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Energy and Precious Metals Technical Analysis
GOLD - Remains On The Offensive On Corrective Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Oct 15 17 23:36 ET
GOLD: The commodity closed higher the past week opening the door for mores strength. 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 recover further higher.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Oct 10 17 06:37 ET
Gold prices extended their advance at the beginning of the week, with spot edging up to $ 1,285.40 a troy ounce, to close it modestly below the level. Gains were triggered by resurgent demand from safe-haven assets on renewed concerns over the US-North Korea conflict. A softer greenback across the board, added to the metal's gains. These last two-day's recovery seems corrective as the price currently stands around the 23.6% retracement of the September/October slide. Daily basis, technical indicators have lost oversold conditions, but pared their recovery within negative territory, whilst a strongly bearish 20 DMA offers an immediate resistance at 1,288.70. In the same chart, the price has managed to regain ground above a flat 100 DMA after bottoming around the 200 DMA last week, a sign that the bearish momentum eased long term. In the 4 hours chart and for the upcoming sessions, the risk is slowly gyrating towards the upside, as indicators aim north within positive territory, whilst the price has surpassed its 20 SMA. Further gains beyond the 1.288.70 level are required to confirm a stepper advance that can extend up to 1,297.45, the 38.2% retracement of the mentioned slide.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Oct 09 17 05:16 ET
Spot gold posted a sharp reversal on Friday, closing the day higher and trimming most of its weekly losses, after plummeting to a two-month low of $1,260.54 a troy ounce. The initial decline was led by US employment data, as despite the negative headline, market players saw it as still supportive of a rate hike given the strong wages' growth within the report. The dollar was unable to hold on to gains and changed course mid US session, following news that North Korea is preparing to test a missile that can reach the US, according to Anton Morozov, a Russian lawmaker who recently visited Pyongyang. The commodity settled at $1,274.55 a troy ounce, and the daily chart shows that the price tested its 200 DMA before bouncing to end around its 100 DMA. In the same chart, technical indicators have managed to bounce from near oversold readings, but are far from signaling an upward extension, whilst the 20 SMA maintains a sharp bearish slope well above the current level, limiting chances of a steeper advance. The key is the weekly high of 1,282.15 as some follow-through beyond the level should favor additional gains ahead. In the shorter term, and according to the 4 hours chart, the latest recovery also lacks enough strength to confirm a bullish continuation, as the price settled around a horizontal 20 SMA, but below bearish larger ones, while technical indicators have reached their mid-lines before losing directional strength.
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GOLD - Looks To Recover Higher On Price Hesitation Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Mon Oct 09 17 00:57 ET
GOLD - The commodity closed marginally lower after rejecting lower level prices the past 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 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to recover further higher.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Oct 04 17 05:52 ET
Spot gold closed the day pretty much unchanged at $1,271.75 a troy ounce, confined to a tight range all through the day. The yellow metal, however, extended its decline intraday towards 1,268.28, its lowest since mid August, indicating that bears remain in the driver seat. Expectations that the US Federal Reserve will raise rates next December have kept the commodity under pressure ever since the early September meeting, and unless the market changes its mind over the event, gold has little chances of recovering ground. From a technical point of view, the daily chart shows that an early advance was contained by selling interest around the 100 DMA, currently at 1.274.50, whilst the RSI indicator extended its downward slope, now nearing oversold territory at 35, and the Momentum stands flat well into negative territory, all of which favors another leg lower ahead. As commented on previous updates, a key support comes now at the 200 DMA, currently at 1,261.40. In the 4 hours chart, the technical outlook is also negative, as the price stands below a bearish 20 SMA, whilst technical indicators hover near oversold readings, with no aims of turning higher.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Sep 28 17 04:02 ET
Gold prices continued falling, with spot reaching a fresh September low of $1,282.49 a troy ounce, to settle at 1,283.71 by the end of the US session. The bright metal was hit strongly by a hawkish Fed, and the latest slide seems far from over, now that the commodity sits comfortably below the 1,300.00 threshold. From a technical perspective, the downward momentum persists in the daily chart, with technical indicators resuming their slides and particularly the RSI that heads strongly south at 39 a fresh 2-month low. The 100 DMA is now a probable bearish target, at 1,274.50. Shorter term, and according to the 4 hours chart, the metal is also biased lower, as the price settled well below all of its moving averages, with the 20 SMA gaining downward strength around 1,296.30, and technical indicators also heading sharply lower within bearish territory, and nearing oversold levels, with no signs of changing course.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Sep 27 17 05:00 ET
Spot gold turned back south, ending the day around $1,299.30 a troy ounce amid a resurgent dollar. Risk aversion at the beginning of the day lifted the metal up to 1.313.57, but dollar's broad demand afterwards put it under pressure after the US opening, particularly as the market is showing less sensitivity to US-North Korea headlines. The commodity came under further pressure after Fed's Yellen comments on inflation and monetary policy, reaffirming policymakers' will to keep on moving forward, despite "transitory" inflation setback. The daily chart for the metal shows that its currently hovering around the 38.2% retracement of its July/September rally, and also that the risk is towards the downside, as the 20 SMA keeps gaining downward strength above the current level, whilst technical indicators are turning back south within bearish territory. In the 4 hours chart, the price is pressuring a marginally bullish 20 SMA, whilst technical indicators turned sharply lower from near overbought levels, now aiming to enter bearish territory, also favoring a downward move ahead.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Sep 26 17 04:57 ET
Spot gold posted its lowest settlement since August 25th, ending the day at $1,291.30 a troy ounce, weighed by US Federal Reserve latest announcement. The central bank revived hopes for a third rate hike this year, with odds of such move now at 72% from 51% before the event. Risk-related headlines coming from US President Donald Trump weren't enough to boost demand for the metal, as he said that "North Korea's nuclear weapons and missile development is a grave threat to peace and security in our world and it is unacceptable that others financially support this criminal, rogue regime," when signing an executive order to further isolate the country. In the daily chart the bearish momentum remains strong, as technical indicators keep heading sharply lower within bearish territory, whilst the price moved further below its 20 SMA, which gains bearish traction far above the current level. Shorter term, and according to the 4 hours chart, the risk is also steady towards the downside, with the 20 SMA crossing below the 200 SMA, both around 1,305.00, and technical indicators holding flat well into bearish territory, with no signs of changing course.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Sep 22 17 04:01 ET
Spot gold posted its lowest settlement since August 25th, ending the day at $1,291.30 a troy ounce, weighed by US Federal Reserve latest announcement. The central bank revived hopes for a third rate hike this year, with odds of such move now at 72% from 51% before the event. Risk-related headlines coming from US President Donald Trump weren't enough to boost demand for the metal, as he said that "North Korea's nuclear weapons and missile development is a grave threat to peace and security in our world and it is unacceptable that others financially support this criminal, rogue regime," when signing an executive order to further isolate the country. In the daily chart the bearish momentum remains strong, as technical indicators keep heading sharply lower within bearish territory, whilst the price moved further below its 20 SMA, which gains bearish traction far above the current level. Shorter term, and according to the 4 hours chart, the risk is also steady towards the downside, with the 20 SMA crossing below the 200 SMA, both around 1,305.00, and technical indicators holding flat well into bearish territory, with no signs of changing course.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Sep 18 17 05:58 ET
Spot gold posted its lowest settlement for this September on Friday, closing at $1,320.81 a troy ounce, sharply down for the week, undermined by increasing demand for riskier assets, as Wall Street rallied to record highs. Gold prices spiked late Thursday on news North Korea performed another missile test that landed in the Japanese sea, but changed course after London's opening. One reason of gold's decline is the upcoming Fed meeting, as despite chances of a rate hike are pretty much null, market expects a hawkish bias through definitions on the reduction of the balance sheet. Technically, the daily chart shows that the price settled slightly below a bullish 20 SMA, whilst technical indicators head sharply lower, dangerously close to their mid-lines, suggesting a bearish extension could be seen on a break below 1.1315,72, the weekly low and the immediate support. In the 4 hours chart, the price settled below its 20 and 100 SMAs, whilst technical indicators hold within bearish territory, also favoring a new leg lower ahead.
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GOLD - Targets Further Weakness Towards Psycho Support at 1,300.00 Zone Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Sep 17 17 22:16 ET
GOLD - The commodity closed lower the past week to open the door for more weakness. On the downside, support comes in at the 1,310.00 level where a break will turn attention to the 1,300.00 level. Further down, a cut through here will open the door for a move lower towards the 1,290.00 level. Below here if seen could trigger further downside pressure targeting the 1,280.00 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 weaken further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Sep 12 17 04:31 ET
Gold prices came under strong selling pressure this Monday as risk aversion eased, with the commodity trading at its lowest in almost a week by the end of the day, around $1,326.60 a troy ounce. A stronger dollar amid easing geopolitical tensions and a strong bounce in equities pushed the commodity lower, also dumped for the sake of riskier, and more profitable assets. Curiously spot gapped lower at the weekly opening, and seems poised to fill another gap, left at the beginning of the previous week, when a North Korean nuclear test pushed the commodity higher, at 1,325.90. The daily chart for gold shows that technical indicators have begun correcting extreme overbought conditions, whilst the price remains far above all of its moving averages, in line with further downward corrections ahead. The 20 DMA particularly, stands now at 1,315.30, providing a dynamic support in the case of further dollar gains. In the 4 hours chart, the commodity is biased lower, trading below a bearish 20 SMA and with technical indicators heading sharply lower within negative territory, also leaning the scale towards the downside for the upcoming sessions.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Sep 11 17 06:40 ET
Spot gold closed Friday at $1,346.63 a troy ounce, up for the week, but flat on the day. The bright metal surged to 1,357.49, its highest since July 2017 on dollar's sell-off, but corrected lower ahead of the close on profit taking. The metal is up for third consecutive week, as geopolitical jitters coupled with US Fed´s speakers dovish comments about the economy and possible upcoming rate hikes. The commodity may be traded with a cautious stance these upcoming days and ahead of Fed's announcement, but the upside remains favored, as despite some possible relief upward corrections, there are no bases for a dollar's appreciation. From a technical point of view, the daily chart shows that technical indicators keep hovering within overbought territory, whilst the price is far above a firmly bullish 20 SMA, this last around 1,310.00, all of which supports the ongoing bullish trend. In the 4 hours chart, the price settled above a bullish 20 SMA, this last around 1,342.70, providing an immediate support, while technical indicators stand directionless within positive territory.
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GOLD - Faces Pullback Threats Despite Bull Pressure Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Sep 10 17 21:23 ET
GOLD - The commodity looks to weaken further following its Friday price rejection. On the downside, support comes in at the 1,340.00 level where a break will turn attention to the 1,330.00 level. Further down, a cut through here will open the door for a move lower towards the 1,320.00 level. Below here if seen could trigger further downside pressure targeting the 1,310.00 level. Conversely, resistance resides at the 1,350.00 level where a break will aim at the 1,360.00 level. A turn above there will expose the 1,370.00 level. Further out, resistance stands at the 1,380.00 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 | Fri Sep 08 17 04:52 ET
Gold prices regained the upside and settled at their highest since September 2016, with spot up to $ 1,349.32 a troy ounce, to finally stabilize around 1,345.00. The commodity followed the lead of the common currency against the greenback, both rising on the back of ECB's announcement, overall optimistic, and tepid US employment figures. Political uncertainty in the US remains high, despite some positive announcements over the debt ceiling these days, keeping gold buoyed. The commodity is moving with a bullish bias according to the daily chart, as the metal closed at its highest for the week and well above all of its moving averages, whilst technical indicators resumed their advances within overbought territory, with the Momentum currently at fresh multi-month highs. In the 4 hours chart, the price is also well above moving averages, while the RSI aims to regain the upside, currently around 68, although the Momentum lost upward strength, all of which favors the upside anyway, particularly on a break above 1,352.55, the immediate resistance.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Sep 04 17 04:37 ET
Gold prices posted strong gains this past week, with spot closing at $1,325.91 a troy ounce, its highest settlement since September last year. There were multiple factors behind gold's advance, being turmoil around the US government, a persistent weak dollar, and escalating geopolitical tension in Asia among the most relevant, as all contribute to the case of a slower pace of tightening coming from the US Federal Reserve. Gold traded as high as 1,328.82 before retreating modestly, anyway poised to extend its advance, as weekend developments in North Korea will likely fueled demand for the safe-haven metal. Technically, the daily chart shows that the price remains far above a bullish 20 DMA that continues advancing above the larger ones, whilst technical indicators have partially lost upward strength within overbought territory, far however, from suggesting a slide. In the 4 hours chart, technical indicators keep heading north, with the RSI indicator nearing overbought readings, as the price remains above bullish moving averages, all of which supports additional gains on a break above the mentioned yearly high.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Sep 01 17 04:47 ET
Spot gold regained the upside after US inflation failed to impress, trimming all of its previous two days' losses to settle a few cents below the $1,320.00 level. The US core PCE inflation, Fed's favorite inflation gauge remained unchanged yearly basis at 1.4% in July, well below the Central Bank's target of 2.0%. The commodity is ending August roughly 4% higher, and at its highest since November 2016, when it run briefly up to 1,337.35, on the back of Trump's victory in the US Presidential election. The US inflation figure released today reaffirms the case for a delay in US rate hikes, underpinning the metal. From a technical point of view, the daily chart shows tat technical indicators resumed their advance with the Momentum heading strongly up at fresh August highs, whilst the 20 DMA accelerated north far below the current level, all of which supports further gains for this Friday, particularly if US employment report disappoints. In the shorter term, the technical outlook is also positive, as the 4 hours chart for the commodity shows that it quickly recovered above a bullish 20 SMA, while technical indicators entered positive territory, but quickly lost upward strength, with the Momentum now in neutral territory. An extension beyond 1,325.94, this month high, will confirm the bullish continuation for this last day of the week.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Aug 28 17 03:53 ET
Gold prices saw some wild price action ahead of Yellen's speech last Friday, falling down to $1,276.32 a troy ounce ahead of the event, as investors were waiting for a more hawkish stance from the US Federal Reserve's head, changing course afterwards to end the week marginally higher at $,1291.09 a troy ounce. Nevertheless, the commodity was unable to regain the 1,300.00 critical threshold, as despite seen as dovish, Yellen didn't provide hints on upcoming monetary policy. From a technical point of view, the daily chart shows that the bright metal met buying interest around its 20 DMA that maintains its bullish slope far above the 100 and 200 DMAs. In the same chart, the Momentum indicator heads lower within positive territory, while the RSI hovers around 60, with no certain directional strength, all of which indicates that the risk is towards the upside, but further gains would need additional technical confirmations. In the 4 hours chart, the technical picture is neutral-to-bullish, as the price settled above all of its moving averages, but with the 20 SMA horizontal amid the lack of directional strength seen over this past week, while technical indicators head nowhere, the Momentum around its 100 level and the RSI around 61.
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GOLD – Risk Remains Higher On Trend Resumption Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Aug 27 17 22:14 ET
GOLD - The commodity continues to face upside pressure as it looks to resume its upside pressure presently on hold. 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 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. 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 | Fri Aug 25 17 03:53 ET
Spot gold remained within its early week range, ending this Thursday with modest losses at $1,286.29 a troy ounce. The commodity has been struggling for direction ever since the week started, as investors wait for clues from Jackson Hole's key speeches from Fed's Yellen and ECB's Draghi. Nevertheless, the commodity remains near the yearly high set August at 1,300.72, underpinned by US political jitters. The daily chart shows that the intraday trading range has been shrinking since the beginning of the week, resulting in technical indicators losing their upward momentum, but anyway holding well above their mid-lines, as the price holds far below a still bullish 20 DMA, all of which indicates that selling interest is well limited. Shorter term, the 4 hours chart maintains a neutral stance, with the price settling a few pips below a horizontal 20 SMA, the Momentum indicator heading nowhere around its 100 level, and the RSI heading modestly lower around 47. The weekly low has been set at 1,280.56, now the immediate support, with a break below it exposing the metal to a deeper correction, towards the 1,274.00 region first, but towards 1,260.00 later.
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