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Energy and Precious Metals Technical Analysis
GOLD - Remains Vulnerable To The Downside On Correction Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jul 24 16 23:07 ET
GOLD - Having the commodity closed lower on a follow -through on the back of its previous week losses the past week, more weakness is envisaged. 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 1,1280.00 level. Conversely, resistance resides at the 1,340.00 level where a break will aim at the 1,350.00 level. A turn above there will expose the 1,360.00 level. Further out, resistance stands at the 1,370.00 level. All in all, GOLD looks to weaken further on correction
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jul 19 16 23:39 ET
Stop gold fell down to $1,323.44 a troy ounce this Monday, closing the day above it, but still in the red, as US stocks managed to reach fresh recordhighs, despite posting moderate intraday advances. Also, weighing on the commodity's price is a stronger dollar, as betterthanexpected US data released last week revived speculation of a US rate hike. Technically, the daily chart shows that the price was contained by the 23.6% retracement of the latest weekly rally at 1,333.50, still the main resistance. In the same chart, the 20 SMA has lost upward strength above the current level, whilst the technical indicators extended their declines below their midlines, supporting some further slides on a break below 1,320.13, Friday's low and the immediate support. In the 4 hours chart, a bearish 20 SMA attracted selling interest on intraday spikes, whilst the technical indicators retreated from their midlines, and head slightly lower, 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 | Mon Jul 18 16 23:42 ET
Spot gold fell last week on the back of dollar's strength and a resurge in stocks' markets, as Wall Street surged to fresh record highs. The commodity closed the week at $1.328.57 a troy ounce, having spent last Friday consolidating near the weekly low set at 1,320.13. After rallying for six weeks inarow, the commodity fell below the 23.6% retracement of such advance, trading also below its 20 DMA for the first time since June 24th. In the daily chart, technical indicators have turned sharply lower from overbought levels, having pared their declines near their midlines, but maintaining their bearish slopes, maintaining the risk towards the downside. In the 4 hours chart the 20 SMA has crossed below the 100 SMA above the current level, with the shortest converging with the mentioned Fibonacci resistance at 1,333.50, whilst the technical indicators hover within negative territory, also indicating the decline may extend during the upcoming sessions, particularly if the dollar remains strong.
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GOLD - Triggers Corrective Pullback Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jul 17 16 22:18 ET
GOLD - The commodity triggered a corrective weakness the past week leaving risk lower. But it could move a little bit higher in the new week following its Friday close(see daily chart). On the downside, support comes in at the 1,330.00 level where a break will turn attention to the 1,310.00 level. Further down, a cut through here will open the door for a move lower towards the 1,300.00 level. Below here if seen could trigger further downside pressure targeting the 1,1290.00 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 on correction
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Jul 15 16 03:26 ET
Spot gold extended its weekly decline down to $1,320.13, its lowest for this July, as stocks hold on to gains, as despite the BOE left rates unchanged, it announced more easing for their next August meeting. The commodity bounced partially from the level, but remains in the red daily basis, with an increasing bearish potential, as Britain's newly born political stability has brought a sense of relief to markets. Technically, the daily chart shows that the price is hovering around a major support, the 23.6% retracement of its latest rally that converges with a bullish 20 SMA. In the same chart, the Momentum indicator holds above its midline, but with no clear directional strength, whist the RSI indicator heads lower around 52, supporting a downward continuation. In the 4 hours chart, the price is standing a few pips below the 100 SMA that converges with the mentioned Fibonacci level, whilst the 20 SMA heads south around 1,342.35, providing a strong dynamic resistance. Technical indicators in this last time frame head modestly higher within bearish territory, all of which maintains the upside limited.
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GOLD - Tumbles, Eyes The 1,312.00 Zone Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Fri Jul 15 16 03:13 ET
GOLD - The commodity reversed its Wednesday gain to weaken on Thursday leaving risk of more lower towards the 1,312.00 zone on the cards. On the downside, support comes in at the 1,312.00 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 1,1280.00 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 on correction
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Jul 13 16 22:07 ET
Gold slide extended this Tuesday, with spot gold falling down to $1,330.30 a troy ounce, its lowest since July 1st. Investors continued dropping the safehaven asset and flying towards equities, although the decline has been so far moderated, considering the subsisting risks around Europe. The pullback from the year high of 1,375.11 has found some buying interest around the 23.6% retracement of the latest bullish run between 1,199.51, May 30th low, and last week highs, although technical readings point for further slides, as in the daily chart, indicators head sharply lower, coming from overbought levels, and are poised now to break below their midlines. The 20 SMA in the mentioned time frame stands at 1,327.60, providing an immediate support. In the 4 hours chart, the price is now a few cents below the neckline of a clear double roof set at the mentioned year high, at 1,335.15 whilst the 20 SMA gained bearish strength above the current level, and the technical indicators maintain their sharp bearish slopes near oversold readings, in line with further slides for this Wednesday.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jul 12 16 22:26 ET
Gold slide extended this Tuesday, with spot gold falling down to $1,330.30 a troy ounce, its lowest since July 1st. Investors continued dropping the safehaven asset and flying towards equities, although the decline has been so far moderated, considering the subsisting risks around Europe. The pullback from the year high of 1,375.11 has found some buying interest around the 23.6% retracement of the latest bullish run between 1,199.51, May 30th low, and last week highs, although technical readings point for further slides, as in the daily chart, indicators head sharply lower, coming from overbought levels, and are poised now to break below their midlines. The 20 SMA in the mentioned time frame stands at 1,327.60, providing an immediate support. In the 4 hours chart, the price is now a few cents below the neckline of a clear double roof set at the mentioned year high, at 1,335.15 whilst the 20 SMA gained bearish strength above the current level, and the technical indicators maintain their sharp bearish slopes near oversold readings, in line with further slides for this Wednesday.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Jul 11 16 22:48 ET
Gold prices were on retreat mode this Monday, with spot easing from an early high of $1375.11 a troy ounce down to the current 1,341.50 region, as investors sold the safehaven asset and jumped into stocks on hopes that fresh stimulus is coming, at least from the UK and Japan. The commodity shed roughly 1% this Monday, but in the daily chart, the movement seems just corrective, as indicators retreated sharply from overbought levels, but remain within positive territory, whilst the price holds well above its moving averages that hold their bullish slopes. The 20 SMA in the mentioned time frame, stands at 1,325.45, and it would take some extension below it to consider a change in the dominant bullish trend. In the 4 hours chart, the commodity has a clear double top around the 1,375.10 region, with the low in between at 1,335.15, the postNFP low. Also in this last chart, the price is now below its 20 SMA, whilst the technical indicators head south within negative territory, all of which supports a short term bearish continuation, but is not enough to confirm a longlasting downward move.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Jul 10 16 22:47 ET
Spot gold fell down to $1,335.15 a troy ounce as an initial reaction to a strong US Nonfarm Payroll report, but strong demand for the safehaven assets sent it back higher, with the commodity ending the week at $1366.50 a troy ounce, not far from the over twoyear high set at $1,375.11 earlier last week. Speculation that the FED will remain on hold this year, alongside with the backdrop of negative interest rates in many developed economies, have kept gold running, and will likely persist during the upcoming weeks. Daily basis, the Momentum indicator maintains a strong upward slope, while the RSI consolidates in overbought levels, and the 20 SMA heads sharply higher well below the current level, supporting some further advances for the upcoming sessions. In the 4 hours chart, the price briefly fell below a bullish 20 SMA, but stands now above it, while the RSI indicator heads north around 60 and the Momentum indicator turned higher, but remains within bearish territory, also supporting some further gains, particularly on a break above the mentioned high, now the immediate resistance.
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GOLD - Bullish, Targets Key Resistance Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jul 10 16 21:43 ET
GOLD - The commodity extended its recovery the past week leaving risk higher in the days ahead. On the downside, support comes in at the 1,355.00 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 1,340.00 level. Below here if seen could trigger further downside pressure targeting the 1,330.00 level. Conversely, resistance resides at the 1,370.00 level where a break will aim at the 1,380.00 level. A turn above there will expose the 1,390.00 level. Further out, resistance stands at the 1,400.00 level. Its weekly RSI is bullish and pointing higher suggesting more strength. 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 | Thu Jul 07 16 23:32 ET
Gold retreated on Thursday and snapped this week's winning streak as strong US employment data lifted sentiment and triggered some uncertainty about Federal Reserve's next move. Spot gold fell to a low of $1,350.74 a troy ounce before recovering a tad to end the day around $1,358. In the daily chart, the bias remains bullish as spot continues to trade near yesterday's 2year peaks, but with indicators in overbought territory, the rally might take a pause while investors await the US nonfarm payrolls report. In the 4 hours chart, the metal is trading around a flat 20 SMA while indicators are mostly flat above their midlines, favoring the upside. A break above recent highs would pave the way toward $1,400.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Jul 06 16 23:03 ET
Gold reached fresh 2year highs on Wednesday as investors’ appeal for safehavens increased amid lingering political and economic uncertainty in the aftermath of the Brexit vote. Gold broke above previous 2016 high of $1,358.40 a troy ounce ounce and reached its highest level since March 2014 at $1,375.10/oz during the New York session, although it retreated slightly from it. The yellow metal has benefitted from the riskoff environment and prospects major central banks BoE, BoJ might provide further monetary stimulus over the upcoming months, while the Fed could delay next rate hike on the back of UK referendum. In the daily chart, the technical picture remains bullish, although a phase of consolidation might precede another leg higher given that indicators are in overbought territory. In 4 hours chart, the outlook is also positive, with RSI having already corrected extreme conditions and turned flat nearby. A clear break above $1,375 would pave the way towards the $1,388 area enroute to $1,400.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Jul 05 16 23:53 ET
Gold extended gains and continued to move toward recent 2year highs, as lingering postBrexit economic uncertainty underpinned safehaven demand for the metal. Spot reached a daily high of $1,356 a troy ounce, but failed to retest its 2year peak of $1,358.39 struck after the UK referendum. From a technical perspective, the upside remains favored although indicators have reached overbought readings in daily charts, which suggests a phase of consolidation, or even a limited bearish correction, could be seen before another push higher. In the shorterterm, the outlook is also positive, with indicators having slightly corrected from overbought conditions but still nearby, supporting some consolidation ahead. A clear break above $1,358 could trigger a steeper rally, with $1,388.45 as next target.
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GOLD - Risk Points Higher, Retains Bullish Offensive Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Tue Jul 05 16 22:20 ET
GOLD - The commodity continues to target more recovery leaving risk towards the 1,365.00 zone. On the downside, support comes in at the 1,350.00 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 1,330.00 level. Below here if seen could trigger further downside pressure targeting the 1,320.00 level. Conversely, resistance resides at the 1,370.00 level where a break will aim at the 1,380.00 level. A turn above there will expose the 1,390.00 level. Further out, resistance stands at the 1,400.00 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. 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 | Mon Jul 04 16 23:09 ET
Gold regained its allure as the flight to safety resumed amid UK/EU political and economic turmoil. Safehaven demand has been supporting the yellow metal over the last days after UK voted to leave the European Union. On Monday, spot rose to a high of $1,357 a troy ounce, before steadying slightly lower around $1,350/oz where it clings to a 0.68% daily gain. From a technical perspective, the daily chart shows indicators started to turn lower after reaching overbought levels, while the spot hovers near its 2year high of $1,358.39 reached on June 24th. In the 4 hours chart, indicators have turned flat in overbought territory, suggesting a consolidative/corrective move could be seen before another push higher.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Sun Jul 03 16 23:25 ET
Spot gold resumed its advance, closing the week at $1,344.35 a troy ounce, with risk aversion resurging, as adding to Brexit woes, was poor data coming from China. Early Friday, the Caixin Manufacturing PMI for June came in at 48.6 down from 49.2 in May, whilst the NBS index edged down to 50.0, after posting moderate advances for three months. The commodity closed at its highest since March 2014, and the daily chart supports some further gains for this upcoming week, given that the technical indicators have turned strongly higher within positive territory, whilst the 20 SMA has accelerated its advance, and now approaches the 38.2% retracement of the latest bullish run around 1,297.25. In the 4 hours chart, the RSI indicator heads north in overbought territory, at 74, whilst the Momentum indicator lacks directional strength, consolidating above its 100 level. The 20 SMA has turned higher above the 23.6% retracement of the mentioned rally at 1,320.50, reinforcing the support level in the case of a sudden decline.
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GOLD - Risk Builds Up On The 1,358.00 Zone Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Jul 03 16 21:06 ET
GOLD - The commodity continues to face upside pressure leaving risk higher in the new week. On the downside, support comes in at the 1,330.00 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 1,310.00 level. Below here if seen could trigger further downside pressure targeting the 1,300.00 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 strengthen further.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Jun 30 16 23:38 ET
Spot gold edged modestly higher this Thursday, trading around $1,320.00 a troy ounce by the end of the US session, having entered in a consolidative stage. The commodity eased modestly at the beginning of the day, as risk sentiment improved further during the Asian and European sessions. Sentiment turned sour after BOE's Carney speech, although the commodity barely reacted to the announcement of upcoming easing in the UK. Nevertheless, the risk bright metal retains its positive tone, as in the daily chart, the price is well above a strongly bullish 20 SMA, whilst the technical indicators have turned flat within positive territory, after correcting overbought readings. Shorter term, the 4 hours chart shows that the price converges with a horizontal 20 SMA, and stands a few cents below the 23.6% retracement of its latest bullish run around 1,320.50, whilst the Momentum indicator heads north above its 100 level and the RSI consolidates around 56, supporting additional gains for this Friday.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Jun 30 16 04:03 ET
Oil price has risen over the past two days, and we find that the price settled above 48.30, and this considered positive. However, we will need proving positivity by trading above the psychological barrier 50.00 and then a break for the resistance 50.65 to confirm the extension of the upside trend. It is possible to rely on the stability of trading above the moving averages and the stability of the RSI above the 50-point line to expect a positive attempt, as these conditions supportive of stability above 48.30.
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