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Items filtered by date: November 2016

Wednesday, 30 November 2016 09:57

WTI Slipped Below Our Suggested Level!

The West Texas Intermediate (WTI) had a downward move over yesterday’s session meeting the $45.40 support level which overlaps with the 100-weekly SMA and hit our suggested target (see technical analysis here: http://bit.ly/2gercLa). Also, the oil plunged more than 3.5% and currently is trading near the $46.15 price level. The price fell below the 100-daily SMA and 200-daily SMA as the 50-SMA seems to be a critical obstacle for the bears. A break of the $45.40 obstacle will move towards the ascending trend line and the $43.60 support barrier.

On the other hand, if the oil surpasses above its moving averages will meet the $49.30 resistance level or the key resistance level at $52.25. Technical indicators seem to endorse with the downward thought as both are following a bearish path. the MACD oscillator lies near its mid-level with some weak momentum while the RSI indicator holds below the 50 level.

WTICrudeDaily301116m.png

Published in Commodites & Metals
Tuesday, 29 November 2016 09:11

WTI Crude Oil the Day Before OPEC Meeting

The last five years, the oil output increased massively and since 2013, the production of oil surpasses the consumption and this oversupply is forecasted to continue at least until the end of the next year, if actions not taken, according to the U.S. Energy Information Administration. While most investors expect OPEC to reach a deal to cut oil supply in tomorrow's meeting, Saudi Arabia said that OPEC would not need to cut output, because increasing demand would even out the supply glut in 2017.

OilProduction28112016 2

The West Texas Intermediate (WTI) had a positive day during yesterday’s session after five consecutive red candles. The oil rebounded on the $45.40 support level which overlaps with the 100-weekly SMA and surpassed above the 100 and 200 daily SMAs while the price hit the 50-daily SMA. Also, the crude oil is establishing within a rising sloping channel over the last four months and currently the price is moving towards back to the $45.40 support level. Technical indicators hold in a neutral area with no clear directional strength. The RSI indicator is flattening above the 50 level whilst the MACD oscillator is following the positive territory with some weak momentum.

WTICrudeDaily291116

Published in Commodites & Metals
Monday, 28 November 2016 09:26

Will Gold Meet Again the $1,200?

The yellow metal after the roller coaster to the downside is printing the second green day in a row and rose more than 0.8%. The XAU/USD pair had a significant pullback on the $1,171 support level and now is moving slightly below the $1,200 key psychological barrier.

Technically, if the price surge above the latter level it will open the way for the $1,221 resistance barrier but the price should go through the 50-SMA on the 4-hour chart. An alternative scenario is a bounce off the referred psychological level and then the pair will slip and hit the previous eight-month low. On the 4-hour chart, technical indicators are moving higher, near its mid-levels. The MACD oscillator holds above its trigger line, whilst the RSI indicator lies near the 50 level.

XAUUSDH4281116.png

Published in Commodites & Metals
Friday, 25 November 2016 09:15

Gold Hit Fresh Low and Profit Booked!

The yellow metal edged sharply lower over the last three weeks and during today’s sessions recorded a new ten-month low and reached the $1,171 support level. The XAU/USD pair plummeted more than 7% this month following the bounce off the $1,338 resistance level. On a previous analysis, we suggested an entry level below the $1,221 barrier until the $1,200 psychological obstacle where the price slipped below it (see technical analysis here: http://bit.ly/2fxpXGa). The technical structure remains bearish as the technical indicators are following a downward path. MACD corrected extreme oversold readings while RSI is pointing downwards below the 30 level.

XAUUSDDaily251116.png

Published in Commodites & Metals
Wednesday, 23 November 2016 09:06

WTI Reached the Suggested Target

The West Texas Intermediate (WTI) rose and surpassed our suggested target at $48.45 following the strong bounce off the $45.20 support level (see technical analysis here: http://bit.ly/2gk6g3t). Over Tuesday, the oil plunged within the $47.15 - $47.60 support zone, however, now is moving slightly above the 50-daily SMA and the 200-SMA on the 4-hour chart while it surged above the 100-weekly SMA. The MACD oscillator is following a positive path while it is moving below its trigger line. The Relative Strength Index (RSI) fell below the 70 level but is still in a bullish territory. The next level to watch is the $49.30 resistance level or moreover the $50.30 barrier.

WTICrudeH4231116.png

Published in Commodites & Metals
Tuesday, 22 November 2016 08:32

Gold Plunged More than 5% the Last 2 Weeks

The precious metal plunged more than 5% over the last two weeks and recorded the second consecutive negative week after the strong rebound on the $1,338 resistance level. The XAU/USD pair printed a fresh 5-month low at $1,203 and overlapped with the 100-weekly SMA. The technical structure suggests a correction to the upside since the pair failed to slip below the latter obstacle. On the other side, if the yellow metal slip below the $1,200 strong obstacle will meet the next handle at $1,114. The next level to watch is a retest of the $1,200 strong obstacle and then back to $1,233 resistance level. In addition, the Relative Strength Index (RSI) is following a downward path near 30, while the MACD oscillator is rising and is moving into a negative territory, on the 4-hour chart.

XAUUSDH4221116.png

Published in Commodites & Metals
Monday, 21 November 2016 10:02

Will WTI Test the 50% Fibonacci Level?

Oil prices rose by 1% today as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years. The West Texas Intermediate (WTI) jumped to $47.28 price level following the strong pullback from the $42.90 support level.

The price is trading towards the $47.60 resistance barrier which coincides with the 50% Fibonacci retracement level of the last big downward move (high October 19th to low November 14th). Moreover, the price may have a further upward move until the $48.45 obstacle which is slightly below the 61.8% Fibonacci level. Technical indicators seem to be in agreement with the bullish attitude on price since both are following an upward path. RSI is sloping upwards approaching the overbought area as MACD lies above its trigger and zero lines with strong momentum.

WTICrudeH4211116.png

Published in Commodites & Metals
Wednesday, 16 November 2016 09:06

WTI Surged and Hit Our Target at $46.40!

Crude oil prices surged once more on Tuesday adding more than 5% in a single day on optimism that OPEC will renew efforts to make a deal on cutting oil output to face the persistent global glut. Crude inventories climbed by 3.6 million barrels to 488.8 million barrels in the week ended Nov. 11, according to the API report, compared with analysts’ expectations for an increase of 1.5 million barrels.

The West Texas Intermediate (WTI) jumped to $46.77 price level following the strong pullback from the $42.90 support level. The oil hit and surpassed our suggested target on yesterday’s analysis at $46.40 and is currently moving slightly above the 100-SMA on the 4-hour chart (see technical analysis here: http://bit.ly/2f3b2TS). The price is trading towards the $47.60 resistance barrier which coincides with the 50% Fibonacci retracement level of the last big downward move (high October 19th to low November 14th).

Technical indicators seem to be in agreement with the bullish movement since both are following an upward path. RSI is sloping upwards approaching the overbought area. Also, MACD lies above its trigger and zero lines with strong momentum.

WTICrudeH4161116.png

Published in Commodites & Metals
Tuesday, 15 November 2016 12:56

WTI Target Locked at $45.20

The West Texas Intermediate (WTI) prices jumped more than 3% today, bouncing back from the three-month low at $43.10 on expectations that OPEC will agree later this month to cut production to reduce a supply glut. Oil producers in the OPEC are due to meet later this month to agree to limit output. An outline deal was reached in September but negotiations on the detail are proving difficult, officials say.

The oil tested our suggested target at $45.20 and now is developing below the latter resistance level (see technical analysis here: http://bit.ly/2fBLb3V). The technical structure remains bullish as the price rose above the 50-SMA on the 4-hour chart while the MACD oscillator is rising and is approaching the positive territory. The next initial target is the $46.40 barrier which overlaps with the 100 and 200 SMA on the daily chart.

WTICrudeH4151116.png

Published in Commodites & Metals
Monday, 14 November 2016 09:30

Gold Plummeted More Than 6% Last Week

The XAU/USD pair plummeted more than 6% last week after the strong rebound on the $1,338 resistance level. The yellow metal recorded the first red week after three straight positive sessions and created a new four-month low at $1,213.

The technical structure suggests further downside movement on the daily chart, as the price is moving well below its moving averages and the technical indicators are biased lower after entering the negative territory. The MACD oscillator is moving below both, its zero and trigger lines suggesting further downside movement in the next few days. In addition, the Relative Strength Index (RSI) is following a downward path below 30, confirming the recent bearish attitude of the price. The next initial target is the next support level at $1,200, if there is a penetration of the $1,213 barrier. Otherwise, the price may retest the $1,241 resistance level.

XAUUSDH4141116.png

 

Published in Commodites & Metals
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