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Energy and Precious Metals Technical Analysis
Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Oct 24 14 04:23 ET
Crude oil is still stable above the previously broken support of the descending channel that is turning to a significant resistance at 82.70, and our bearish expectations are still valid because the price is below the referred to level supported by Linear Regression Indicators. The awaited targets reside mainly at 78.00, while breaching 82.70 triggers attempts to test 85.45 mainly.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Oct 24 14 04:23 ET
The metal dropped yesterday and failed to stabilize above 38.2% correction at 1236.15 showing above. Stability below the referred to level weakens the positivity intraday without failing it. Stability above 1215.75 could bring back the upside move, but trading below Linear Regression Indicator 34 in addition to RSI weakness by trading below line 50, and the curved signal lines of MACD forces us to prefer the sidelines today.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Oct 24 14 00:35 ET
SPOT GOLD closed lower on Thursday. The midrange close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 38% retracement level of the JulyOctoberdecline crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Oct 23 14 05:25 ET
The price continued its negative trading after US crude oil inventories declined yesterday testing 80.00 levels again, as we wait to extend the downside move in the upcoming period as long as crude is stable below 82.75. The targets of the next bearish wave reaches to 78.00 levels.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Oct 23 14 05:24 ET
Gold dropped yesterday after failing to stabilize above 1252.65 the day before, but this downside move remained limited above 38.2% correction at 1236.15 and above Linear Regression Indicators. Linear Regression Indicators are trading positively and RSI is moving in a bullish bias above line 50. MACD is also trading positively supporting the possibility of bringing positivity back.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Oct 23 14 00:24 ET
SPOT GOLD closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 38% retracement level of the JulyOctoberdecline crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
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WTI Remains Under Pressure As Crude Stockpiles Increase Sharply Again Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Wed Oct 22 14 22:28 ET
Crude oil prices fell sharply in response to the latest stockpiles data, released at 14:30 GMT, before bouncing back to turn moderately higher on the session. According to the Energy Information Administration (EIA), oil inventories in the US rose sharply again last week, this time by 7.1 million barrels. Although this was somewhat smaller than the previous week's 8.9 million-barrel build, it was still much larger than 2.8 million expected and even more compared to the American Petroleum Institute's (API) estimate – 1.2 million-increase – that was released late yesterday. Distillate stocks, which include heating oil, also increased, by 1.05 million barrels, while gasoline inventories – not that they matter much at this time of the year – dropped by 1.3 million barrels. Meanwhile the refinery utilization rate dropped to 86.7% from 88.1% the prior week, missing expectations of 87.9%. Overall this is clearly another bearish oil report as it suggests the supply of crude is excessive in relation to demand from refineries, which in itself continues to remain weak.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Oct 22 14 04:31 ET
Crude oil stabilized below 83.05 which represent the previously broken support of the descending channel keeping the downside move valid so far, supported by the negativity of Linear Regression Indicators and our awaited targets reside at 81.10 then 80.00. MACD could crossover positively to provide bullish attempts, whereas breaching 83.05 eases the way for trading positively and then retesting 85.45.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Oct 22 14 04:31 ET
The metal touched 50% correction at 1252.65 showing above and rebounded to the downside due to failing to stabilize above the referred to level. In fact, failing to stabilize above the referred to level favors some bearish correction. But trading above 1236.15 keeps the possibility of extending bullishness intraday today.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Oct 22 14 01:45 ET
SPOT GOLD closed higher on Tuesday. The lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 38% retracement level of the JulyOctoberdecline crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
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Gold, Bullish But Don't Chase From Here Print E-mail
Analysis | Commodity Technical Analysis | Written by Foreign Exchange Analytics | Tue Oct 21 14 23:10 ET
The market has indeed continued to rally from that Oct 6th spike low at $1183, the long discussed downside target/area to form important low over the last number of months (base of that long discussed triangle/pennant since June 2013, see longer term below). Currently, the market remains firm and is pushing to levels not seen in nearly a month. Though still a bigger picture bull, the market is approaching near term overbought after the last few weeks of sharp gains. Note too that a number of other "related" markets are not confirming these recent gains in gold, and appear to need further lows before forming more important bottoms. They include silver, the GDX (gold miners equity index) and the a$ (forming a bearish triangle over the last few weeks, see my blog at http://www.fxa.com/solin/comments.htm ). Though no new lows in gold are favored, declines in these other markets will likely at least weigh on gold ahead. Note too that lots of resistance lies just above recent highs in the $1265/70 area (50% retracement and bear trendline from the July high at $1345, 38% retracement from the March high at $1392), a potential area to form at least a temporary top. Nearby support is seen at the bullish trendline from the lows (currently at $1233/36). Bottom line : though a bigger picture bull, risk is rising for at least a week or more of correcting/consolidating lower.
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Silver: Temporary Respite Or Start Of A Recovery? Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Tue Oct 21 14 22:26 ET
Given the strong recovery in the stock markets and the firmer dollar, precious metals are holding up remarkably well today. Yesterday we looked at gold, which was chipping away at the key $1240/5 resistance area. Today, the yellow metal has continued to push higher and is currently holding above its 50-day moving average, which is another bullish development. Silver has risen in gold's slipstream and is likewise not reacting negatively to the rallying stocks and US dollar. What's even more surprising is that the large outflow from the SPDR Gold Trust yesterday has not had any major impact on the price of gold. Although the CFTC data on Friday showed bullish speculation increased on gold, net long positions on silver were actually trimmed by almost 1.8 thousand contracts in the week to 14 October. The grey precious metal, which is also an industrial material, is undoubtedly boosted, at least in part, by the latest data out of China that were released overnight. In particular it was the 8% annualised rise in industrial production that has provided the main support. This was much better than expected (7.5%) and also comfortably above August's 6.9% reading. What's more, growth in the world's second largest economy slowed down less sharply than had been anticipated with the third quarter GDP falling to an annualised pace of 7.3% from 7.5%, beating expectations of 7.2%.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Oct 21 14 04:36 ET
Crude oil is still stable below the descending channel support , and Linear Regression Indicators are still providing negative signals keeping the downside move valid till now targeting next 81.10 then 80.00. Extending the downside move depends on stability below 83.35.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Oct 21 14 04:35 ET
The metal is trading positively as expected in our previous reports, and benefited from stabilizing above 38.2% correction at 1236.15 showing above. Stability above the referred to level is positive as it favors to extend the upside move towards 61.8% correction at 1269.15 levels.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Oct 21 14 01:36 ET
SPOT GOLD closed higher on Monday. The highrange close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 38% retracement level of thedecline crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
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Gold Chipping Away At Key Resistance As Safe Haven Demand Grows Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Mon Oct 20 14 22:33 ET
Gold has now risen for two straight weeks after bouncing off the technically-important $1180/85 area at the start of the month. For a time last week, the metal was up a good $65 from that low ($1183), representing a gain of 5.5 per cent. Although gold’s rally faltered somewhat at the end of last week – undoubtedly due to the stronger dollar and the kick-back rally we saw in the stock markets, which reduced the demand for safety – the metal nevertheless remained near the highs and is up once again today. Gold’s resilience here not only points to more gains, it also suggests that the stock market recovery could be short-lived otherwise the need for the safe have asset would have surely been less. The rising price of gold has been matched with increased bullish speculation. According to the CFTC, net long positions in the week to 14 October climbed by 12,333 contracts. At 42,196, net longs were at their highest level in 5 weeks. Meanwhile ETF inflows have likewise risen in response to the plunging equity markets.
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IMM Positioning: Speculators Add To Record USD Bullish Bets Print E-mail
Analysis | Commodity Technical Analysis | Written by Danske Bank | Mon Oct 20 14 05:14 ET
The latest IMM data covers the week from 7 October to 14 October 2014. Note: when reading this week's IMM Positioning, please take into account the significant sell-offs and market movements experienced after the coverage period of this week's IMM report.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Oct 20 14 04:20 ET
Crude oil is still stable below the previously broken support of the descending channel keeping the downside move valid on the short and intraday basis targeting 82.10 then 80.00 mainly. Linear Regression Indicators are still supporting the suggested bearish wave that remaines valid unless the price breaches 83.45 then 85.45 levels.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Oct 20 14 04:19 ET
Despite that the bullish wave stopped last Thursday and Friday, the metal remained stable above 38.2% correction most of the time at 1236.15 showing above. Trading above the referred to level is positive and could trigger further bullish attempts. Linear Regression Indicators and MACD are positive. RSI is trading above line 50 which forces us tothink that the price will try moving to the upside this week to test 1269.15.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Oct 20 14 00:45 ET
SPOT GOLD closed lower on Friday. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends this month's rally, the 38% retracement level of the JulyOctoberdecline crossing is the next upside target. Closes below the 10day moving average crossing would confirm that a shortterm top has been posted.
Read more...
 
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