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Analysis | Commodity Technical Analysis | Written by HY Markets | Mon Apr 17 17 23:39 ET


Spot Gold eased and closed in red on Monday after hitting fresh five-month high at $1295, in early Monday's trading, on brief probe above weekly Ichimoku cloud top at $1292. The yellow metal remains strongly supported by rising geopolitical tension that triggered risk aversion and strongly increased demand for safe haven gold. Monday's easing was signalled by overbought daily RSI / slow stochastic, with technical correction expected to ideally find support at above rising hourly Ichimoku cloud (spanned between $1282 and $1275) which underpinned the rally since Apr 11). Final break and close above weekly cloud top is expected to spark acceleration for final attack at psychological $1300 barrier and next target at $1307 (Nov 2 high).

Support: 1281, 1275, 1271, 1265
Resistance: 1292, 1295, 1300, 1307


WTI oil fell further on Monday, extending pullback from fresh five-week high at $53.71, posted on Apr 12, to $52.53 (lowest of Monday). The price eased on overbought technical studies, despite rising geopolitical tensions that usually work in favour of oil price. However, signs the United States continue to increase output undermines OPEC efforts to support oil prices by extended production cut, which so far gave good results as oil price recovered from $47 to nearly $54 per barrel, within short period of time. Firmly bullish technicals remain supportive and favour fresh attempts higher after correction, which should be contained above sideways-moving daily Tenkan-sen line (currently at $51.80).

Support: 52.53, 52.17, 51.80, 51.19
Resistance: 53.18, 53.37, 53.74, 54.50


Dow accelerated strongly on Monday and peaked at 20580 after hitting nearly nine-week low at 20372 in early Monday's trading. Strong rally left long bullish daily candle that formed Bullish Engulfing pattern, generating reversal signal, after downside attempts were contained by daily Ichimoku cloud base.Recovery needs extension above daily Tenkan-sen line at 20580 which capped Monday's rally, for further bullish signal, with break above daily Kijun-sen / cloud top trigger (20692/20703), needed to confirm reversal.Hourly cloud (spanned between 20527 and 20487) offers solid support which should contain dips and keep intact key support at 20385 (daily Ichimoku cloud base).

Support: 20527, 20587, 20432, 20385, 20266
Resistance: 20580, 20623, 20692, 20703

HY Markets


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