Spot gold saw a modest advance early Monday, having spent most of the day consolidating its latest gains. The commodity closed the US session around $1,325.00 a troy ounce, prompted by risk aversion and UK´s turmoil after the unexpected victory of the "leave" campaign. However, things were quieter today, at least for the safehaven metal, which added roughly 0.8% after gaining almost 5% last Friday. From a technical point view, the daily chart shows that the technical indicators have turned lower from near overbought levels, but remain well above their midlines, whilst the 20 SMA maintains a strong upward tone well below the current level, all of which indicates that the downside remains limited. In the 4 hours chart, the technical picture is quite alike, as indicators consolidate within overbought levels, with no signs of turning lower, whilst the price holds far above its moving averages. The daily high was set at 1.335.56, the level to overcome to confirm a new leg higher for this Tuesday.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jun 27 16 00:00 ET
Spot gold surged to its highest since March 2014, reaching $1,358.39 a troy ounce before finally settling at 1,318.41 by the end of the day. The safehaven metal surged on Britain's decision to leave the EU, posting its largest oneday gain in almost three years. Despite no such moves are now expected, the upward tone will likely prevail, as market's turmoil will take some time to chill down, whilst the uncertainty generated by this Brexit will likely keep the US Federal Reserve onhold for the rest of the year. The daily chart for the commodity supports a continued advance, as the metal closed above previous highs, having surged strongly after testing its 100 DMA, and with the technical indicators presenting strong upward slopes after bouncing from their midlines. In the 4 hours chart, the technical indicators have turned flat within overbought levels, beginning to neutralize early violent moves, yet the price holds above its moving averages that are slowly turning north, all of which supports the bullish perspective.
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GOLD - Bullish But Holds Below Key Overhead Resistance Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jun 26 16 22:40 ET
GOLD - The commodity closed strongly higher the past week leaving risk higher but beware of a pullback in the new week. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level. Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen could trigger further downside pressure targeting the 1,270.00 level. Conversely, resistance resides at the 1,330.00 level where a break will aim at the 1,340.00 level. A turn above there will expose the 1,350.00 level. Further out, resistance stands at the 1,360.00 level. All in all, GOLD looks to strengthen further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Jun 23 16 23:42 ET
Gold prices spent most of this Thursday consolidating, with spot ending the day pretty much flat, around $1,261.90 a troy ounce. The bright metal drifted lower at the beginning of the day, extending its decline down to 1,257.45 a fresh 2week low, but bounced back as the dollar was broadly weaker. In EUR and GBP terms, however, gold prices ended sharply lower down over 10% against the Pound from the threeyear high set last week at £938, amid increasing speculation the UK will remain within the Euro region. From a technical point of view, the downward risk persists, but looks now limited, as the technical indicators have lost their bearish momentum and turned horizontal above their midlines, whilst the price stands a few cents below its 20 SMA. In the 4 hours chart, the 20 SMA heads south above the current level, capping the upside now around 1,271.40, whilst the technical indicators lack clear directional strength, but hold near oversold levels, supporting some further slides on a break below the daily low, and with scope to extend down to the 1,242.50 region, should risk appetite persist.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Jun 23 16 04:27 ET
After touching the previously breached ascending channel support level, Oil price fell. However, trading remained limited in levels above 48.30. Currently, the price is trading above SMA 20, but below the previously mentioned breached support located at a price of 50.65 turned into resistance. Current trading range considered a high big risk range, and this is what makes us remain neutral, especially since the ADX is showing a strong decline in trend lines. 50.65 penetration rate will bring back positivity, while a breaching 48.30 will indicate the extension of the downward trend that began yesterday.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Jun 23 16 04:26 ET
Stabile trading below the SMA just 20, and around 1263.00 – 1264.00 price will be the proof for the down trend extension for Gold price today. Although the price trading below 1281.00 could be considered negative, but we prefer to see trading below 1263.00 price to keep the bearish opportunity better. From the bottom, 1251.00 will be the next key support level. RSI is negative, moreover, ADX index shows trend change chance, and these conditions supportive for negativity as long as Gold price trading settled below 1263.00.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Jun 22 16 23:46 ET
Spot gold extended its weekly decline, although losses were moderated this Wednesday, as liquidity diminished dramatically ahead of the critical UK event. Spot closed the day around $1,264.20 a troy ounce, not far from the fresh 2week low set at 1,261.14. The commodity established a yearly high last week around 1,315.00 after the US Federal Reserve decided to maintain its economic policy onhold, whilst presenting quite a dovish stance towards future rate hikes, also supported by a strong riskaverse environment ahead of the UK referendum. This last suffered a sudden change late last week when polls began to show that the "remain" side was taking the lead, although fears resumed as the date looms. The daily chart shows an increasing bearish potential, as the price is struggling around a bullish 20 SMA, whilst the technical indicators head lower, right above their midlines. In the 4 hours chart, the metal is biased lower, as the price has extended below a now bearish 20 SMA, whilst the technical indicators head sharply lower within negative territory, supporting further declines for this Thursday.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Jun 22 16 04:54 ET
After rising took place yesterday, we find that the price of Crude Oil trading at the start of the European session this day close to the previously broken support and the rising channel, which has now become resistance around 50.65. Breaching up 50.65 level will be needed to confirm the extension of the upside move towards the top achieved recently at 51.65, while penetrating the last mentioned level will be a reason for the extension of the upside wave. Therefore, we will be positive today as long as trading stabilized above 50.00, but the breakthrough 50.65 will be necessary to prove this expectation. Breaking price of 48.30 will make us concern.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Jun 22 16 04:53 ET
Gold price fell, forming a bearish candlestick after the break of 1280.00 achieved, and stability below the mentioned level considers negative. However, we will need to see a break of 1263.00 support level to prove the negative stretch. There are signs of weakness appear on each of ADX and RSI indicators, and these signals are supportive for the possibility of more bearishness. However, at the same time, we stress that the negativity requires a breaking 1263.00 support level, presented by 61.8% Fibonacci retracement, which has also resides near simple moving average 20, trading back above 1280.00 will weaken negative prospect.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jun 21 16 22:47 ET
Spot gold fell down to $1,265.39 a troy ounce, to end around 1,269.30, roughly $20.00 lower daily basis, further retreating from the year high posted last week, on waning Brexit fears after an ORB telephone poll showed that the "remain" side is up to 53% in contrast to 46% to the "leave" side. The commodity is now at fresh 2week lows, and the daily chart shows that the technical indicators have extended their declines within positive territory, and with sharp bearish slopes, almost ready to cross their midlines towards the downside, indicating an increasing bearish potential. In the same chart, the 20 DMA keeps heading higher, now around 1,259.80, which means an extension below this last should confirm a continued decline, probably towards the 100 DMA at 1,250.40. In the 4 hours chart, the price is now below a bearish 20 SMA, whilst the technical indicators head south near oversold readings, also supporting some further slides for the upcoming sessions.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Jun 21 16 03:02 ET
After rising as we expected earlier, the price of Crude Oil settled on very sensitive levels, located near the previously broken uptrend line. The breach of 50.00 and stability above it is required to prove the positivity, and this could be available as long as trading stabilized above the price of 48.30 – 48.00. However, at the same time, the weakness that began to appear on the ADX and RSI indicator makes us prefer to wait for confirmation of the trend through penetration the 50.00 level and stabilizing above it. Breaking below the mentioned level 48.00 and stability below it will return bearishness on focus. Therefore, we will be neutral between those levels, and we will update this report if we get a better signals to confirm the trend.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Jun 21 16 03:00 ET
ADX indicator showing further decline in the upward trend strength of the gold price, and RSI shows a negativity. On the other hand, we see that the moving averages are still positive. Trading between 1280.00 and 1291.00 force us to remain neutral now, where we will be in need a better signals to confirm the trend, especially with the price trading within the same trading range we witness on Thursday and Friday. Breaching up 1303.00 will be required to prove positive, while stability below 1280.00 is required to prove the negativity.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jun 20 16 23:46 ET
Gold prices fell at the beginning of the day, as fears over a possible Brexit receded with new polls released over the weekend, although spot gold managed to trim most of its intraday losses to close the day down anyway around $1,288.60 a troy ounce. Investors, however, are being reluctant to unwind their long positions in gold, as uncertainty over the outcome of the referendum prevails, with the "leave" and the "remain" now neck to neck. Technically, the daily chart shows that indicators have retreated from overbought territory, and keep heading lower, but still well above their midlines, whilst the 20 SMA maintains a strong upward slope around 1,256.80. In the 4 hours chart, the price is below a horizontal 20 SMA, offering an immediate resistance at 1,290.70, while the RSI indicator is flat around 52 and the momentum indicator heads north within neutral territory, suggesting the commodity may extend its recovery on a break above the mentioned dynamic resistance.
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GOLD- Outlook Remains Higher On More Recovery Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Mon Jun 20 16 21:40 ET
GOLD - The commodity continues to retain its upside pressure leaving risk higher in the days ahead. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Conversely, resistance resides at the 1,310.00 level where a break will aim at the 1,320.00 level. A turn above there will expose the 1,330.00 level. Further out, resistance stands at the 1,340.00 level. All in all, GOLD looks to strengthen further.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Jun 20 16 06:44 ET
Oil price rose and settled above the moving averages and above 48.30. Stability above those levels is considered positive; it may be a reason to further climb. In fact, the breach of the psychological barrier of $ 50.00 is required to prove positive, but depending on the stability above the moving averages, it is possible to bet on a new attempt to breach above the psychological barrier. Breaking 48.00 and stability below it could be a reason to weaken the positive possibilities.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Jun 20 16 06:43 ET
Gold price fall, but the decline is still within the levels of uncertain trends, as the price stability above 1280.00 and below 1303.00. Trading within the previously mentioned levels will make the risk/return ratio not suitable for us. RSI indicator is negative while ADX shows decreasing uptrend. Therefore, we prefer to wait a bit until confirmation of trading below t 1280.00 to prove the negativity or breaching 1303.00 to confirm bullishness before making a decision in determining the direction.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Jun 19 16 23:02 ET
Spot gold surged for a third consecutive week, having reached a fresh year high of $1,315.54 a troy ounce, to finally settle around 1,298.00, its highest close since January. Despite risk aversion receded somehow on Thursday, the commodity recovered sharply before the weekly closing bell, on broad dollar's weakness. Spot is clearly bullish from a technical point of view, but will likely remain volatile ahead of the Brexit referendum, reacting to sentiment's shifts as polls and news hit the wires. Technically, the daily chart shows that the technical indicators have resumed their advance after a modest downward correction from overbought levels, with the Momentum indicator at fresh highs, as the price advanced further above its moving averages, all of which supports further gains. In the 4 hours chart, the price stands above a bullish 20 SMA, whilst the technical indicators head north within positive territory, in line with the longer term outlook.
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GOLD - Outlook Remains Higher On More Bullishness Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jun 19 16 21:03 ET
GOLD - The commodity retains its upside pressure but with caution as it approaches its key resistance. On the downside, support comes in at the 1,290.00 level where a break will turn attention to the 1,280.00 level. Further down, a cut through here will open the door for a move lower towards the 1,270.00 level. Below here if seen could trigger further downside pressure targeting the 1,260.00 level. Conversely, resistance resides at the 1,310.00 level where a break will aim at the 1,320.00 level. A turn above there will expose the 1,330.00 level. Further out, resistance stands at the 1,340.00 level. All in all, GOLD looks to strengthen further.
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