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Melina DELTASJunior Market Analyst

Items filtered by date: March 2016

Tuesday, 08 March 2016 10:17

UK Brent Crude Oil Soars!

The oil prices rebounded from the record lows has been at the beginning of 2016 and has rallied upwards surpassing $40 per barrel on Tuesday, after recording a seventh consecutive day of gains at the start of the month. Brent Crude oil was at $40.40 (+4.65% for the day) a barrel in early Tuesday trading, up 0.75%, from their last close and almost 16% up from their 2016 low on January 21. The next stop for the bulls will be the $43.15 barrier, which coincides with the 200-SMA on the daily chart. After it will reach the aforementioned level, a correction is likely. 

It's worth to note, that the 50-SMA crossed above both the 100-SMA and the 200-SMA on the 4-hour chart signaling for a bullish bias.

BrentCrudH408032016.png

Published in Commodites & Metals
Monday, 07 March 2016 10:02

XAU/USD to reach $1,300!

The precious metal also benefiting from the recent weakness in the dollar, it found a strong buyers during the Friday’s session and it has run into a significant resistance level above the $1,263 barrier. In the long-term, the precious metal escaped from a sloping channel has been since August of 2013. The gold price rebounded sharply on the support level of $1,045 in mid-December. Since then, it gained more than 20% of its value, surpassed the 100-SMA on the weekly chart, which provided support temporarily and is now traded near $1,260.

With the above in mind, we remain bullish on the yellow metal and the next level to watch will be the $1,300, the last high level of the pair in January 2015. Beyond the aforementioned level, the 200-SMA on the weekly chart, slightly below the psychological level of $1350 which coincides with the previous peak level of the falling channel will be eyed – for long-term holders. Alternatively, given how aggressive the rally has been over the last few days, we could see a brief period of consolidation inside the formation.  

XAUUSDH4070316.png

Published in Commodites & Metals
Thursday, 03 March 2016 08:40

XAU/USD - Waiting for a clear Break-out!

 

XAU/USD has been choppy and fairly directionless as it remains in the ascending triangle, which started back in mid-February. Therefore, it leaves the outlook unchanged for now ahead of the all-important U.S. NFP report. U.S. Non-farm Payrolls are estimated to have risen by 190k in February after increasing by 151k in January. The yellow metal which has gained nearly 18% this year to be among the top performing commodities was trading not far below a one-year peak.

For now, I would expect the precious metal to be around the $1,260 level until Friday when the U.S. NFP is due to release. A negative impact could push the metal towards the $1,300 level, which I expect to hold, at least for now.

XAUUSDH4030316.png

Published in Commodites & Metals

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