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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 | Mon Jun 26 17 03:43 ET
Spot gold trimmed all of its early losses and closed the week with modest gains at $1,256.72 a troy ounce amid lackluster dollar's performance, and uncertainty over the upcoming Fed's move. Despite softening inflation in the US, monetary policymakers have been sending mixed signals over next move, most supporting further hikes ahead, in spite of poor data. Markets are not yet convinced over another hike in the current macroeconomic environment, and weakening equities helped gold to bounce. In the daily chart, the price has settled above a flat 100 DMA, but still trades below a modestly bearish 20 DMA, this last at 1,265.01, whilst technical indicators have managed to bounce from near oversold levels, heading higher, but still well-below their mid-lines. In the 4 hours chart the commodity presents a bullish stance, with technical indicators resuming their advances within positive territory and the price firmly above a bullish 20 SMA. The 200 SMA caps the upside, providing an immediate resistance at 1,258.00.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Jun 23 17 05:00 ET
Spot gold advanced at the beginning of the day to trade at $1,254.63 a troy ounce, but trimmed most of its daily gains to settle at 1,249.20. The early advance was supported by broad dollar's weakness, and easing long-term US Treasury yields that led to the yield-curve to flatten to an almost 10-year low on Wednesday. Also, helping gold were persistent weakness in equities during the Asian and European sessions alongside with political uncertainty. The commodity advanced modestly for a third consecutive day, but the technical picture keeps favoring the downside as in the daily chart, the price was unable to advance beyond a horizontal 100 SMA, while technical indicators continue heading south within bearish territory. In the 4 hours chart, the price has settled above a horizontal 20 SMA while technical indicators have bounced modestly from their mid-lines, but remain below previous daily highs limiting chances of a stronger recovery.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Jun 22 17 04:53 ET
Gold prices consolidate losses around the 1-month low reached this week, with spot adding a few cents daily basis and settling at $1,246.10 a troy ounce. The commodity was unable to attract buyers, despite falling equities, while the downside was limited by diminishing Fed's surprise headlines on rate hikes and shrinking the balance sheet. The daily chart for the commodity shows that the price peaked right below Tuesday's high, but still stands below its 20 and 100 DMAs, while technical indicators turned horizontal near well below their mid-lines, limiting chances of a steeper recovery. In the 4 hours chart, the recovery stalled right below a bearish 20 SMA, this last acting as an immediate resistance at 1,248.20 while technical indicators recovered within negative territory, not enough to confirm an upcoming advance. At this point, the commodity would need to advance beyond 1,260.00 to regain its bullish stance and attempt a retest of the 1,300 region.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jun 20 17 03:39 ET
Gold prices continued resumed their decline this Monday, with spot settling at $1.245.50 a troy ounce, its lowest in over a month, on a firmer dollar. Comments from Fed's Dudley, pretty much repeating Yellen's statement heard last week, weighed on the bright metal, further dented by a sharp rally in worldwide equities with Wall Street hitting record highs. Sluggish demand from Asian physical buyers at the beginning of the day, also affected gold priced. The daily chart for spot shows that the price has broken below its 100 DMA, extending its decline further below the 20 DMA and with technical indicators accelerating their declines within negative territory, in line with further declines ahead. In the shorter term, and according to the 4 hours chart, the price has settled above all of its moving averages, with the 20 SMA about to cross below the 200 SMA after already breaking through the 100 SMA above the current level, whilst the RSI indicator accelerated its decline, now entering oversold territory and with no sign of changing course.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jun 19 17 05:00 ET
Spot gold closed the week at $1,253.98 a troy ounce, near its weekly low, pressured by a hawkish Fed. Dollar's broad weakness on Friday prevented the commodity from falling further, but overall, the negative tone persists, after the US Federal Reserve confirmed that it's still in the normalization path, with three rate hikes still in the table for this year, while announcing its intention of shrink the balance sheet. Down for a second consecutive week, the daily chart presents a bearish stance giving that technical indicators keep heading south after entering negative territory, whilst the price has broken below it s20 DMA and barely rests above the 100 DMA, this last a critical support at 1,251.10. In the 4 hours chart, the price settled well below its 20 and 100 SMAs, with the shortest gaining downward strength, and around a flat 200 SMA, whilst technical indicators head south near oversold readings, supporting further slides ahead.
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GOLD - Targets Further Weakness On Bearishness Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jun 18 17 21:36 ET
GOLD - The commodity continues to face its pullback threats. 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 | Wed Jun 14 17 05:21 ET
Spot gold fell to a fresh weekly low of $1,259.24 a troy ounce this Tuesday, undermined by speculation the Fed will raise rates this Wednesday. Anyway, the commodity trimmed all of its daily losses, ending the day pretty much flat at 1,267.45. Gold looks vulnerable from a technical point of view, after further retreating from an approach to the 1,300 mark late May, although the downward strength has decelerate this week, according to the daily chart, where technical indicators have turned horizontal around their mid-lines, and with the price right below a horizontal 20 DMA, but above the 100 and 200 DMAs. Shorter term, the 4 hours chart, shows that the price retreated after testing the 20 and 100 SMAs, both converging around 1,269.00, while technical indicators have recovered within negative territory and are about to challenge their mid-lines, indicating that a strong advance beyond 1,270.00 is required to revert the latest bearish strength.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jun 13 17 06:06 ET
Gold prices saw little action at the beginning of the day, ending it flat despite generally stronger base metals. Spot closed at $1,266.47 a troy ounce, having posted a lower high and a lower low daily basis, this last at 1,263.53. In Asia, the commodity edged lower for a fourth consecutive day, amid low demand from local jewelers and retailers. Daily basis, the metal closed right below its 20 SMA, while technical indicators have kept retreating within positive territory, now resting around their mid-lines. In the same chart, the 100 and 200 DMAs stand flat below the current level, all of which indicates fading upward momentum, but is not enough to confirm an upcoming decline. In the 4 hours chart, the price remained stuck around its 100 SMA, while the 20 SMA maintains its bearish slope above the current level as technical indicators head nowhere within negative territory.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jun 12 17 05:21 ET
Gold prices keep retreating on Friday, with spot ending at $1,266.45 a troy ounce after flirting with yearly highs early week, having traded as high as 1,295.90. The bright metal was undermined by resurgent dollar's demand after risk events in the EU ended up weakening local currencies. Furthermore, former FBI director Comey's testimony brought relief to the American currency, as it hardly affected TrumpĀ“s administration. The daily chart shows that the commodity settled around its 20 SMA, while technical indicators have turned sharply lower, and are currently nearing their mid-lines, indicating that further declines ahead are likely. In the 4 hours chart, the decline is set to continue, as the 20 SMA turned sharply lower well above the current price, whilst technical indicators resumed their declines near oversold readings. Friday's low of 1,264.61 is the immediate support, with a break below it exposing the 1.245.50 region.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Jun 09 17 04:06 ET
Gold prices edged sharply lower, with spot settling at $1,278.40 a troy ounce, its lowest close for the week after trading as low as 1,271.25. The dollar edged higher against most of its major rivals following ECB's monetary policy announcement, which fell short from indicating normalization is on the Central Bank agenda. The ECB partially dropped its easing bias, by removing the reference to lowering rates, but maintained QE alive and kicking, while downgrading inflation forecasts for this year and the coming ones. The daily chart shows that the commodity held above a still bullish 20 DMA, currently at 1,267.20, while technical indicators retreated within positive territory, but with limited downward momentum. In the 4 hours chart, however, the technical outlook is bearish, as the metal trades below a flat 20 SMA, whilst the RSI indicator consolidates around 45 and the Momentum indicator heads south at fresh one month low, supporting additional declines for this Friday.
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CRUDE OIL - Sells Off, Looks To Weaken Further Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Thu Jun 08 17 21:50 ET
CRUDE OIL - The commodity continues to retain its downside pressure selling off strongly on Wednesday. This has opened the door for more weakness. On the downside, support resides at the 45.00 level where a break will expose the 44.50 level. A cut through here will set the stage for a run at the 44.00 level. Further down, support resides at the 43.50 level. On the upside, resistance resides at the 46.00 level. Further out, resistance comes in at the 46.50 level. A break above here will aim at the 47.00 level and then the 47.50 level followed by the 48.00 level. All in all, CRUDE OIL remains biased to the downside.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Jun 07 17 05:07 ET
Spot gold surpassed its previous 2017 high by a few cents this Tuesday, as political uncertainty fueled demand for the safe-haven commodity. Gold traded as high as $1,295.96 a troy ounce before retreating modestly, to settle at 1,291.40, still sharply higher on the day. Mounting geopolitical tensions in the Middle East alongside with cautious mood ahead of the upcoming US ex-FBI director Comey before the US Senate, favored the bright metal. Having stalled below the 1,300.00 threshold, the risk is clearly towards the upside according to technical readings, given that in the daily chart, the 20 SMA heads north well below the current level and above the 100 and 200 SMAs, whilst technical indicators turned north, with the RSI at a fresh 2-month high around 68. Shorter term, and according to the 4 hours chart, the upside is also favored, as the 20 SMA gathered upward momentum well below the current level, whilst technical indicators have eased from extreme overbought readings, but remain well into positive territory, and far from suggesting an upcoming downward corrective move.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jun 06 17 05:10 ET
Gold prices rallied to fresh 6-week highs on Friday, with spot settling at $1,278.05 a troy ounce. The commodity rallied after US employment data disappointed, as doubts arose about Fed's upcoming decisions on tightening. A June rate hike has been largely priced in, but has now become less of a certainty, while speculative interest is questioning if the US Central Bank will be able to maintain its tightening policy, particularly if data remain soft. Gold is bullish according to technical readings in the daily chart, as the price accelerated above a bullish 20 SMA that is advancing above the larger ones, whilst the RSI indicator turned north, now around 63, its highest since last April. In the 4 hours chat, the 100 SMA is crossing above the 200 SMA far below the current level, also below the 20 SMA, while technical indicators lost upward strength near overbought territory, but are far from suggesting an upcoming downward move.
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GOLD - Retains Its Upside Pressure Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jun 04 17 21:41 ET
GOLD - The commodity continues to hold on to its upside pressure short term leaving risk higher in the new week. On the downside, support comes in at the 1,270.00 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 1,290.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to strengthen further in the new week.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Jun 02 17 06:18 ET
Spot gold lost some ground this Thursday, ending at $1,267.41 a troy ounce. The commodity held steady after reaching a fresh 1-month high on Wednesday, easing modestly amid a stronger greenback and resurging optimism among stocks' traders. Still, investors remained in cautious mode ahead of the NFP report and upcoming events this June, including the UK election and the US Fed meeting. From a technical point of view, the commodity remains in positive territory but losing upward potential, as in the 4 hours chart, the price remains well above its moving averages, although technical indicators hover within positive territory, turning modestly lower but with not enough strength to support a downward move. In the 4 hours chart, the price is hovering around a flat 20 SMA, whilst technical indicators turned north around their mid-lines, but remain below previous weekly highs, suggesting that a break above the high set at 1,274.05 is required to confirm additional gains ahead.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Jun 01 17 05:10 ET
Spot gold ended May on a higher note, up to its highest in over a month and settling at $1,271.43 a troy ounce. Weak US data weighed on the greenback, with investors now speculating whether the Fed will be able to act this June, and if it does as a matter of credibility, how long will it take to move rates again. The sour tone of equities, also backed the safe-haven metal. Gains have been moderated, but the daily chart supports additional advances given that technical indicators have turned back north near overbought readings, whilst the price holds above bullish moving averages. In the 4 hours chart, the price surpassed a bullish 20 SMA, now offering an immediate support at 1,265.90, while technical indicators maintain their sharp bullish slopes after entering positive territory. The commodity has scope to extend its advance up to 1,295.40, April 17th high ahead of the June Fed's meeting.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 31 17 04:34 ET
Spot gold held near the three-week high set last Friday, heading into the Asian session barely below Friday's close, now around $1,266.70 a troy ounce. Political jitters and physical demand should back gold prices during the upcoming sessions, as during the weekend, North Korea issued another missile test that landed in the Sea of Japan, whilst Asian buyers will boost demand ahead of the wedding season. Also, the US will release its PCE index this Tuesday, Fed's favorite inflation measure, and higher than expected readings may cap advances on mounting speculation about a rate hike this month. Technically, the daily chart shows that the price holds well above their moving averages, whilst technical indicators have lost their upward strength, consolidating near overbought levels. In the 4 hours chart, the technical picture is neutral-to-bullish, as the price is also standing above its moving averages, with the 20 SMA heading north and providing an immediate support at 1,262.25, and technical indicators heading nowhere well above their mid-lines, reflecting the current quietness rather than suggesting upward exhaustion.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue May 30 17 03:45 ET
Spot gold held near the three-week high set last Friday, heading into the Asian session barely below Friday's close, now around $1,266.70 a troy ounce. Political jitters and physical demand should back gold prices during the upcoming sessions, as during the weekend, North Korea issued another missile test that landed in the Sea of Japan, whilst Asian buyers will boost demand ahead of the wedding season. Also, the US will release its PCE index this Tuesday, Fed's favorite inflation measure, and higher than expected readings may cap advances on mounting speculation about a rate hike this month. Technically, the daily chart shows that the price holds well above their moving averages, whilst technical indicators have lost their upward strength, consolidating near overbought levels. In the 4 hours chart, the technical picture is neutral-to-bullish, as the price is also standing above its moving averages, with the 20 SMA heading north and providing an immediate support at 1,262.25, and technical indicators heading nowhere well above their mid-lines, reflecting the current quietness rather than suggesting upward exhaustion.
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GOLD - Risk Remains Higher On More Strength Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 28 17 21:46 ET
GOLD - The commodity continues to hold on to its upside pressure short term. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,270.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 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 | Wed May 24 17 04:21 ET
Gold prices retreated from near a three-week high of $1.263.72 a troy ounce reached at the beginning of the day, settling around 1,250.90, not far from its daily low. There were little news affecting particularly gold, and those released, were in fact gold positive, as Fed's Kashkari made some dovish comments, expressing concerns over the recent decline in core inflation, and therefore weighing on chances of a rate hike next June. Nevertheless, the commodity fell, as the dollar gathered momentum against most of its rivals during the US afternoon. Technically, the daily chart shows that indicators have turned south within positive territory, whilst the price holds above its 20 and 100 DMAs, both converging today at 1,241.10, still lacking directional strength. Shorter term, and according to the technical picture has turned bearish, given that technical indicators have entered negative territory, maintaining their downward strength, whilst the price broke below its 20 SMA, now flat around 1,255.45, providing resistance for the upcoming session.
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