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Barbara NICODEMOUMarket Analyst
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Melina DELTASJunior Market Analyst

Items filtered by date: December 2016

Friday, 30 December 2016 07:57

Gold Surged and Almost Hit Our Target

The precious metal is recording the third red consecutive month, however, the last three days it surged more than 2% and is approaching our first target, that we recommended on a previous analysis (see technical analysis here: http://bit.ly/2iLBwfX). The XAU/USD pair is moving higher ahead the holidays and if the gold breaks the $1,165 resistance level to the upside, it will open the way for the next barrier at $1,197 but it needs to go through the 50-daily SMA. Otherwise, a rebound on the $1,160 barrier will move the price back to the $1,140 support level.

The technical structure suggests further upside movement as the technical indicators moved higher. The Relative Strength Index (RSI) rose but now is flattening slightly above the 50 level while the MACD oscillator is rising and is moving towards its mid-level.

XAUUSDDaily301216.png

Published in Commodites & Metals
Tuesday, 27 December 2016 08:52

WTI Fell Below the $54.00 Critical Level

Oil prices are trading sideways pre-New Year holiday trading session with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC member in 15 years is scheduled to start.

The West Texas Intermediate (WTI) crude oil is looking bullish in the short-term timeframe, as well as, on the medium-term chart. The oil is creating an aggressive rally to the upside following the strong bounce off the 100-weekly SMA and is printing the second positive month in a row. The price is still developing in an ascending trend as it is trading well above the three SMAs (50-SMA, 100-SMA and 200-SMAs) on the daily chart, while the technical indicators lie on the positive territory. The RSI indicator is pointing upwards whilst the MACD oscillator holds below its trigger line and above the zero line. So, if the price surpasses the $54.00 strong psychological resistance barrier it will move towards the $55.25 level.

WTICrudeDaily271216.png

Published in Commodites & Metals
Tuesday, 20 December 2016 08:32

XAU/USD Recorded a Fresh 11-Month Low

The precious metal created an aggressive sell-off since October as it plunged more than 13% and recorded the sixth negative week in a row. The XAU/USD affected from the U.S. dollar sharp rally to the upside and is falling for the third consecutive month. Meanwhile, the pair printed a fresh 11-month trend low at $1,122 following the significant bounce off the $1,337 resistance handle.

On the daily chart, the three SMAs (50-SMA, 100-SMA and 200-SMA) are sloping downwards with strong momentum while the technical indicators are following a negative path. The Relative Strength Index (RSI) is pointing downwards and is moving in an oversold area. The MACD oscillator crossed its trigger line to the downside while it lies below its mid-level. The next strong support level to watch is the $1,072 if there is a break below the $1,114 - $1.122 support zone. Although, do not forget the scenario for a correction to the upside until the $1,160 barrier as the price was moving higher the previous three days.

XAUUSDDaily201216.png

Published in Commodites & Metals
Monday, 19 December 2016 09:53

Brent Recorded a New 17-Month High

The Brent Crude Oil is moving higher, more than 14% so far the last two months, as well as it is recording the second positive month in a row. The oil is moving within an ascending move over the five months and during the previous week, it created a fresh 17-month high at $57.60.

The daily chart shows that the price is now moving well above the three SMAs (50-SMA, 100-SMA and 200-SMA) between the $47.00 and $53.50 barriers. The technical indicators are sloping upwards and they are moving above its mid-levels. The RSI indicator lies above the 50 level and is approaching the 70 barrier while the MACD oscillator is moving near its trigger line. For now, we would expect the pressure to remain to the upside as the technical structure suggests further upside movement until the latter level as the price moving near the $56.00 price level.

BrentCrudeDaily191216.png

Published in Commodites & Metals
Friday, 16 December 2016 08:51

Gold Plummeted More Than 13% Since October

The precious metal created an aggressive sell-off since October as it plunged more than 13% and is currently recording the sixth negative week in a row. The XAU/USD affected from the U.S. dollar sharp rally to the upside and is falling for the third consecutive month. Meanwhile, the pair printed a fresh 11-month trend low at $1,122 following the significant bounce off the $1,337 resistance handle.

The technical structure remains bearish as the three SMAs (50-SMA, 100-SMA and 200-SMA) are pointing downwards with strong momentum while the technical indicators are following a negative path. The Relative Strength Index (RSI) is moving in an oversold area despite that is pointing upwards. The MACD oscillator crossed its trigger line to the downside while it lies below its mid-level. The next strong support level to watch is the $1,055 but do not forget the scenario for a correction to the upside until the $1,160 barrier.

XAUUSDDaily161216.png

Published in Commodites & Metals
Tuesday, 13 December 2016 08:16

WTI Jumped to 18-Month High

The second economic event flooded the headlines is the oil price that climbed at 18-month high yesterday, after OPEC and non-OPEC members sealed a deal to reduce oil production, in order to tackle global oversupply. Moreover, Saudi Arabia signaled that it’s ready for deeper cuts, leaving the door open for further oil output cuts that will send the oil prices higher.

The West Texas Intermediate (WTI) recorded a fresh 18-month high and reached the $55.30 resistance level over December 11th. The oil opened with a gap during Sunday’s session and broke the sloping rising channel to the upside. A correction to the downside is in progress for covering the gap and then back to the previous high. If the price breaks the new high to the upside, will move towards the next resistance level at $61.50. However, to the downside the next level to watch is the $52.25 barrier. On the daily chart, the RSI indicator is moving lower following the pullback on the 70 level.

WTICrudeDaily131216.png

Published in Commodites & Metals
Monday, 12 December 2016 10:53

Gold Plunged More Than 11% Since November

The yellow metal plunged more than 11% since last month and created the fifth negative week in a row following the strong rebound on the $1.337 resistance barrier. The XAU/USD pair is moving near the $1,155 price level and continues its downward movement with strong momentum.

The technical structure remains bearish, as on the daily chart the technical indicators are following an oversold zone. The MACD oscillator is moving slightly above its trigger line while it is still below the zero line. The Relative Strength Index (RSI) is holding in an oversold area and is pointing downwards. The price continues establishing well below the three SMAs (50-SMA, 100-SMA and 200-SMA) while, during the last hours, it broke the $1,160 barrier to the downside and is approaching the $1,140 support barrier.

XAUUSDDaily121216.png

Published in Commodites & Metals
Friday, 02 December 2016 08:54

WTI Crude Oil Almost Reached Our Target

WTI Crude Oil Culminate after OPEC – Russia Deal
OPEC – Russia reached a deal, on Wednesday, to cut oil output for the first time in eight years, elevating the value of the WTI and the Brent Crude oil. The deal is to cut oil production by 1.2M barrels a day to 32.5M barrels a day, starting from January, thus we would expect further rises to the price after the agreement implement.

West Texas Intermediate (WTI) – Technical Outlook
The West Texas Intermediate (WTI) had jumped more than 10% since Wednesday’s agreement by OPEC and had an aggressive run to the upside almost hitting our second scenario in a previous analysis (see technical analysis here: http://bit.ly/2fRX0lf). The WTI crude oil printed a fresh two-month high and reached the $52.20 barrier while oil prices slipped today as some investors opted to cash out. The oil is still establishing within a rising sloping channel and if the price breaks the aforementioned new high to the upside, it will open the door for retesting the return line. Otherwise, after the rebound on the $52.20 resistance level, the price may retest the next support at $49.30. The RSI indicator lies in a positive path however, it is sloping downwards while the MACD oscillator surpassed the zero line and holds above its trigger line.

WTICrudeDaily021116.png

Published in Commodites & Metals
Thursday, 01 December 2016 08:45

WTI Crude Oil Soars Above $50

OPEC ministers finally announced a deal in Vienna yesterday to cut daily oil production sending oil prices sharply higher as the price jumped more than 10% on an intraday basis. The West Texas Intermediate (WTI) surged above our suggested entry level in our yesterday’s analysis and is on the way for hitting our target at $52.25 resistance level while it printed a one-month new high at $50.60 (see technical analysis here: http://bit.ly/2g5Nbkx).

The crude oil is moving towards the return line from the rising sloping channel as there are no obstacles until that level. The price slipped above the three SMAs (50-SMA, 100-SMA, and 200-SMA) while the technical indicators are endorsing the bullish attitude on price. The RSI indicator holds above the 50 level and is sloping upwards while the MACD oscillator has just entered the positive territory and had a bullish crossover with its trigger line.

WTICrudeDaily011216.png

Published in Commodites & Metals

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