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Energy and Precious Metals Technical Analysis
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Wed Apr 25 12 02:32 ET
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The recent bullishness is limited below 104.25 resistance and the main descending resistance for the declining channel at 105.25, and below point C for the possible technical harmonic pattern, where price could be forming now the CD leg of the pattern. Thus we expect the downside bias to resume today; taking into consideration that steady trading below 105.25 is required for these expectations to remain intact.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Wed Apr 25 12 01:04 ET
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Gold: Gold is trading flat to positive at 1641 levels of an ounce. Gold was steady around 1,642 an ounce on Wednesday. Support is at 1623 level, whereas resistance can be seen near 1652 (200 day EMA). Overall look at a range of 1-3 months at 1550-1630 levels. Overall Target 1500.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Tue Apr 24 12 23:03 ET
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SPOT GOLD closed higher on Tuesday and the midrange close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to 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 |
Tue Apr 24 12 02:37 ET
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The bearishness stopped in areas around 1624.00, which supports our suggested harmonic scenario to remain valid since the pair is still stable above the main resistance of the downside movement which started at 1790.00 and ended at 1612.00. The formation of the bullish candlesticks shown above on the minor image also supports us to hold onto our positive expectations, yet consolidation above 1624.00 is necessary for our expectations to prevail.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Tue Apr 24 12 02:36 ET
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Oil declined affected by the main descending resistance of the bearish trend that started from 110.54 top as shown on image. This main resistance is located around 105.35 where any trading below this level shall keep the bearish trend intact. Meanwhile, there are two possible harmonic patterns, thus supporting the downside bias where trading below 104.25 keeps the bearishness in favor.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Tue Apr 24 12 01:09 ET
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Gold: Gold is trading flat at 1635 levels of an ounce. Gold declined on account of stronger dollar effect. The Yellow metal is experiencing a resistance at 1652.94 levels (21 days daily EMA) while a Fibonacci daily retracement support is being experienced at 1629 levels. Overall look at a range of 1-3 months at 1550-1630 levels. Overall Target 1500.
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Analysis | Commodity Technical Analysis |
Written by Compass Global Markets |
Mon Apr 23 12 23:15 ET
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GOLD was locked in a 3 dollar trading range in Asian morning yesterday, before the European session saw it plummet $10 in an hour as April German PMI grew at the slowest pace in almost 3 years which also hammered the euro. After touching an almost 3-week low of $1623, gold rebounded sharply to finish the US session and opens this morning at $1638, tracking the euro. As we had expected, bad news from Europe again dominated headlines as the weak German manufacturing data coincided with the resignation of the Dutch cabinet, which saw the Dutch bond yield rise, bringing other peripheral bond yields with it. The precious metal again showed no sign of safe haven appeal as it closely followed the US equity market and most USD trading counterparts. We re-affirm our bearish bias towards the bullion, as a sell-off of silver and platinum also suggests a major shift in market appetite towards precious metals.
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Analysis | Commodity Technical Analysis |
Written by Danske Bank |
Mon Apr 23 12 05:17 ET
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Long USD positions broadly unchanged: The G10 currencies continue to broadly range-trade. This is reflected in market positioning, which remained fairly stable in the week ending 17 April. Net aggregated USD longs were kept at USD20bn and net short EUR positions were only built slightly further to 40% of open interest.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Mon Apr 23 12 02:53 ET
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Recently, we witnessed that gold is trading narrowly within a sideway range between the support of 1638.00 and the resistance at 1653.00. all the trading was above the main support of 1624.00, which suggests that the metal still might form the CD leg of the suggested harmonic structure and in result targeting the level of 1700.00, supported by consolidation above the main resistance of the downside movement. Therefore, any trading above 1624.00 drives us to expect an upside move this week.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Mon Apr 23 12 02:51 ET
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Crude has been trading within this short term descending channel since weeks, however the commodity is trading within a longer term ascending channel since months, thus the overall bullish outlook for the commodity remains intact. However, with stability below the 50-days SMA in addition to 105.00 resistance area we prefer to remain neutral over the short time horizon.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Mon Apr 23 12 02:37 ET
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GOLD: Gold is trading flat at 1641 levels of an ounce. Market is stable waiting for the outcome of the G20 summit. The Yellow metal is experiencing a re-sistance at 1652.94 levels (21 days daily EMA) while a Fibonacci daily retracement support is being experienced at 1629 levels. Bearish Target 1-3 months 1550-1600 dollars.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Mon Apr 23 12 00:08 ET
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SPOT GOLD closed higher on Friday while extending the trading range of the past two months. The midrange close sets the stage for a steady 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 Apr 22 12 23:07 ET
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GOLD finished last Friday at $1642 and opens this morning at $1641, as it barely moved from the last open to record a less than 10 dollars trading range of $1638/$1647, probably the tightest Friday range in a year. Lacklustre investors demand is again shown in gold the focus is again drawn to the equity markets which saw 85% of US companies reporting profit last Friday exceed estimates and the soft commodity markets. US gold futures' open interest, a liquidity gauge measuring the number of contracts outstanding, fell below the 400,000 lot for the first time this week, while Friday's volume was on track to be one of the weakest this year, further underlying the loss of interest. We affirm our bearish view on the precious metal in the short term, as the underperformance of gold this year compared with the equity market could break more bullion holders' patience in coming weeks and months.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri Apr 20 12 02:29 ET
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The metal's movement was almost limited between the resistance of 1653.00 and the support of 1632.00, where this range is above the critical support level of 1624.00. Stability above this level means stability above the main resistance of the downside movement and therefore forming the 0-5 harmonic pattern remains possible. We still expect an upside move today, where consolidation above 1653.00 might trigger a bullish rebound towards 1679.00 and then 1700.00. Consolidation below 1624.00 is sufficient to negate our positive outlook.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Fri Apr 20 12 02:28 ET
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The commodity dipped below the ascending support of the possible bearish pattern-shown on image-to print a low at 102.13 before recovering again to trade steadily above the support. Failure to stabilize below this support forces us to stay aside this morning, as we may see another upside attempt specially that stochastic has crossed over positively and attempting to recover.
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Analysis | Commodity Technical Analysis |
Written by India Forex |
Fri Apr 20 12 02:24 ET
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GOLD: Gold is currently trading at 1644.66 levels. Another downbeat U.S. jobless claims report issued Thursday morning failed to move the gold market much. Also, the much-anticipated Spanish bond auction that occurred overnight was deemed by the market place as decent but not great. Gold also saw little reaction to that news. Near term support is seen close to 1631 (low of the recent Doji) while the immediate resistance is seen near 1654 level. Overall sell on current levels for 1640. Bearish Target 1-3 months 1550-1600 dollars.
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Analysis | Commodity Technical Analysis |
Written by HY Markets |
Thu Apr 19 12 23:39 ET
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SPOT GOLD closed higher on Thursday while extending the trading range of the past two months. The midrange close sets the stage for a steady opening on Friday. 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 |
Thu Apr 19 12 23:13 ET
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GOLD spiked below this week's low of $1634 to touch $1630 before a lack of following sell orders saw the price rebounding sharply rising more than $20 in an hour. The bullion opens this morning flat at 1642 as it records a trading range of 1630/1653 for yesterday. Gold's price action has largely been in line with the euro, as gold traders are reluctant to put bets on as they note disinterest in the precious metal and a 20% lighter trading volume than the 30 day average. We again confirm gold's waning safety-haven appeal as souring market sentiment yesterday on the back of a worse than expected US job data, factory activity in Mid-Atlanta and home resales number failed to move the price. Short term traders should closely watch the USD index while trading gold, as both bulls and bears trading on breakouts have frequently been caught out recently. We maintain a bearish outlook for the precious metal in the short term. Be noted that gold is still subdued by the downward trend resistance
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu Apr 19 12 03:04 ET
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The bearishness seen was limited in areas above 1624.00 and also above the main resistance of the downside movement. The slight decline seen earlier relieved momentum indicators from the negativity, and in result this could be a sign the metal is still forming the CD leg of the suggested harmonic structure. Therefore, the upside move is still available, but a breach of 1624.00 negates any positive projections.
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Analysis | Commodity Technical Analysis |
Written by ICN.com |
Thu Apr 19 12 03:03 ET
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The commodity touched areas above 105.00 to reverse direction as anticipated, now heading towards the short term ascending support for the minor possible ascending channel shown on image. In general, the commodity continues to trade within the main descending channel, and daily closings remain steady below 104.50 resistance level. Thus we will continue to favor the bearish bias until we see a clear breach above the aforementioned barriers, but for this morning we wil wait for a better entry level as the risk to reward at the current levels is inappropriate.
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