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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 | Sun Feb 26 17 23:25 ET
Gold prices surged to their highest in over three months, after FED's Minutes failed to confirm a rate hike for March and over increasing uncertainty over the economic impact of US's new administration policies. Spot gold surged up to $1,260.07 a troy ounce and closed the week at 1,256.62, above the 61.8% retracement of the post-US election slump. Political uncertainty in Europe and the US maintain safe-haven assets on demand, with gold and yen poised to extend their gains during the upcoming days. Gold's daily chart shows that the price accelerated further above a bullish 20 DMA, but met some selling interest around the 200 DMA, the immediate resistance at 1,260.10. In the same chart, the Momentum indicator has lost upward strength, but remains within positive territory, whilst the RSI indicator maintains its bullish slope within overbought readings. In the 4 hours chart, the price is far above all of its moving averages, with the 20 SMA having accelerated its advance, now around 1,240.00 and technical indicators holding within overbought territory.
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GOLD - Eyes Further Upside Pressure On Strength Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Feb 26 17 22:01 ET
GOLD - The commodity closed higher the past week leaving it to strengthen further on trend resumption. On the downside, support comes in at the 1,250.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through here will open the door for a move lower towards the 1,230.00 level. Below here if seen could trigger further downside pressure targeting the 1,220.00 level. 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 strengthen further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Feb 23 17 23:58 ET
Spot gold accelerated its advance and printed a fresh 2017 high of $1,251.01 a troy ounce this Thursday, as the dollar eased against all of its major rivals, following comments from US Treasury Secretary Mnuchin that trigger some uncertainty over upcoming fiscal policies in the US. Adding to the positive tone was physical demand in India, amid the marriage season demand. From a technical point of view, the daily chart shows that the Momentum indicator bounced from its 100 level, whilst the RSI indicator heads north near overbought territory, all of which supports additional gains for this Friday, particularly on a break above 1.255.15, the 61,8% retracement of the post-US election decline. In the same chart, a bullish 20 SMA converges with the 50% retracement of the same decline around 1,230.00. Shorter term, technical readings in the 4 hours chart also lean the scale towards the upside, as the price moved well above now bullish moving averages, whilst technical indicators decelerated their upward momentum, but hold near overbought readings.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Feb 22 17 23:49 ET
Gold prices advanced modestly at the beginning of the day, but trimmed gains and returned to opening levels ahead of the FOMC Minutes release, late in the US afternoon, and also paring gains as news coming from France took some pressure off the EU. Spot gold recovered back and settled at $1,237.80, as dollar's bulls didn't get enough from the minutes, which made no references to a certain date when it comes to rising rates. The technical picture for the commodity, however, hasn't changed, as the price remains within its latest range. In the daily chart, the 20 DMA maintains a strong bullish slope, now converging with the 50% retracement of the post-US election decline around 1,230.00, the RSI indicator continues consolidating around 62, whilst the Momentum indicator extended its slide within positive territory, now pressuring its 100 level. In the 4 hours chart, technical readings present a neutral stance, as technical indicators hover around their mid-lines with no clear directional strength, whilst the price moves back and forth around a horizontal 20 SMA.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Feb 22 17 00:57 ET
Spot gold trimmed its early losses and settled at $1,246.64 a troy ounce, as soft US data offset concerns of a soon-to-come US rate hike. The commodity fell down to 1,226.09 at the beginning of the day, weighed by FED's Harker comments, pledging for a March rate hike if inflation keeps rising, but recovered in the US afternoon, as investors wait for the FOMC Minutes to offer some hints on the pace of US rate hikes. As it is the case for the JPY, investors are reluctant to unwind their long positions in safe-haven assets. From a technical point of view, the daily chart shows that the price bounced sharply from a bullish 20 DMA, whilst the 100 DMA keeps losing downward strength, now consolidating around the 38.2% retracement of the post-US election decline. In the same chart, the Momentum indicator has lost its bearish strength, turning flat above its 100 level, whilst the RSI indicator consolidates around 62, keeping the downside well limited. In the 4 hours chart, the price is a few cents below a directionless 20 SMA, whilst technical indicators have bounced within negative territory, now aiming to enter positive territory, overall maintaining a neutral stance.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Feb 21 17 00:41 ET
Gold prices consolidate around Friday's closing levels, with spot ending the day at $1,237.40 a troy ounce, confined to a tight range due to a holiday in the US and ahead of the release of US FOMC's Minutes later this week. Also, several FED officials will be on the wires during the next few days in different events, which means that gold traders will be looking for clues on the timing of the next rate hike before moving the metal in a certain way. From a technical point of view, and according to the daily chart, the risk remains towards the upside, as the price held above the 50% retracement of its post-US election slide, and also above a sharply bullish 20 SMA. Technical indicators in the mentioned chart hold in positive territory, with the Momentum heading modestly lower within positive territory, but the RSI steady at 63. Shorter term, and according to the 4 hours chart, the price is a few cents above a bullish 20 SMA, the RSI indicator heads north around 55, but the Momentum indicator keeps diverging, heading south around its 100 level, this last somehow warning that bulls are beginning to pullback.
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GOLD - Risk Remains Lower On Pullback Threats Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Mon Feb 20 17 22:49 ET
GOLD - The commodity continues to retain its upside pressure but with caution. 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. 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 strengthen further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Feb 19 17 23:36 ET
Spot gold closed with gains for a third consecutive week, although off its February highs as the dollar gained momentum ahead of the weekly close. The bright metal settled at $1,235.57 a troy ounce, posting a solid recover from a low of 1,1216,64, which followed Yellen's statement. The upward momentum seems to be slowing, as in the daily chart, the commodity has settled a double top around 1,244.00, with the neckline of the figure being the mentioned low, whilst technical indicators head modestly lower, within positive territory. A bullish 20 DMA offers support a few cents above the mentioned low, all of which suggests that bulls won't give up as long as the 1,215.00 region holds. In the 4 hours chart, the metal presents a bullish stance, as the 20 SMA heads north around 1,233.90, while indicators have pared their declines well above their mid-lines and after correcting overbought conditions. A break above 1,244.60, however, will favor an extension up to 1,255.10, the 61.8% retracement of the post-US election slide.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Feb 16 17 23:18 ET
Spot gold bounced sharply from a daily low of 1,216.64, ending the day around $1,231.60 a troy ounce. The recovery was limited, as US data released this Wednesday backed Yellen's Tuesday comments about being risky to wait too long to raise rates, as inflation pressures are increasing. Dollar bulls rushed to take profits after the currency reached some critical levels against its major rivals, resulting in a strong intraday reversal that anyway is not enough to confirm an interim top. In the case of stop gold, the daily chart shows that the price bounced sharply after testing its 20 DMA, still advancing below the 100 DMA, whilst technical indicators are attempting to recover after a modest downward correction from overbought readings. In the 4 hours chart, the price is slightly above a flat 20 SMA whilst technical indicators head higher around their mid-lines, with limited upward strength. While further gains are not technically confirmed the risk of a bearish move seems well-limited according to technical readings, with only a break below the 1,200 level indicating a steeper decline afterwards.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Feb 15 17 23:37 ET
Spot gold bounced sharply from a daily low of 1,216.64, ending the day around $1,231.60 a troy ounce. The recovery was limited, as US data released this Wednesday backed Yellen's Tuesday comments about being risky to wait too long to raise rates, as inflation pressures are increasing. Dollar bulls rushed to take profits after the currency reached some critical levels against its major rivals, resulting in a strong intraday reversal that anyway is not enough to confirm an interim top. In the case of stop gold, the daily chart shows that the price bounced sharply after testing its 20 DMA, still advancing below the 100 DMA, whilst technical indicators are attempting to recover after a modest downward correction from overbought readings. In the 4 hours chart, the price is slightly above a flat 20 SMA whilst technical indicators head higher around their mid-lines, with limited upward strength. While further gains are not technically confirmed the risk of a bearish move seems well-limited according to technical readings, with only a break below the 1,200 level indicating a steeper decline afterwards.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Feb 14 17 23:54 ET
An early advance in gold prices was quickly reversed post-Yellen, with the commodity closing the day marginally higher at $1,228.50 a troy ounce. Risk aversion dominated the Asian session, with most local share markets closing in the red, amid Trump's security advisor resignation. Slackened physical demand from retailers, weighed on the commodity, but it was increasing speculation of an upcoming US rate hike this March what sent the bright metal lower. Technically, the commodity maintains the positive tone seen on previous updates, as the price remained above a bullish 20 DMA, whilst technical indicators turned flat well above their mid-lines, paring the downward correction from overbought conditions seen at the beginning of the week. In the shorter term, and according to the 4 hours chart, technical indicators are hovering around their mid-lines, whilst the price struggles around a bearish 20 SMA. A major Fibonacci resistance stands at 1,230.00, with an upward acceleration beyond it exposing this month high of 1,244.42.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Feb 14 17 00:25 ET
Spot gold fell to $1,219.26 a troy ounce this Monday, as risk appetite dominate the scene. The bright metal, however, bounced from the level to close the day around 1,226.50, on physical demand at the bullion market, as Indian jewelers bought to meet the wedding season demand. Also, limiting the slide were higher base-metal prices, on fears of copper shortages amid a strike in one of Chile's largest mine. The daily chart for gold indicates that the upward potential eased, but it's too early to call for a retracement, given that the price remains well above a bullish 20 DMA that remains above the 100 DMA, whilst technical indicators retreat, but remain within positive territory. In the 4 hours chart, the price is below a bearish 20 SMA that holds a few cents above the 50% retracement of the post-US election decline, this last around 1,230.00, while technical indicators have recovered within negative territory, holding below previous daily highs. Renewed selling interest below the mentioned daily low will likely see the commodity approaching the critical 1,200 region this Tuesday, where the latest bullish movement will be at risk of reversing.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Feb 12 17 23:50 ET
Gold prices extended their gains this past week, with spot reaching a fresh three-month high of $1,244.67 a troy ounce, to close the week at 1,234.01, down on Thursday amid re-surging risk appetite. Despite broad dollar's strength, demand for gold remained high, amid reduced hopes of three rate hikes coming from the FED this year, with speculators foreseeing the most, two hikes one in June and one in December. Gold prices will depend much on the upcoming Federal Reserve Chair Janet Yellen semi-annual testimony before congress, with a hawkish stance probably taking gold down. From a technical point of view, the upside is still favored given that in the daily chart, the price is well above a bullish 20 DMA that crossed above a bearish 100 DMA, whilst technical indicators have advanced within positive territory, with the Momentum indicator heading north at fresh monthly highs. In the 4 hours chart, however, the price is right below a horizontal 20 SMA, the Momentum indicator retreats from its 100 level within bearish territory, whilst the RSI indicator lacks strength around 55, suggesting a break above Friday's high of 1,237.10 is required to confirm further gains.
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GOLD - Targets Further Upside Pressure Short Term Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Feb 12 17 22:36 ET
GOLD - The commodity continues to retain its upside pressure leaving risk higher prices in the new week on the cards. On the downside, support comes in at the 1,230.00 level where a break will turn attention to the 1,220.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. 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 strengthen further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Feb 09 17 23:13 ET
Gold closed the day with losses after spending the day near the three-month high posed on Wednesday, weighed by renewed dollar's demand in the US afternoon. Spot closed the day around $1,235.10 a troy ounce, as market's sentiment improved, with investors rushing into high-yielding assets in detriment of the safe-haven metal. The daily chart for the commodity shows that it held above a key support, the 50% retracement of the November/December slide around 1,230.00, while the 20 DMA is advancing above the 100 DMA, both far below the current level and limiting chances of a steeper decline. Technical indicators in the mentioned chart remain within positive territory, with the Momentum flat and the RSI hovering around 67. In the shorter term, and according to the 4 hours chart, the price is currently struggling around a bullish 20 SMA, whilst technical indicators are modestly bouncing from their mid-lines after correcting extreme overbought readings.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Feb 09 17 00:21 ET
Spot gold surged to $1,244.67 a troy ounce, its highest in almost three months, as risk aversion dominated the scene, amid political woes in Europe and uncertainty surrounding the new US administration. Base metal also gathered support from news coming from Chile, as workers at the biggest cooper mine in the country that belongs to BHP Billiton, vowed to strike. Dollar's weakness added to gold's bullish case, moreover as chances of a US rate hike continue to diminish. From a technical point of view, the daily chart shows that technical indicators are gathering upward momentum, the RSI around 71, but the Momentum still within bearish territory. In the same chart, the 20 SMA maintains a bullish slope, advancing modestly above a bearish 100 SMA, both in the 1,210/12 region, all of which favors a new leg higher, now looking to test the 61.8% retracement of the post-US election' slide at 1,255.15. In the 4 hours chart, technical indicators eased from near overbought readings but remain well above their mid-lines, whilst the 20 SMA maintains a sharp bullish slope, now converging with the 50% retracement of the same decline around 1,230.00, in line with the longer term outlook.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Feb 08 17 01:24 ET
Gold consolidated its latest gains this Tuesday, setting a fresh high for this 2017 at $1,235.71 a troy ounce. Spot hold within a tight range, just above the 50% retracement of the November/December decline around 1,230.00. The metal was pretty much immune to intraday dollarĀ“s strength, supporting some additional gains ahead. Backing gold's gains was increasing political uncertainty in Europe, adding to that coming from the US. Daily basis, the RSI indicator has lost upward strength within overbought readings, whilst the Momentum indicator diverges lower, nearing its 100 level. The price, however, remains above its 20 and 100 SMAs, with the shortest crossing above the largest, something usually understood as a bullish signal. In the 4 hours chart, technical indicators are retreating modestly from overbought territory, but are far from signaling a bearish extension, whilst the price remains well above bullish moving averages, all of which supports the case for further gains.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Feb 06 17 22:42 ET
Spot gold rose to its highest since mid November, ending the day a few cents below a daily high of $,1232.95 a troy ounce. The commodity has benefited from an easing dollar ever since the year started, now accelerating its advance after the latest FOMC meeting's minutes suggest that a rate hike in the US won't come anytime soon. Weaker-than-expected wage growth in the US according to the NFP report released on Friday, support the safe-haven metal, further underpinned by increasing risk aversion. The metal has now trimmed half of its post-US elections losses, as the price stands around the 50% retracement of the November/December decline. In the daily chart, the 20 DMA accelerated higher and is currently aiming to cross above the 100 DMA, whilst technical indicators head north within positive territory, supporting some further gains for this Tuesday. In the 4 hours chart, technical indicators also present a strong upward momentum, with the RSI entering overbought territory, and the price well above bullish moving averages, in line with the longer term view.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Feb 05 17 23:17 ET
Spot gold recovered the ground lost in the previous week and closed last Friday at$1,219.00, its highest settlement since past November, backed by a neutral FED that gave no clues on upcoming rate hikes. Adding to gold's positive momentum is increasing global economic uncertainty and the continued unwind of the so-called "Trump-trade," as the new US administration failed to provide policies leading to a stronger economic expansion in the world's largest economy. On the contrary, the protectionist policies announced so far, indicate trade trouble ahead. Gold's daily chart shows that the Momentum indicator heads modestly higher above its 100 level, but that the RSI indicator accelerated its advance, standing now around 64, whilst the price settled above the 20 and 100 DMAs, both around 1,204/10, all of which supports additional gains. Around 1,230.00, the pair has the 50% retracement of the November/December slide, and an extension beyond it will probably indicating a steeper advance for this upcoming week. In the 4 hours chart, technical indicators are heading higher well above their mid-lines, whilst the 100 SMA converges with the 38.2% retracement of the mentioned decline at 1,204.50, providing a strong support in the case of downward move.
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GOLD - Threatens Further Bullish Offensive Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Feb 05 17 22:49 ET
GOLD - The commodity continues to hold on to its upside pressure as it looks to follow through higher in the new week. On the downside, support comes in at the 1,210.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through here will open the door for a move lower towards the 1,190.00 level. Below here if seen could trigger further downside pressure targeting the 1,180.00 level. Conversely, resistance resides at the 1,230.00 level where a break will aim at the 1,240.00 level. A turn above there will expose the 1,250.00 level. Further out, resistance stands at the 1,260.00 level. All in all, GOLD looks to strengthen further.
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