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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 | 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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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue May 23 17 03:15 ET
Gold prices regained the upside this Monday, with spot settling at $1,260.15 a troy ounce, its highest settlement in almost three weeks. Speculative interest continued dumping USD-related assets, favoring an advance in the safe-haven commodity, despite improved market sentiment. The dollar index fell to a fresh 2017 low of 96.65, reaching levels last seen in November and barely bouncing at the end of the day. Gold managed to shrug off Fed's rate hikes rhetoric, as Kaplan hit the wires by saying that three hikes remain appropriated. From a technical point of view, the daily chart shows that the index advanced above still directionless moving averages, although held below last week's peak of 1,264.95, while technical indicators have partially lost their upward strength, but remain well above their mid-lines. In the 4 hours chart, technical readings point to further gains, with the price now above its moving averages, and technical indicators heading north within positive territory.
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GOLD - Remains Biased To The Upside On Correction Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 21 17 21:37 ET
GOLD - The commodity closed higher the past week leaving risk higher. 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 May 18 17 06:23 ET
Gold prices rallied to fresh May highs, with spot settling at $1,257.89 a troy ounce after flirting with 1,260.20 earlier in the day, as US political woes escalated to the point that US president Trump is near an impeachment, boosting demand for the safe-haven metal, as attention is now far from Central Bank's decisions. The commodity has broken above all of its moving averages in the daily chart that anyway remain flat, as the movement was quite abrupt, whilst technical indicators turned sharply higher, entering positive territory and suggesting a possible upward extension for the upcoming sessions, moreover if the political turmoil persist. In the shorter term, the 4 hours chart also favors additional gains, as technical indicators have barely pulled back within overbought territory before losing downward strength, whilst the price has settled above all of its moving averages, with the 20 SMA accelerating north, but still below the larger ones.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 17 17 04:24 ET
Stop gold settled at $1,237.50 a troy ounce, extending its weekly advance by a few cents as the greenback remains in sell mode, while market's mood remains high. The bright metal has posted a limited recovery ever since bottoming at a two-month low of 1,214.24 earlier this month, as odds for a US rate hike next June limit chances of a steeper advance. From a technical point of view, the pair has pared its advance right below a horizontal 100 DMA, but advanced above its 200 DMA for the first time in over a week, while it remains below a strongly bearish 20 DMA, this last at 1,243.30. Technical indicators in the mentioned time frame remain within negative territory, with the RSI heading higher around 45, but the Momentum showing no certain directional strength. In the 4 hours chart, a positive tone prevails, with the price above a bullish 20 SMA, and indicators presenting a neutral-to-bullish stance within positive territory.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue May 16 17 04:48 ET
Gold prices advanced this Monday beyond last week's highs, with spot peaking at $1,237.26 a troy ounce, but trimmed most of its daily gains to end the day barely higher at 1,231.00. Broad dollar's weakness was behind the early decline, but slipped on low physical demand and a bounce in the American currency. The daily chart shows that the price settled around a bearish 200 DMA after failing around the 100 DMA, whilst the 20 DMA maintains a strong bearish slope well above this last. In the same chart, technical indicators have lost upward strength and turned flat within bearish territory, suggesting the latest recovery was unsustainable and that the risk remains towards the downside. In the 4 hours chart, the 20 SMA heads higher below the current level, providing support at 1,226.60, while technical indicators turned lower within positive territory, not enough to confirm additional declines, but also limiting chances of a steeper recovery.
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GOLD - Hesitates, Closes Higher Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 14 17 21:57 ET
GOLD - The commodity halted its weakness to close higher the past week. 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 1,230.00 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 weaken further but with caution.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 10 17 05:47 ET
As the dollar advanced gold prices extended their slide, with spot ending the day at a fresh 2-month low of $1,214.78 a troy ounce. The commodity closed the day barely $1 above that low, as coupling with dollar's strength was lower physical demand for the metal. Improved market's sentiment and chances of a Fed rate hike next month, will likely keep gold prices under pressure during the upcoming sessions. From a technical point of view, the daily chart shows that the price extended its slide below all of its moving averages, whilst technical indicators remain near oversold territory, with the RSI indicator accelerating its slide, anticipating a bearish continuation. In the shorter term, and according to the 4 hours chart, the commodity is also biased lower, given that the upside was contained by selling interest around a bearish 20 SMA, whilst the Momentum indicator holds well below its mid-line and the RSI indicator heads south around 24.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue May 09 17 04:42 ET
Gold prices rallied at the beginning of the day, but were unable to hold on to gains and trimmed all of their daily gains ahead of the close. Spot settled at $1,228.19 a troy ounce, as with French elections out of the way, attention shifted back to the US and the possibility of a June rate hike. The bright metal fell in the American afternoon down to a daily low of 1,226.08, and maintains the bearish tone seen on previous updates given that the early advance was rejected on a test of the 100 DMA. Furthermore, the daily chart shows that the Momentum indicator resumed its decline after a brief upward correction, whilst the RSI indicator remains flat around 33. Shorter term, the 4 hours chart shows that the price was contained by a bearish 20 SMA, currently at 1,231.85, while technical indicators have managed to correct extreme oversold readings, but remain within bearish territory, with the RSI heading south around 34 and anticipating some further slides ahead.
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CRUDE OIL - Halts Weakness, Eyes Higher Prices Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 07 17 22:08 ET
CRUDE OIL - With the commodity halting its weakness to close higher on a rejection candle on Friday, further bullishness is likely. On the downside, support resides at the 46.00 level where a break will expose the 45.50 level. A cut through here will set the stage for a run at the 45.00 level. Further down, support resides at the 44.50 level. On the upside, resistance resides at the 47.00 level. Further out, resistance comes in at the 47.50 level. A break above here will aim at the 48.00 level and then the 48.50 level followed by the 52.00 level. All in all, CRUDE OIL remains biased to the upside on correction
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu May 04 17 22:44 ET
Gold prices plunged this Thursday, with spot ending the day at $1,226.50 a troy ounce, in spite of broad dollar's weakness. The commodity fell to its lowest in seven weeks, still undermine by US Federal Reserve upbeat tone late Wednesday, which supported the case for a rate hike in June, and receding political uncertainty in Europe, moreover after French centrist candidate, Emmanuel Macron, was seen as the "most convincing" candidate after the televised debate. From a technical point of view, gold is set to continue falling, given that in the daily chart, it broke below its 100 DMA for the first time since late January, now trading below all of its moving averages, whilst technical indicators maintain strong bearish slopes within negative territory. In the shorter term, and according to the 4 hours chart, the metal is also biased lower, as technical indicators maintain their strong downward momentum, despite being in extreme oversold territory, whilst the 20 SMA turned sharply lower after breaking below the largest ones.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed May 03 17 23:52 ET
Spot gold settled at $1,245.50 a troy ounce, its lowest settlement since late March, after the US Federal Reserve's monetary policy statement suggested that policymakers are still confident over the economic recovery, and therefore fueling speculation that the year will bring two more rate hikes. Odds for a June move rose slightly above 70% after the statement that anyway provided no clear clues. From a technical point of view, the commodity retains the negative tone seen on previous updates, with the price accelerating further below a now horizontal 20 SMA, and the RSI indicator heading sharply lower around 39. In the same chart, the 100 and 200 SMAs, converge around 1,234.60, providing a critical dynamic support, as a break below it will probably trigger additional slides. In the shorter term, and according to the 4 hours chart, the 20 SMA heads sharply lower above the current level and after breaking below the 100 and 200 SMAs, whilst technical indicators maintain their sharp bearish slopes, despite being in oversold territory, in line with the longer term perspective.
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CRUDE OIL - Vulnerable Short Term Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Wed May 03 17 21:42 ET
CRUDE OIL - With the commodity remaining weak and vulnerable , more decline is expected in the days ahead. Though with caution. On the downside, support resides at the 48.00 level where a break will expose the 47.50 level. A cut through here will set the stage for a run at the 47.00 level. Further down, support resides at the 46.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 50.00 level. Further out, resistance comes in at the 50.50 level. A break above here will aim at the 51.00 level and then the 51.50 level followed by the 52.00 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 | Tue May 02 17 00:10 ET
The GBP/USD pair closed the day marginally lower, breaking below 1.2900 with US closing bell and settling around 1.2880. There was no particular reason behind Cable's slide, but it could be attributed to further profit taking after the pair neared the critical 1.3000 threshold. Pound's upcoming direction will likely be linked to the different UK PMIs to be release later this week, starting on Tuesday with the Markit Manufacturing one, as macroeconomic data has been easing from its post-Brexit peaks, putting back on tap the possibility of economic slowdown. From a technical point of view, the pair is gaining downward potential short term, given that in the 4 hours chart, the price retreated towards a bullish 20 SMA, whilst technical indicators head north within positive territory, suggesting a bearish corrective move rather than confirming an interim top. The pair is now poised to correct lower, buy bulls will likely take their chances on dips towards 1.2830. A decline down to 1.2750/70 will be seen as corrective, as only below this last the movement will become more sustainable, with investors then eyeing 1.2500. Still and with the ongoing dollar's weakness, chances of such decline are well limited for this week, unless UK data disappoint big and the US Fed surprises with an extremely hawkish stance.
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GOLD – Risk Remains Lower On Further Declines Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Mon May 01 17 21:56 ET
GOLD - The commodity continues to hold on to its downside pressure as it looks for more correction. 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 | Mon May 01 17 00:50 ET
Gold prices edged lower for a second consecutive week, with spot closing the week at $1,268.38 a troy ounce. The decline took place at the beginning of the week, as the outcome of the first round of the French presidential election spurred demand for high-yielding assets, in detriment of safe-haven hold. However, the commodity spent the rest of the week in consolidative mode, as investors turned cautious ahead of clearer signs of easing political woes, and limited demand for the US currency. The FOMC monetary policy decision is on tap this week, and while the Central Bank is largely expected to remain on hold, investors will be looking for clues on what's next to take directional positions. Daily basis, the price settled below its 20 DMA for the first time since mid March, while technical indicators retreated towards their mid-lines, supporting some additional declines, particularly on a break below 1,259.99, the weekly low. In the 4 hours chart, technical indicators present a limited upward potential, heading higher within neutral territory, whilst the price is now above a flat 20 SMA, but below its 100 SMA, this last at 1,272.05, providing a strong dynamic resistance.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Apr 28 17 00:38 ET
The GBP/USD pair surpassed its previous 2017 by a few pips, printing 1.2916 at the beginning of the European session, and settling above 1.2900. Grinding slowly higher, the absence of first-tier data or fresh Brexit headlines prevented the pair from advancing further, but the outlook remains bullish for the pair, although it will suffer a macroeconomic challenge this Friday, when it will release the first estimate of the Q1 GDP. The economy is expected to have grew by 0.4% in the three months to March, following a 0.7% advance in the previous quarter. In the meantime the pair remains near the mentioned high, and the 4 hours chart shows that the price remains above a recovering 20 SMA, whilst the RSI indicator continues consolidating near overbought levels and the Momentum indicator within positive territory. An acceleration through 1.2920, should favor additional gains, towards 1.2960 first, and up to 1.2710 afterwards.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Apr 26 17 23:19 ET
After printing a fresh 2-week low of $1,259.99 a troy ounce, spot gold managed to end the day with modest gains at 1,267.45. The mentioned low was achieved during the first half of the day, when hopes ahead of Trump's tax reform plan announcement led the dollar higher, although the momentum of the American currency faded after the official news. Limited physical demand in Asia also weighed on gold. Despite the late recovery, further weakness is expected for the bright metal, amid easing political woes around the world. From a technical point of view, the daily chart shows that the price is below a still bullish 20 SMA, this last at 1,270.90, whilst technical indicators turned flat within neutral territory. In the shorter term, and according to the 4 hours chart, however, the risk is towards the downside, given that the 20 SMA is crossing below the 100 SMA above the current level, while technical indicators lost upward strength within bearish territory, turning south ahead of the Asian opening.
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Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Apr 26 17 02:24 ET
Spot Gold fell further on Tuesday and ended day firmly in red, on fresh bearish acceleration that hit low at $1261 (rising daily Kijun-sen / Fibonacci 61.8% retracement of $1239/$1295 rally. Fresh weakness was triggered after repeated upside rejection of attempts to fill Monday's gap, as rallies were capped by broken daily Tenkan-sen line and on heavy migration from safe haven gold into riskier assets on renewed risk-appetite in the markets.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Apr 24 17 23:53 ET
Spot Gold opened with gap-lower on Monday, pressured by renewed risk appetite that moved traders' bets from safe haven instruments to riskier assets. Gold price spiked to $1265 low on Monday (rising 20SMA), after opening lower for $10, but managed to recover most of day's losses on return to $1275, former strong support (Fibonacci 38.2% of $1239/$1295 rally, reinforced by rising daily Tenkan-sen line).
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