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Energy and Precious Metals Technical Analysis
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Analysis | Commodity Technical Analysis |
Written by Danske Bank |
Mon May 07 12 04:33 ET
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Investors position for further CAD upside: The Bank of Canada is being priced as one of the few central banks that could tighten monetary policy over the coming year. This has supported the CAD, which appreciated to around 0.9850 last week when the IMM data was collected. This shows a further build-up in net long CAD positions to 43% of open interest (or more than 1.3 s.d. above the historical average). CAD positioning is thus almost as stretched as early last year and while the recent correction higher in USD/CAD is likely to have seen some position unwinding, it does not change the fact that CAD is currently one of the currencies most vulnerable to positioning.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Mon May 07 12 03:16 ET
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The sharp decline pushed oil towards the 32.8% Fibonacci correction of the entire bullish trend from 74.95 to 110.54 top. Meanwhile, forming a bearish double top pattern over the daily time frame, with a neckline at 100.70, where any trading below this level is the reason behind further bearishness over intraday and short term basis. The next possible stop now at the 50% correction level around 92.75. Steady trading below 96.90 is required to support this bearish scenario.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Mon May 07 12 02:38 ET
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Gold: Gold is trading at $1638.92 levels. Support is at 1626 level, whereas strong resistance can be seen near 1649 level. Overall look at a range of 1-3 months at 1550-1650 levels. Overall Target 1550 levels. Gold in INR is rising to all time highs due to weakening rupee.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Mon May 07 12 00:10 ET
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SPOT GOLD closed higher due to short covering on Friday and the highrange close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling sideways to lower prices are possible nearterm. If it renews the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target. Closes above the reaction high 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 |
Sun May 06 12 22:52 ET
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GOLD defied gravity to trade higher after the release of a disappointing US non-farm payroll figure last Friday, recording a trading range of $1626/$1647. However this Asian morning is seeing gold rapidly declining toward $1636 reacting to a sharply weaker euro, which opened 70 pips lower this morning on the backs of news that the Socialist Francois Hollande ousted Sarkozy as the new French President. The market is doubtful that Hollande will form a good political union with Germany to tread the water the eurozone's problems. We are still neutral on gold in the short and medium term as we evaluate sustainability of gold's safe haven demand against its selling pressure in face of a strengthening US dollar. Technically the bullion is still carving its way across the downward channel, being constantly depressed by the down trend resistance. Conservative investors are advised to sit patiently for a breakout of the chart pattern before taking aggressive actions
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri May 04 12 03:01 ET
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A sharp decline yesterday pushed price to trade back within the descending channel, meanwhile breached the main support for the bullish direction. This move invalidated our previous scenario, and may lead to further downside within the upcoming period for a possible retest of the main support of the descending channel. Momentum indicators are clearly oversold now, which could trigger an upside pullback before resuming the bearish direction again. Taking into consideration that steady trading below the main resistance of the channel at 104.25 is required for this scenario to remain valid.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri May 04 12 03:00 ET
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In the first picture, we recognize a possible formation of a 0-5 harmonic pattern, while consolidation above 1624.00 is our critical condition. But, in the second image, we recognize a bearish continuation symmetrical triangle, which remains valid as long as the metal is stable below the resistance of 1662.00 and 1654.00. Due to the technical conflict seen, we remain neutral today, awaiting further confirmations regarding the metal's next move.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Fri May 04 12 02:48 ET
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GOLD tumbled almost $20 to open this morn-ing at $1635 as the US dollar broadly rose across the board overnight. Investors' tepid interest in precious metals is again noted as gold to silver and platinum all plunged 1.5 - 2% while the US dollar's trading counterparts and the equity market only recorded sub-0.5% drops. As we expected, continued weakness of the euro pressured gold prices as ECB president Mario Draghi acknowl-edged the fact that the European economic situa-tion is turning for the worse and an election in France is on the horizon. Markets also interpreted a mix of releases negatively, including a better than expected unemployment claims drop in the US and a worse than expected US ISM services and orders activities. Yesterday's biggest one-day price drop in a month has had us shift our short term view to bearish and we still suggest gold shorts to hold on to position with trailing stop losses to target levels of sub-$1620s.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Fri May 04 12 02:38 ET
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Gold: Gold is trading at $1636 levels. Support is at 1622 level, whereas strong resistance can be seen near 1672 level. Over-all look at a range of 1-3 months at 1550-1650 levels. Overall Target 1550 levels. Gold in INR is rising to all time highs due to weakening rupee.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Fri May 04 12 00:03 ET
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SPOT GOLD closed lower on Thursday and the lowrange close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bearish signalling sideways to lower prices are possible nearterm. If it renews the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu May 03 12 02:56 ET
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Gold declines to currently trade below the level of 1654.00, which weakens the possible upside move. At the same time, gold didn’t completely fail to provide an upside move, where the metal is stable above 1624.00 and also above the ascending main support shown above in red. Trading above 1654.00 again supports the return of the positivity, but a breach of 1624.00 might form a bearish technical structure similar to the double top pattern. Therefore, we remain neutral today.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu May 03 12 02:54 ET
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The commodity is trading with a slight downside bias, however remains above the main breached descending resistance and within a possible ascending channel as shown on image. Steady trading above 104.25 maintains the bullish expectations for today; meanwhile stochastic touches oversold areas supporting our intraday bullish bias.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Thu May 03 12 02:45 ET
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Gold: Gold is trading at $1647 levels. Gold futures prices ended the U.S. day session lower as investors were wary due to fresh worries coming out of the European Union and on some fresh, weak U.S. economic data such as Nonfarm employment change. Immediate Support is at 1642 level, whereas strong resistance can be seen near 1667 (55 day EMA) level. Overall look at a range of 1-3 months at 1550-1650 levels. Overall Target 1550 levels. Gold in INR is rising to all time highs due to weakening rupee.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Wed May 02 12 23:50 ET
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SPOT GOLD closed lower on Wednesday and the midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted. If it renews the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Wed May 02 12 23:25 ET
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GOLD fell to as low as $1645 before previous support at $1644 saw it paring some loss and finishing the US session at $1653, about $8 lower than the open of Asian morning yesterday. Investors' disinterest in the metal continues as it fell for two sessions in a row. The equity market rose the day before with the upbeat US ISM manufacturing data and fell yesterday with a much weaker than expected ADP job report and falling manufacturing indicators across Europe. Gold prices in general have also been held in check recently by a lack of physical demand, with buyers in key jewellery consumer, India, deterred by high prices and a weak rupee. Other factors include exchangetraded funds reporting outflows and coin sales easing. We continue to expect gold to track euro, while resistance around the 100 days moving average of $1670 and support of the previous low $1612 are not expected to be broken easily. Gold shorts may still hold positions to target levels around 1615
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Wed May 02 12 02:25 ET
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Yesterday, the metal provided another bullish attempt; however, the incline seen stopped affected by momentum indicators, while gold returned to decline, but still the metal remains stable above 1654.00, which suggests that more bullish attempts might be seen today, as gold is forming the CD leg of the harmonic structure shown above.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Wed May 02 12 02:24 ET
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The commodity printed a daily closing above the main descending resistance, accompanied with MACD crossing above zero, while the signal line is attempting to follow up above zero as well. Thus we think a bullish move is probable today, where steady trading above the 20-exponential moving average is required to support the positive scenario.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Tue May 01 12 23:26 ET
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SPOT GOLD closed lower on Tuesday and the midrange close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signalling sideways to higher prices are possible nearterm. Closes above the reaction high crossing are needed to confirm that a shortterm low has been posted. If it renews the decline off February's high, the 75% retracement level of the DecemberFebruary rally crossing is the next downside target.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Tue May 01 12 22:49 ET
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GOLD traded in choppy fashion between $1656 to $1671 yesterday. The price threatened to break above $1670 and the 100 day moving average but failed and this morning sees an open of $1661, slightly lower than the last. Investors are reluctant to bid for the metal now that price is still stuck in a month-long trading range. A retreat of risk aversion also limits any gains as the Dow saw the highest level since late 2007 overnight with the announcement of a higher than expected US ISM manufacturing data, indicating the highest growth momentum within a year. We maintain our neutral bias towards gold before any breakout of the price range in the short and medium term. However mediumterm shorts may still hold position until an effective break above $1670 breaks the recent downward trend. It is observed that the US dollar, as the primary funding currency, is still sold in good times, even when the US economy outperforms. Therefore, the long-term picture has become more obscure and we will wait to see price movements to make or break investors’ confidence in gold.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Tue May 01 12 02:28 ET
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After touching the 20-exponential moving average yesterday, the commodity settled back above the main descending resistance for the bearish direction, and that revives the possibilities of continuing the bullish move, on the other hand, indecisive price action through the combination of candlestick patterns while stochastic crossover negatively, thus we prefer to remain neutral today as well.
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