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Energy and Precious Metals Technical Analysis
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Mon Mar 26 12 03:12 ET
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Failing to settle below 104.80 support level pushed the price to the upside again to trade above the 20, 50 and 100 Exponential moving averages, and above the main resistance for the technical pattern colored in pink. Accordingly; we may see another upside attempt this week, while breaching 104.80 shall invalidate any upside potential.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Mon Mar 26 12 03:11 ET
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Consolidation above the level of 1656.00 again might trigger the completion of the 0-5 harmonic pattern, where our harmonic outlook suggests an upside move this week despite the type of this pattern. Our positive outlook is driven by the possibility that the metal might be forming the CD leg of the bearish 0-5 harmonic pattern or by the possible completion of the bullish 0-5 harmonic pattern as shown above on the charts. Our suggested scenario remains valid as long as gold is stable above 1656.00, but a breach of 1624.00 weakens our outlook.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Mon Mar 26 12 03:02 ET
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SPOT GOLD closed higher due to short covering on Friday while extending last week's trading range. The highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off February's high, the reaction low crossing is the next downside target.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Mon Mar 26 12 02:57 ET
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GOLD: Gold is trading at 1664.147 levels, rising higher in trade. Gold traded higher as the dollar took a breather and was trading weaker amongst major currencies. Lesser liquidity injections into the system by various sovereign authorities will see limited trading action and also possible downward bias in the commodity space. Support is seen at 1617.240 (55days EMA in Weekly chart) and the resistance comes near 1680.344(21 days daily EMA). Overall bearish target 1600 dollars.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Sun Mar 25 12 22:25 ET
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GOLD finished last week flat after continuing on from Thursday's rebound on Friday night to finish the day around 15 dollars up at 1661, as the US dollar headed lower. As we expected, gold has showcased short term upward momentum after a major false break on Thursday, forcing weak gold shorts to exit. There hasn't been much on the news front last Friday, a reconsideration of Thursday's weak Chinese and European PMI is probably what drove the euro up within its trading range thus pressuring the USD. Again, the rebound in gold could still be sustained but aggressive traders may short the precious metal at current price levels now that it is close to the upper boundary of the trading range, with a strict stop loss around 1670 and targeting 1630 which is around last Thursday's low. Another strategy is to buy gold expecting it to rise through the trading range triggering more short stop losses along the way
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Sun Mar 25 12 22:14 ET
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US crude oil futures are poised to move higher this week to further Friday's strong gains. A steady sideways trend holding the $105 per barrel level established near term support and formed a 'flag' chart pattern in the process. Friday's surge pushed through resistance, triggering a buy signal on the Autochartist 240-minute chart
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Sun Mar 25 12 22:02 ET
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Sugar futures have managed to hold their ground over a key support level during the last several trading sessions. Upside resistance continues to cap gains however, and Autochartist's key level indicator has identified the 25.25 cents per pound level as one to keep a close eye on as the trading week begins.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri Mar 23 12 03:23 ET
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The commodity clearly breached the support level we mentioned yesterday around 105.70 and settled below it, where it turns to be a resistance now around 105.60. Now, the downside bias is in favor over intraday basis, however we need a clear breach below 104.80 with four-hour closing, that could open the door towards 103.00 followed by 101.25, mentioning that a breach back above 105.60-106.20 shall resume the bullish trend again.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri Mar 23 12 03:10 ET
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Gold breached the support level of the ascending minor channel that represents a bearish continuation Flag pattern as shown above on the chart. This pattern provides negative signs over intraday basis, in attempts to return below the resistance of the downside movement that turns into support now at 1630.00. Stochastic approaches overbought areas, which supports the suggested downside movement, noting that a breach of 1648.00 and consolidation above it might stop the suggested downside movement.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Fri Mar 23 12 01:59 ET
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GOLD: Gold is trading at 1646.71levels. Gold was trading in red yesterday as the signs of slowing growth from China to Germany sent the dollar higher, curbing demand for the precious metal. Support is seen at 1616.53(55day EMA in Weekly chart) and the resistance comes near 1668.65(200day daily EMA)
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Thu Mar 22 12 23:00 ET
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SPOT GOLD closed lower on Thursday extending the trading range of the past six days. The midrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off February's high, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Thu Mar 22 12 22:34 ET
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GOLD again opens this morning almost unchanged at around 1647, only $3 lower than yesterday morning, after a break below the major support 1634 during the US morning session failed to sustain a fall and gold bears rushed to exit short positions which saw gold bounce about $20 back into the previous trading range. The gold price yesterday was impacted by the disappointing HSBC PMI flash figure which showed a 5th month of contracting manufacturing activities in China and a sharply declining factory output indicator pointed to further contraction of activities in Germany and France. Fears abated and a false break was facilitated as comforting US housing data and multi-year lows in weekly jobless claims were announced later in the US session. Look out carefully for ongoing upward price momentum this Asian morning as speculators keep unwinding short positions. Medium term look remain unchanged as this rebound is expected to be weak and more technical than fundamental.
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Thu Mar 22 12 22:29 ET
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CBOT Wheat futures bounced Thursday after having pushed to new lows in Wednesday’s session. This short term recovery may be significant, as there was a pronounced lack of follow-through selling on the initial weakness. Autochartist’s key level indicator has identified the recent range as a attempt to hold the $6.48 per bushel level and the reversal from the $6.30 low suggests a continuation of this range.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Thu Mar 22 12 04:30 ET
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Gold: Gold is currently trading at 1650.234 levels, breaching the 200 days daily EMA. Gold is stuck in a bit of a range as it waits for cues from Economic data from China and Europe. Support is seen at 1643.415 levels while resistance is seen at around 1688.374 levels (100 days daily EMA). We can target 1600 dollars as expected since last few weeks.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu Mar 22 12 03:06 ET
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Oil holds steady above the breached descending resistance and the 100 EMA, and that what keeps our positive expectations valid, however it is necessary that price trade back above 107.00 barrier. Momentum indicators are neutral as a result narrow fluctuations may continue until we see some directional momentum. We remind you that breaching 105.70 with steady trading may return the bearish picture.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu Mar 22 12 03:05 ET
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Gold fluctuates heavily within a narrow range since yesterday below EMA 20, but also above the resistance of the downside movement shown above. Therefore, the metal must breach one of the mentioned to confirm the pair's next move. We remain neutral now, observing the pair's behavior around the critical support of 1639.00 and the resistance at 1656.00.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Wed Mar 21 12 23:12 ET
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SPOT GOLD closed higher on Wednesday and the lowrange close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signalling that additional weakness is possible nearterm. If it extends the decline off February's high, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
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Analysis | Commodity Technical Analysis |
Written by Autochartist |
Wed Mar 21 12 22:56 ET
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Coffee futures perked up in Wednesday’s trading session after touching off key support earlier in the week. The long downhill slide in this market has formed a decisive “falling wedge chart pattern, identified by Autochartist and shown here on the 240-minute time frame.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Wed Mar 21 12 03:43 ET
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Gold attempts now to settle above the main resistance of the downside movement, but at the same time the metal doesn’t provide stability above the critical EMA 20 at 1656.00. Stochastic attempts to confirm the positivity by trading above the 50-point level, but RSI is still stable below this level and provides no signs of positivity. Therefore, we remain neutral today, due to the high risk associated to our expectations.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Wed Mar 21 12 03:41 ET
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Oil declined. and now it settled back below 107.00-107.60, however price remains steady above the main descending resistance of the technical pattern, which we mentioned previously that it turned to be a bullish continuation pattern. RSI is trading back below 50, while Stochastic is attempting to go positive. On the other hand, we still need to see price settles back above 107.00 to support a bullish move again, mentioning that breaching 105.90 shall lead to further downside pressure.
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