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Melina DELTASJunior Market Analyst

Items filtered by date: August 2016

Tuesday, 30 August 2016 06:51

XAU/USD to Rebound Back to $1,350

The precious metal is looking much more bearish, following the aggressive pullback from the $1,340 support level, which includes all of the three moving averages (50, 100, and 200-SMAs). During last week’s session, the XAU/USD pair plunged more than 1.5% and recorded the second negative weekly candle in a row.

The technical structure remains bearish, since the precious metal broke the ascending trend line on the daily chart, to the downside. After the penetration, the currency tested again the $1,315 support level and now is currently trading near the $1,318 price level. Going to a more short-term timeframe, the 50-SMA had a bearish crossover with the 200-SMA which is signaling a continuation of the descending move. Having in mind the above, the $1,310 - $1,315 zone should provide a key insight into whether the market remains in a consolidation mode (descending triangle) or has turned more bearish for the continuation of the correction phase. Therefore, the zone to watch for the upcoming sessions will be the $1,310 - $1,315 zone. On the other hand, in order to gain any real traction again, we need to see a break above the $1,330 level, which includes the 4-hour 50-SMA. A potential break above the aforementioned level the next level that will come in play will be the significant barrier at $1,350.

XAUUSDH4300816.png

Published in Commodites & Metals
Thursday, 25 August 2016 05:55

Gold Remains Inside the Triangle!

The precious metal on early Thursday held slightly above a four-week low touched in the previous session as the greenback lost some strength ahead of a speech by Fed Chair Janet Yellen at Jackson Hole that may yield clues on U.S. interest rate policy. The yellow metal broke out lower after two weeks of standstill, forming a symmetrical triangle on the 4-hour chart, sinking to the weakest level in a month. From here, a daily close below the $1,323 exposes the lower boundary of the triangle. Alternatively, a move back above support-turned-resistance, at $1,330, should open the way towards $1,340, which includes all 3 moving averages (50-SMA, 100-SMA, and 200-SMA). On the 4-hour chart, indicators are retreating from oversold levels, but the price is well below its 50-SMA, currently at $1,326, while the 21-SMA heads strongly higher well below the current level.

XAUUSDH4250816.png

Published in Commodites & Metals
Tuesday, 23 August 2016 07:18

WTI Fell And Reached Our Suggested Target!

WTI Crude oil prices slipped back on Monday after hitting an eight-week high following their longest run of gains in four years, breaking through the $49.20 resistance level. Over the last month, the oil surged more than 16% following the aggressive rally, which started from the $39.65 support level and the price is now moving near the $47.00 level. The commodity has been trading in an upward move since August 03. During yesterday’s session, the crude oil reached our targets at $48.00 and $46.90 price level and fell below them (see the analysis here: http://bit.ly/2bLdGeF). Our expectation for the following days is a further downside move until the $46.50 - $46.00 support zone or even more until the $45.00 barrier. The oil is exactly above the 100-daily SMA and the 50-SMA on the 4-hour chart and a penetration below the aforementioned obstacles will open the way for the continuation of the downward movement. The MACD oscillator is falling and is moving near the neutral area whilst the RSI indicator fell below its mid-level.

WTICrudeH4230816.png

Published in Commodites & Metals
Tuesday, 23 August 2016 07:15

Silver: The Market Opened With a Gap

The XAG/USD edged sharply lower the previous week, as a result, the market to open with a gap below the strong resistance level at $19.20. Over the previous month, the metal recorded a 2-year high and challenged the $21.10 price level. After the retest of the latter level, the currency plunged more than 7% and met the $18.70 level.

From a technical point of view, the penetration of the significant barrier at $19.20 open the doors for the $18.40 barrier which overlaps with the 100-daily SMA. Furthermore, a break below the latter level will expose the price to the $18.00 psychological level. On the daily chart, technical indicators are endorsing our bearish thought, since the MACD oscillator entered the negative area during the last periods and the Relative Strength Index (RSI) is approaching the 30 level. Additionally, the price is moving below the 50-SMA and is moving towards to the 100-SMA. On a lower timeframe, the MACD and the RSI oscillators are following the oversold area with strong momentum.

XAGUSDDaily220816.png

Published in Commodites & Metals
Tuesday, 23 August 2016 07:12

XAU/USD Broke The Uptrend Line

The precious metal edged sharply lower for the second consecutive day, falling down to $1,332 support level before settling around the $1,338 price level which is near the 100-SMA on the 4-hour chart. The XAU/USD pair penetrated the ascending trend line from the 4-hour chart and plunged more than 1% over the last two days. The support zone at $1,330 - $1,332 is a very significant area and the pair had several attempts to break it to the downside. Our recommendation is a further downside move after the price had a rebound on the 50-daily SMA until the aforementioned area or furthermore until the $1,325 support level. On the 4-hour chart, the MACD oscillator is moving below the zero area while the RSI indicator is near the 50 level and is sloping upwards.

XAUUSDH1230816.png

Published in Commodites & Metals
Friday, 19 August 2016 06:44

Gold Key Level to Watch is $1,356

We’ve been bullish on the precious metal in our recent commentaries and we can see that price has remained within the symmetrical triangle. The XAU/USD is finding strong support from both the 50-SMA and the 200-SMA on the 4-hour chart and it seems, according to the technical indicators which are moving north, that we could see some further bullish extensions in the upcoming sessions.

A breakout above the tail highs of the aforementioned pattern (upper boundary) could lead to a significant move higher and continuation of the uptrend in Gold. The key level to watch in the next few sessions is the $1,356 barrier while, on the other hand, the $1,345 barrier will be the first obstacle for the bears.

XAUUSDH1190816

Published in Commodites & Metals
Friday, 12 August 2016 07:35

Brent Crude Oil Retesting $46.20

Brent Crude Oil jumped nearly 5.8% at $46.80 per barrel as the Saudi oil minister stated that at the end of September OPEC meeting, they will discuss the market situation and any action needed to stabilize the prices. Moreover, the International Energy Agency forecasted that crude oil markets would rebalance in the next few months. The comments also bolstered the WTI Crude oil that lifted more than 5.5% at $44.60 per barrel. The technical structure suggests more bullish movement for both Brent and WTI Crude oil. The aggressive rally for both of them was started from the rebound on the $43.60 and $41.70 respectively.

The Brent Crude oil is currently trading above the 200-SMA on the 4-hour chart which remains with a more upside potential move if there is a successful penetration of the fresh almost one-month high. After the strong movement, there is also a possibility of retesting the support level at $46.20 and then continuation of the upward move until the $48.00 psychological resistance barrier. Technical indicators on the 4-hour chart are biased higher and corrected extreme overbought readings. The MACD oscillator is currently moving above both, its zero and trigger lines, increasing the probabilities for further advance while the RSI indicator is moving near the 70 level.

BrentCrudeH4120816.png

Published in Commodites & Metals
Thursday, 11 August 2016 06:59

Brent Crude Oil Rebound On 50-SMA

Oil prices dropped during yesterday’s period as crude inventories in the U.S. continued to expand over last week and in London, the fears over the global supply continued to strengthen following the fresh stockpile report. The Brent Crude Oil plummeted more than 3% the last two days, following the pullback from the $45.90 resistance level. The downward move came to an end when the price bounced off the 50-SMA on the 4-hour chart and now is creating a correction probably until the $44.35 support level or moreover until the 100-SMA on the 4-hour chart. Additionally, if the price plunge below the $43.85 price level will open the doors for the $42.70 barrier. The MACD oscillator is falling and is moving near the zero area whilst the RSI indicator fell to the negative zone below the 50 level.

BrentCrudeH4110816.png

Published in Commodites & Metals
Wednesday, 10 August 2016 07:37

WTI Tested Again The Descending Trend Line

During yesterday’s session, the WTI Crude oil plunged more than 1.2% and retest the descending 4-hour trend line to the upside. The oil found a strong support at the 100-SMA and is trading near the $43.00 price level. If the price drops below the mentioned support level which overlaps with the $43.00 barrier then will meet again the $42.60 strong support level or even more the $41.55 obstacle. On the other hand, if the oil surpasses above the $44.00 resistance barrier will open the way for the $45.00 psychological level. Technical indicators are moving in a positive territory while the RSI is sloping downwards. The MACD oscillator is still following a bullish area but is moving below its trigger line.

WTICrudeH4100816.png

Published in Commodites & Metals
Tuesday, 09 August 2016 07:00

WTI Reached Our Target At $43.80

A meeting between OPEC and non-OPEC countries may take place in the coming weeks as the crisis in South American search for weak oil markets. During yesterday’s session, the WTI Crude oil surged more than 2% and broke the descending 4-hour trend line to the upside. The oil reached our suggested target at $43.80 (see here the technical analysis: http://bit.ly/2aHZwhD) and had a rebound on the latter level. Currently, the pair found a strong support at the 100-SMA and is trading near the $43.25 price level. If the price drops below the downtrend line which overlaps with the $42.60 then will meet again the $41.55 strong support level. On the other hand, if the oil surpasses the $43.80 resistance barrier will open the way for the $45.00 psychological level. Technical indicators are moving in a positive territory while the RSI is sloping downwards. The MACD oscillator is still rising with strong momentum.

WTICrudeH4090816.png

Published in Commodites & Metals
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