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Energy and Precious Metals Technical Analysis
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Tue Mar 17 09 09:47 ET
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The price tried to breach the resistance areas of 47.85 but failed and was forced to decline entering the trading areas between 46.80 and 47.20 but we still expect a new upward action in order to breach the mentioned areas but not before showing some kind of retrace towards 46.25 whereas it will build a positive technical base as far as 45.45 remains intact.
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Analysis | Commodity Technical Analysis |
Written by ODL Securities |
Tue Mar 17 09 05:09 ET
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Despite an early bearish response following OPEC's meeting, crude managed to turn higher helped by continued strength in the equity markets. Further assistance for oil pushing higher no doubt came from a weaker US currency. Recently the greenback has been the main driver early in the session in the absence of other important fundamental factors. Subsequently when the U.S. stock markets open the Dow Jones has provided guidance for the energy complex, especially when seeing triple digit gains/losses.
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Analysis | Commodity Technical Analysis |
Written by ODL Securities |
Tue Mar 17 09 05:04 ET
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Gold went down yesterday losing $4.10 to settle at $923.10/oz with the 40 day moving average now sitting above the rest of the MA. It was a move which followed the stock market but going in the opposite direction. Earlier stronger tone in the Dow Jones signalled that some investors are turning from gold back into equities willing to start taking on risk so gold's flight to safety appeal waned.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Tue Mar 17 09 03:19 ET
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Gold is trapped in a tight range between the Tenken and kijun (moving averages)as a result of struggling inside the Ichimoku spans trying to breach it but we still expect an aggressive upside move particularly if the price retests 930.00 again. This bullish prediction is based on indicators which are still suggesting further strength specially CCI and any pullbacks at the current price levels will be initially gathering enough momentum to continue the medium term Elliott cycle. This expected bullish scenario can be changed only if 892.00 zones are broken.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Tue Mar 17 09 03:18 ET
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After the price moved steadily around the broken support yesterday, it inclined respecting our analysis to cover the previous explained gap at 46.00 followed by 47.60. Now we are facing the initial resistance at 47.85 and we expect that the price will continue to gather bullish momentum to breach it towards the short term target at 52.25 (the upper line of the ascending channel) without ignoring the possibility of some kind of corrections towards 46.25 and 45.45 before resuming the upside rally. This expected rally is in favor as far as 45.45 remains intact.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Tue Mar 17 09 03:03 ET
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Gold: Gold traded sideways yesterday holding below the important resistance of $929. It made an intraday low of $915. The daily and the 4-hourly charts are flat currently with strong resistance coming in around $926 (21 daily & 100 4-hourly EMA). On the downside strong support comes in around $900. Sell gold around $926 for $10. (Gold: $920.80).
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Tue Mar 17 09 01:47 ET
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Gold closed lower due to profit taking on Monday but remains above the 10-day moving average crossing. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish hinting that a short- term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short- term low has been posted. If it renews this month's decline, the reaction low crossing is the next downside target.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Mon Mar 16 09 09:42 ET
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The price declined quickly this morning recording about 100 pips but also quickly retraced to the same levels of the morning session around 44.60 that keep our morning overview to the upside as a result of moving in the same range. Hence we still expect more incline breaching the resistance areas (support turned into resistance) between 44.60 and 44.80 to cover the previous mentioned gap targeting 45.75 and 46.00 as a preparation for resuming the move inside the ascending channel which targets 52.00 areas. A failure to enter this channel will take the price again to the downside towards 43.60 followed by 42.05.
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Analysis | Commodity Technical Analysis |
Written by ODL Securities |
Mon Mar 16 09 04:50 ET
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Initially going higher crude eventually declined losing 91 cents to settle just above the low of the day. Still the chart shows the oil price above all moving averages and on the upside the high of last week at $48.80 remains the next major challenge. Technically, the market failing to break and hold above that level could translate in a flip to the downside for retesting the lows around $33.00 mark.
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Analysis | Commodity Technical Analysis |
Written by Danske Bank |
Mon Mar 16 09 04:08 ET
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Following a low in EUR/USD at 1.2457 on 3 March the pair has climbed higher towards the upper end of its recent approximate 1.25-1.30 interval. This also translated into a reduction of implied short EUR/USD positions, as speculative investors scaled back net short EUR positions in particular.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Mon Mar 16 09 03:30 ET
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Oil declined according to our expectation after breaching the support line of the bearish pattern at 47.05 reaching the full targets at 44.40 and tried to breach the support line of the ascending channel but the 4h close shows that the break out is unconfirmed that will take the price again inside the ascending channel. Hence we expect an upward recovery to cover the gap started at 45.75-46.00 as far as 43.85 and a clear 4h close above 44.60 otherwise the downside actions will continue towards 43.05 and 42.05.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Mon Mar 16 09 03:28 ET
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Gold is still moving positively affected by the successful break out which occurred to the upper line of the short term descending channel and also the successful Tenken-sen overlapping above Kijun-sen that helped the price to enter the cloud of Ichimoku indicator confirming that the impulsive wave has already obtained enough power. Hence more upside rally is highly anticipated on the intraday basis as far as 907.00 remains unbroken with a first target around 935.00 followed by 945.00 areas. The trading range for today is among the key support now at 896.00 and key resistance now at 974.00 level. The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Mon Mar 16 09 02:40 ET
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Gold surged up $19 from $919 on Friday before closing the session at $929. Although the 4-hourly is indicating a downside, the daily chart is giving buying pressure with the support coming in at $917. The initial cluster resistance of $929 can be seen to sell Gold for smaller intraday gains. (Gold: $924.80).
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Mon Mar 16 09 02:34 ET
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Gold closed higher on Friday and above the 10-day moving average crossing tempering the near-term bearish outlook. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews this week's decline, the reaction low crossing is the next downside target.
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Analysis | Commodity Technical Analysis |
Written by ODL Securities |
Mon Mar 16 09 02:17 ET
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Gold closed slightly higher Friday gaining $2.40 after initially crossing above the 14 day moving average. It seems the recent pullbacks have attracted additional buying which was also fuelled by speculation that quantitative easing steps in the US are looming following Swiss National Bank intervention last week. Resurging interest in gold Exchange Traded Funds is widely regarded as an indication that investors continue to see the yellow metal as a hedge remaining cautious about whether the equity markets can sustain the recent rally.
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Analysis | Commodity Technical Analysis |
Written by FXTechStrategy |
Sun Mar 15 09 17:48 ET
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Although a negative weekly close was recorded the past week, three days of upside gains saw the commodity gain strength between Wednesday and Friday closing the week with another rejection candle. This rejection of lower level prices now suggests bottom forming process and with the mentioned upside gains ,a follow through higher should ensue opening the door for a move towards its Mar 02'09 high at 959.50 with a penetration and negation of there setting Gold up for a retarget of its 2008/2009 highs at 1,007/11.
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Analysis | Commodity Technical Analysis |
Written by TradingEducation.com |
Fri Mar 13 09 10:27 ET
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April crude oil closed up $4.43 at $46.76 a barrel yesterday. Prices closed nearer the session high yesterday.Short covering was featured. Bears do still have the overall near-term technical advantage. However, it does appear that a major market bottom is in place, or very close to it.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Fri Mar 13 09 10:19 ET
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Gold has respected our yesterdays analysis by reaching it's first expected target at 930.00 zones affected by the MACD traditional and CCI positive signals. Hence depending on the clear break occurs above the upper line of the descending channel we can say that the bullishness is still in favor according to the previous explained Elliott cycle as far as 900.00 remains unbroken particularly after the positive overlapping signal appeared on moving averages of Ichimoku indicator.
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Analysis | Commodity Technical Analysis |
Written by Crown Forex |
Fri Mar 13 09 10:15 ET
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The price couldn't move to 44.40 to correct yesterday's actions and continued inclining towards 48.10 whereas it moved down from this minor resistance forming a bearish pattern towards the initial support at 47.05. Therefore we've to watch theses areas carefully as a clear hourly close below it will take the price towards 46.35 as a preparation for completing the expected correction at 44.40.
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Analysis | Commodity Technical Analysis |
Written by Oil N' Gold |
Fri Mar 13 09 04:49 ET
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We saw a strong rally in crude yesterday taking the price back above the 9 and 14 day moving averages. Not only did yesterday's action reverse the slide of the previous two days but it is keeping the up trend from the 12th Feb alive, we are continuing to see a series of higher peaks and higher troughs.
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