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Energy and Precious Metals Technical Analysis
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Fri Feb 03 12 03:13 ET
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The metal inclined to currently reach areas around the top of (C) point of the double harmonic structure at 1763.00, which is a critical harmonic barrier. A breach of this level could trigger an upside move towards 1794.00 and maybe towards the extended target of 127.2% Fibonacci at 1828.00. But, in case the metal failed to settle above this level, it could enter a downside correctional movement. Stochastic is excessively overbought, but ADX is still positive. Therefore, we remain neutral today, observing the pair's behavior around the mentioned level.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Fri Feb 03 12 02:46 ET
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Oil touched the main support of the descending channel, and settled among levels below the important barrier at 97.70-97.60 and below the 20 and 50 EMA. However, price didnt settle below the main support for the channel, therefore, we may see a correctional rebound to retest 97.70 , as the bearish move has weakend as shown on ADX indicator, and RSI is attempting to reverse direction. Steady trading below 95.10 shall negate any possible bullish correction for now.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Fri Feb 03 12 00:57 ET
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SPOT GOLD closed higher on Thursday extending the rally off December's low. The highrange close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off December's low, the 62% retracement level of the SeptemberDecember decline crossing is the next upside target.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Thu Feb 02 12 23:11 ET
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GOLD continues to march higher trading as high as $1,761 after hitting a low of $1,741 early in the New York Session. As we had expected, prices surged above $1,750 resistance with relative ease as it appeared that a lack of interest in other asset classes has driven investors back to the metal. The strong rally n the equity markets over the past month has seen a re-weighting of allocations which may have supported the run higher in gold prices this week. We continue to remain strongly bullish gold and expect a test of critical resistance above $1,800 in the coming week. For now very strong support has developed just above $1,710 and we expect that this level will hold firm. The next target will be $1,775 if strong resistance at $1,765 can be breached. A surprise number with the US non farm payrolls always plays havoc with the gold price so we recommend caution for those looking to trade commodities tonight.
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Thu Feb 02 12 22:55 ET
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Brent Crude Oil futures are holding steady above $110 per barrel after having hugged this key support level through most of the trading week. This level serves as the rising trend line which forms the bottom of a Flag chart pattern highlighted here by Autochartist.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Thu Feb 02 12 03:58 ET
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Oil declined once again, where the MA 50 halted our intraday positive expectations and failed the move after approaching the resistance around 99.60. Today, trading is stable below 97.60-70 and that supports expectations for further negative pressure. Stochastic is attempting to crossover positively in oversold areas and that might restrict the downside move for some time. Therefore, we remain neutral this morning awaiting confirmations for stability below 97.60 alongside the end of the positive sign on Stochastic.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Thu Feb 02 12 02:35 ET
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Gold rebounded to the upside and is currently stable above 88.6% Fibonacci correction of the CD leg of the double harmonic structure. Consolidation above this correction at 1735.00 suggests that gold could provide more bullish attempts to reach the top of (C) point of the harmonic structure. Stochastic is within overbought areas; however, ADX is still positive. A breach of 1763.00 could trigger a sharp rebound.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Thu Feb 02 12 02:31 ET
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Gold: Gold is trading at 1748.10 levels, continuing its path upwards after giving a phenomenal return for the month of January. Good Industrial data from emerging nations with the rise of Euro against the dollar saw gold touch a high of 1750.70. Support is seen at around 1687 levels (21 days daily EMA) while resistance is seen at around 1762.98
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Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Thu Feb 02 12 00:53 ET
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GOLD: The commodity continues to hold on to its bullishness as it closed higher reversing its Monday losses on Tuesday. It is currently heading higher with eyes on its key resistance at the 1,762.50 level, its Dec 02’2011 high. A clearance of here will bring further upside gains towards the 1,802.75 level, its Nov’2011 high. Its daily RSI is bullish and pointing lower supporting this view. The alternative scenario will a return to the 1,641.35 level on pullbacks. Below here will set the stage for further declines towards the 1,522.55 level, its Dec 2011 low. A break of there will open the door for additional weakness towards its psycho level at 1,500.00. All in all, Gold continues to hold on to its nearer term corrective recovery strength with eyes on the 1,762 level.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Wed Feb 01 12 23:34 ET
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SPOT GOLD closed higher on Wednesday extending the rally off December's low. The highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off December's low, the 62% retracement level of the SeptemberDecember decline crossing is the next upside target.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Wed Feb 01 12 23:01 ET
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GOLD continues to show strong price consolidation to gain slightly to hold above $1,740. The range yesterday was $1,733 to $1,751. As we had expected gold had an attempt at the $1,750 resistance level a couple of times before easing back slightly to $1,743 this morning. The market is eyeing critical resistance just above $1,800 before a charge towards the all time high just above $1,900. Our end of second quarter target of USD2.000 on gold remains firmly in play. Gold is showing good price consolidation at the moment and a break out appears imminent. Nothing has happened overnight so we maintain our strongly bullish stance on gold in both the short and medium term,. We continue to hear of central bank diversification into the metal which continues to support and drive the price higher. Today, there will more than likely be a lull in liquidity and tightening of trading ranges as the market awaits tomorrow's release of the US non farm payrolls data
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Wed Feb 01 12 22:48 ET
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Nymex Natural Gas futures slipped further underwater in Wednesday’s trading session to retest the multi-year lows set at the beginning of January. This price action confirmed an earlier breakout pattern identified on the Autochartist 15-minute time frame. With oil futures continue hovering at or above $100 a barrel and a strong energy sector overall, these sell-offs in natural gas may be establishing a long term bottom at these levels.
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Analysis | Commodity Technical Analysis |
Written by Forex.com |
Wed Feb 01 12 22:45 ET
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In the initial Commodities Corner update from mid-January I noted 'rather than trading this vehicle(gold) relative to dollars, I believe a better alternative would be play it versus Euros, As a reminder, trading XAU/EUR is more of a pure play since it pins a 'risk' vehicle (Euro) against a 'safe-haven' (gold), consequently it could be well positioned to take advantage of a situation in Europe which could potentially worsen over the coming weeks/months.' Sure enough, gold has soared higher versus nearly all fiat monies as the Fed has pledged to keep rates low through late-2014, the SNB and BOJ continue their race to debase via potential currency intervention, the BoE could be set to embark on additional QE next week (meeting Feb. 9th) and the ECB is accomplishing QE via a backdoor operation known as the LTRO program (set to have their second 3-year offering at the end of February - €1 Trillion anyone?). Consequently, barring an extreme liquidity driven panic by the market, I believe precious metals are staged for a further advance, especially when in relation to the troubled Eurozone.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Wed Feb 01 12 02:56 ET
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The overbought signs seen on Stochastic were not able to pressure the metal below 1735.00. Furthermore, ADX is still positive, but without showing any upside rebound. According to the harmonic analysis, we expect the metal to retest the top of (C) point around 1763.00, especially when the metal is stable above 88.6% Fibonacci correction of the CD leg of the bullish harmonic structure. In result, we expect an upside attempt today, but consolidation below 1735.00 again weakens the possibility of the upside move.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Wed Feb 01 12 02:54 ET
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After touching levels around the main resistance for the descending channel -shown on image above-around 101.10, the commodity fell sharply, however with the start of the day it settled above the lower band for Bollinger's bands indicator again. Stochastic is touching oversold areas and that may result in another upside attempt. Also, trading settles above the horizontal support at 97.60 since a while, and this support rejected price more than once. Thus, a four-hour closing below 97.60 shall invalidate our intraday bullish expectations.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Tue Jan 31 12 23:12 ET
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SPOT GOLD closed higher on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off December's low, the 62% retracement level of the SeptemberDecember decline crossing is the next upside target.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Tue Jan 31 12 22:38 ET
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GOLD continues to show strong price consolidation to gain slightly to hold around $1,740. The range overnight was $1,724 to $1,747. The price action played perfectly within our support and resistance levels. In what is certainly a good sign for the metal, it managed to hold onto gains even as the USD rose and equity markets fell. The strong bounce off support at $1,725 has gold maintaining its short term bullish trend and we expect another retest of $1,750 imminently. We believe that gold's status as a store of value and as a safe haven will come to a fore this year as prices accelerate towards $2000 by mid year. We remain strongly bullish. Last year we saw both the USD and gold perform better than mpst other asset classes and we continue to see the same trend this year. Look for support at $1,720 to be tested today. If this level holds, our short term bullish call on the metal will be confirmed.
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Tue Jan 31 12 22:32 ET
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A nice technical breakout was spotted by Autochartist in the silver market early in Tuesday’s trading session. Following a prolonged move higher inside of a textbook Channel Up chart pattern, the price of the nearby silver futures turned lower to breach the trend line support and trigger the sell signal.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Tue Jan 31 12 03:18 ET
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The commodity is trading between the middle and the lower band for Bollinger bands indicator,but attempting to the upside. Stochastic is approaching overbought area however it's still positive and may help price stabilize above the middle band around 99.60. We expect some bullishness this morning for a possible retest of the aforementioned level and maybe further towards the main resistance for the descending channel colored in blue.
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Analysis | Commodity Technical Analysis |
Written by ecPulse.com |
Tue Jan 31 12 03:16 ET
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The metal returned to incline again, but without providing any consolidation above 88.6% Fibonacci correction of the CD leg of the suggested harmonic structure. This rebound doesn’t confirm that the upside move could continue, where the upside move requires consolidation above the mentioned correction at 1735.00 and also above the resistance at 1737.00. Therefore, we remain neutral today, observing the metal's behavior around these levels.
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