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Energy and Precious Metals Technical Analysis
Crude Oil Surges Then Plunges…What Now? Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Tue Sep 01 15 21:51 ET
After making some strong gains over the past few trading sessions, crude oil bulls finally buckled under pressure as both contracts fell sharply on Tuesday along with equities on heightened fears about the health of the global economy. Demand concerns were initially raised by the latest manufacturing PMI data out of China overnight which contracted to a three-year low of 49.7. Most of the closely-watched sub-indices also fell below the expansion threshold of 50: new orders declined to 49.7, while new export orders dropped to 47.7. With the manufacturing PMI below 50.0 since July and having spent most of the year hovering around this level, it is clearly a worrying sign for the world's second largest economy. On top of this, the latest manufacturing PMI readings out of the Eurozone, UK and US were all weaker than anticipated and this has further heightened demand concerns.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Sep 01 15 04:51 ET
Oil is presently achieving some kind of bearish correction following the strong upside wave seen yesterday. Stability above 46.90 keeps chances for resuming the upside actions although RSI and ADX are showing signs of exhaustion.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Tue Sep 01 15 04:50 ET
Gold is moving near the minor resistance and we hinted at many resistances that the metal faces. The positivity increased on RSI and ADX, but we need more bullish signs to prove the bullish direction. Therefore, we will be neutral and will update if the metal failed to maintain levels above 1136.30.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Tue Sep 01 15 02:41 ET
SPOT GOLD closed lower due to short covering on Monday as it consolidates some of last week's decline. 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 bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month's rally, the 50% retracement level of the JanuaryJunedecline, crossing is the next upside target.
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CRUDE - OIL Sees Further Bullishness Offensive Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Mon Aug 31 15 22:41 ET
CRUDE OIL - Having the commodity extended its bullish offensive on Monday, further strength is envisaged. Resistance is located at the 49.00 level where a break will expose the 50.00 level. A break below here will aim at the 51.00 level and then the 52.00 level. Above here if seen will open the door for a run at the 53.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level. All in all, Crude Oil remains biased to the upside on recovery.
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IMM Positioning - Room For EUR/USD Downside Yet Again Print E-mail
Analysis | Commodity Technical Analysis | Written by Danske Bank | Mon Aug 31 15 06:37 ET
As expected from the price movements seen in FX markets early last week, speculators unwound short EUR and long USD positions alike as the Chinacommodities sell-off accelerated last Tuesday. Indeed, as we wrote in Market Collapse: What now? - Policy responses and market implications, the single currency is now largely acting as a funding currency and has thus increased its safe-haven appeal substantially of late. Overall, last week's positioning suggests there is again room for some EUR/USD downside – but we reckon the ECB may put a stop to the recent slide this week as Draghi is unlikely to commit to more easing at this stage.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Aug 31 15 05:18 ET
RSI14 shows signs of overbought, but we believe that, Oil will continue to incline based on stability above moving averages and above 23.6% Fibonacci. According to Fibonacci rules, breaching 23.6% level is the reason why oil may test 38.2% at 46.95. ADX shows signs of positivity and thus, we will ignore the overbought signal on RSI14.To recap, stability above 43.30 is a positive catalyst.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Mon Aug 31 15 05:16 ET
Gold attempted to move higher above SMA2, but strong resistances reside above current trading levels starting from 1136.35. The moderate positivity on ADX and pullbacks on RSI14 above 50.00 don’t reflect the negativity below resistances of 1136.35 and 1154.00 in addition to moving below SMA50.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Aug 31 15 02:14 ET
SPOT GOLD closed higher due to short covering on Friday as it consolidates some of this week's decline. 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 bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month's rally, the 50% retracement level of the JanuaryJunedecline, crossing is the next upside target.
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GOLD - Declines On Price Failure Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun Aug 30 15 22:42 ET
GOLD - GOLD took back almost all of its previous week losses the past week to close lower on Friday. This development leaves risk lower with more weakness envisaged. However, a recovery in the new week may occur. On the downside, support comes in at the 1,115.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,060.00 level. On the upside, resistance resides at the 1,150.00 level where a break will aim at the 1,170.000 followed by the 1,200.00 level. A violation of here will turn attention to the 1,220.00 level. All in all, GOLD remains biased to the downside short term.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Aug 28 15 04:47 ET
Oil inclined sharply, touching 23.6% Fibonacci at 43.45 where it declined again mildly. The retrace is limited above moving averages, while ADX shows strong upside sign. The bigger time frames are turning into positivity and that negates the overbought sign on RSI14.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Fri Aug 28 15 04:46 ET
Gold attempts to incline, which is a corrective behavior, but the bearishness remains valid below 1136.35 and below SMA20 as seen on the graph. A huge number of resistances have been recently established and thus, a break below 1120.00 is needed to affirm the outlook, which targets 1113.00.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Fri Aug 28 15 02:46 ET
SPOT GOLD closed lower on Thursday as it extends this week's decline. The midrange close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month's rally, the 50% retracement level of the JanuaryJunedecline, crossing is the next upside target.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Aug 27 15 04:36 ET
Weak movements on crude oil below the resistance of 39.80 and above the recently established support of 38.60, which comes before 127.2% Fibonacci at 38.95. The recent inclines aren’t reliable to long crude oil, as ADX shows uptrend weakness, while RSI14 couldn’t hit the value of 50.00.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Thu Aug 27 15 04:35 ET
Yesterday's bearish wave has taken gold below SMA20, which is a negative catalyst, while trading below 1136.35 is the main negative factor that pushed the metal lower. Assessing indicators, ADX started to show the strength of the bearish trend and a break below 1113.65 would make signs on ADX more negative.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Thu Aug 27 15 02:41 ET
SPOT GOLD closed lower on Wednesday and below the 10day moving average crossing signalling that a shortterm top might be in or is near. The lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signalling that sideways to lower prices are possible nearterm. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month's rally, the 50% retracement level of the JanuaryJunedecline, crossing is the next upside target.
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Gold: Is The Selling Overdone? Print E-mail
Analysis | Commodity Technical Analysis | Written by Forex.com | Wed Aug 26 15 22:12 ET
From its opening price of about $1145 today, gold has dropped almost $30 to a low so far of $1117. It has therefore shed its entire gains made since the beginning of the US stock market meltdown on Wednesday of last week. On the one hand, gold's counter-intuitive price action this week strongly suggests that the metal is heading to significantly lower levels. After all, the 1000 point drop in the Dow Jones Industrial Average on Monday and the extremely high stock market volatility since then ‘should' have boosted the appeal of gold like the other safe haven assets. On the other hand however the metal has been weighed down by a corresponding bounce in the dollar over the past couple of days.
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Technical Analysis for Precious Metals Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Aug 26 15 05:15 ET
RSI becomes more negative, while ADX hints at further correction. Meanwhile, gold is facing SMA2, attempting to breach it to prove extending the bearish correction.
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Technical Analysis for Energy Markets Print E-mail
Analysis | Commodity Technical Analysis | Written by ICN.com | Wed Aug 26 15 05:08 ET
RSI becomes more negative, while ADX hints at further correction. Meanwhile, gold is facing SMA2, attempting to breach it to prove extending the bearish correction. We see chances for achieving further downside actions with stability below 1154.65, aiming to test 1125.00 and 1120.00-1113.00 zones.
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Bullion and Energy Market Commentary Print E-mail
Analysis | Commodity Technical Analysis | Written by HY Markets | Wed Aug 26 15 02:59 ET
SPOT GOLD closed lower due to profit taking on Tuesday as it consolidated some of this month's rally. The lowrange close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signalling that a shortterm top might be in or is near. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it extends this month's rally, the 50% retracement level of the JanuaryJunedecline, crossing is the next upside target.
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