News and Trade Ideas (Commodities)

[MongiIG]

Gold and Brent crude ease back after recent gains

Gold eases back within recovery phase, while Brent crude turns lower from Fibonacci resistance.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 26 August 2021 

Gold falls back into Fibonacci support within recent recovery

Gold has been on the front foot over the course of the past fortnight, with price pushing through a number of resistance levels in the process.

 

However, the wider trend of lower highs remains intact unless we see a break up through $1831. The decline seen since Tuesday’s peak of $1809 has taken us back into the 76.4% Fibonacci support level. While that $1783 level was respected yesterday, we are approaching it once again.

With that in mind, there is a good chance that we see price turn upwards once again from here, with a break below $1774 required to bring a more bearish picture into play.

Source: ProRealTime

Brent crude starts to fade from key confluence of resistance

Brent crude has been on the rise over the course of the week thus far, yet we are starting to see the selling pressure come back into play again this morning.

That comes after a rise into the confluence of the wider 61.8% Fibonacci retracement level and recent swing-high of $71.54. That weakness would gain traction with a decline through the $69.92 low established yesterday. Until then, the intraday uptrend remains intact.

Source: ProRealTime

[MongiIG]

Gold rebounds as oil looks for further gains

Oil prices have continued their recovery, while gold is still able to hold its ground.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 27 August 2021 

Gold

After dipping to $1780 yesterday the price has recovered, and now further gains target $1810 and then $1830.

Despite expectations to the contrary, the price has held up after its strong August bounce, avoiding any turn lower for the time being and preventing a more bearish view developing.

Source: ProRealTime

WTI

The recovery continues here, as the price clears the 100-day simple moving average (SMA) of $68.10 and pushes on towards $70, where it stalled in early August.

 

Above here it targets $74, and then on to $76, with steady gains still looking likely. Bearish price action has been unable to take hold, leaving buyers firmly in charge.

Source: ProRealTime

[MongiIG]

Gold targets key resistance as oil falters at trendline resistance

While gold is looking to test recent highs, the oil price is retreating after rallying to trendline resistance.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 06 September 2021 

Gold

Friday’s bounce put gold back on the front foot, and sets up another attempt to clear resistance above $1830. From there $1863 and $1875 come into view as targets.

The buyers have remained firmly in charge since early August, with no sign that the price is about to roll over and head back towards $1765 or lower.

Source: ProRealTime

WTI

By contrast it looks like oil could be creating a new lower high as it falls back from trendline resistance at $70. A further decline will target the August low towards $62.

After the bounce from the lows of mid-August the price may be consolidating, so bulls will want to see a move above $70 that opens the way to $73.80.

Source: ProRealTime

[MongiIG]

Will the gold and Brent crude uptrend kick in once again?

Gold and Brent crude have been losing ground after a recent bullish trend but will that intraday uptrend kick in once again?

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 07 September 2021 

Gold turning lower from key resistance

Gold has been on the backfoot following a rise into the key $1834 resistance level on Friday. That resistance level has been respected a number of times over the past two months, and there is a chance we see another significant move lower from it this week.

From an intraday perspective, the uptrend seen over the past month does highlight the potential for another retracement to come into play here. However, a break below $1801 would negate that intraday uptrend.

As such, the break through $1801 (bearish) or $1834 (bullish) will dictate the outlook from here.

Source: Bloomberg

Brent crude starts to rise within recent recovery phase

Brent crude has been steadily attempting to regain ground following a sharp decline at the end of last week. The recent bullish trend does highlight the potential for another move higher from here.

As such, a bullish outlook holds, with a break below the $70.36 level required to bring about a more negative outlook.

Source: ProRealTime

[MongiIG]

Gold price falls sharply while oil holds steady

A mixed morning for commodities, as gold falls but oil holds steady after recent losses.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 08 September 2021

Gold

Tuesday’s sharp drop could be the moment sellers have been looking for, although the price remains within the upward channel of the past three weeks.

Nonetheless, stochastics have rolled over, potentially providing a catalyst for new short positions. Buyers will want to see a recovery back above $1800 that then moves on towards $1820.

Source: ProRealTime

WTI

The price has retreated from its highs of last week, although it has shown reluctance to head below the support zone around $67.50. A close below $67 opens the path to $62.30 and the 200-day simple moving average (SMA).

Bulls will be looking for a recovery back above $70 that will see the price recover the 50-day SMA and put it above trendline resistance.

Source: ProRealTime

[MongiIG]

Gold and Brent crude at risk of a turn lower following recent gains

Gold and Brent crude show signs of potential impending weakness, with recent gains at risk.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 09 September 2021 

Gold tumbles into Fibonacci support

Gold has been hit hard this week, with the recent rally into key $1834 resistance failing to bring a bullish breakout. Instead we have seen gold hit hard, with price falling back into the 76.4% Fibonacci support level at $1788.

A break below $1774 would bring a wider bearish picture into play here, with the potential for another push higher worth considering at this support level.

A rise through $1802 would bring about a more confident bullish view, while a move back below $1774 would bring expectations of a wider selloff.

Source: ProRealTime

Brent crude continues to gain ground although risks remain

 

Brent crude has been on the rise over the course of the past fortnight, with price pushing marginally beyond the $73.01 Fibonacci resistance level (76.4%).

With the wider trend of lower highs still in place, there is a risk of another move lower if we break back below $70.93. Nonetheless, the intraday uptrend does still remain intact unless price falls below that $70.93 swing low.

Source: ProRealTime

[MongiIG]

Gold and Brent crude gain ground, yet questions remain

Gold and Brent crude move higher, yet concerns remain over the potential for another bearish turn.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 10 September 2021 

Gold on the rise, yet recent declines raise concerns

Gold has been on the rise over the course of the past 24-hours, with the precious metal attempting to regain ground lost earlier in the week.

The Tuesday collapse did provide a wedge breakdown, following a rally into the key $1834 resistance level. That signals the potential for a more protracted move lower.

As such, while we could see further short-term upside today, we would need to see the key $1834 resistance level broken to bring a more reliable bullish signal for gold. Until then, there is a good chance this current rebound is short-term in nature.

Source: ProRealTime

Brent crude turning higher as we wait to see whether we break higher or lower

Brent crude has been showing signs of potentially reversing lower after a bout of gains seen in late August.

A break below the $70.36 level would have brought greater confidence in such a move. However, we are instead turning higher in a move that could see us break higher and portray this recent period as simply consolidation.

As such, watch for a break below $70.36 or above $73.58 to bring greater confidence in the next move.

Source: ProRealTime

[MongiIG]

Gold price steady as oil moves higher

Gold prices have stabilised but oil is on the up once again, following on from a bounce on Friday.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 13 September 2021 

Gold

There is as yet no sign that the price will begin a rally from here, but the continued ability to hold above $1780 does provide some hope for the buyers.

A renewed bounce heads towards $1830, while further declines below $1773 are likely to revive the bearish thesis.

Source: ProRealTime

WTI

The week has begun with gains that capitalise on the bounce on Friday, potentially marking a new leg higher after an extended consolidation period over the past two weeks.

This brings $74 into view once again, with the bearish view negated for now following the bounce from $68.

Source: ProRealTime

[MongiIG]

Gold consolidates above support, as Brent crude rallies into trendline resistance

Gold struggles to regain momentum above key support level, while Brent crude rallies into key trendline resistance.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 14 September 2021 

Gold continues to consolidate above key support level

Gold has been consolidating above the $1780 support level over the course of the past week, with price struggling to find traction of late.

The fact that we have sold back towards this support level after a rally into $1832 points towards a potential bearish phase coming into play. However, it would require a break below $1780 to bring about that bearish picture following this consolidation phase.

Meanwhile, to the upside a break through $1798 and $1804 would point towards the bulls driving price back up towards the crucial $1832 resistance level.

Source: ProRealTime

Brent crude breaking resistance, although trendline brings another question mark

Brent crude has managed to tentatively break through the $73.58 resistance level this morning, bringing about a fresh six-week high for the market.

However, we have a tentative trendline coming into play here, which provides additional questions. The wider trend of lower highs does still remain intact until we see the $75.60 level broken.

However, with the 76.4% Fibonacci resistance level taken out, a rise through this trendline would provide greater confidence that the short-term picture is going to maintain this bullish path.

Source: ProRealTime

[MongiIG]

Gold looks for gains after Tuesday's recovery as oil’s bounce continues

Gold has stalled after rallying on Tuesday, but oil is continuing to make headway.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 15 September 2021 

Gold

Yesterday’s dollar fall gave gold the space to rally, moving up from the support zone above $1780.

While the price has stalled this morning, the more bullish view occasioned by yesterday’s rally remains in place, and dip buyers will look to enter to drive the price back towards $1830.

The bearish view is out of favour, unless we see a reversal below $1780 once more.

Source: ProRealTime

WTI

While indices have stumbled, oil has continued to make gains, pushing on after breaking above the 50-day simple moving average (SMA) and trendline support.

Further gains head towards $74, while the bearish view remains out of the picture unless a move below $67 develops.

Source: ProRealTime

[MongiIG]

Gold in retreat as Brent crude makes further gains

Gold prices have been pushed lower so far this morning, while Brent crude is content to push higher.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 16 September 2021 

Gold

The price is headed lower after yesterday’s drop, as the bulls lose control and a more bearish view prevails.

It will be further strengthened with a move below $1780, opening the way to additional downside. The bull case is out of favour unless we see a recovery back above $1810.

Source: ProRealTime

Brent

Oil prices have shown no hesitation about rallying, making further headway above $74 here.

The downward move of mid-summer is firmly at an end, and with stochastics riding high momentum is clearly tilted to the upside, targeting the July high at $77.52 once more.

Source: ProRealTime

[MongiIG]

Gold prices under renewed pressure while oil prices rally

Gold has taken a tumble as the dollar strengthens, but oil is still in full rally-mode.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 17 September 2021 

Gold

Gold prices took a knock yesterday, causing them to slump below $1780 support.

A small recovery today leaves the bearish view firmly intact, and even a bounce towards $1790 would still have further to go before challenging trendline resistance from the September peak.

Source: ProRealTime

WTI

It has been a great week for oil prices, which have soared back in the direction of their summer highs.

Sellers were unable to hold the price back around $68, and now renewed upside takes us on to $74 and higher.

Source: ProRealTime

[MongiIG]

Gold decline slows and oil prices edge lower

So far the outbreak of risk aversion is not providing much of a lift for gold, while oil prices have dropped back from last week’s gains.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 20 September 2021 

Gold

Gold buyers have stepped in around $1750 over the previous two sessions and so far today, slowing the decline, although that is far from the kind of firm upward momentum that would be needed to suggest a more sustained bounce.

Sellers will be looking for a resumption of the move below $1740, while to the upside buyers will hope a rally above $1765 could spark the prospect of a bigger recovery.

Source: ProRealTime

WTI

WTI continues to ignore the selloff in equity markets, dropping back only modestly from the highs of last week and holding above trendline support, helped along by the solidly high stochastic readings.

For now buyers will be looking for an additional higher low, somewhere above $68, and sellers will be hoping that a move below $68 can develop in coming sessions.

Source: ProRealTime

[MongiIG]

Gold stalls at $1765, while oil prices recover after losses

Gold’s bounce has stalled, while oil prices have ticked higher following small losses on Monday.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 21 September 2021 

Gold

Gold's strong bounce off the lows has stalled at $1765, a potentially decisive point.

A failure to continue the bounce will prompt expectations of a renewed move towards $1750 and lower, while a further bounce above $1770 would solidify the bullish view.

Source: ProRealTime

Brent

Oil prices edged back over the previous two sessions, but have managed to stage a bounce so far this morning.

Renewed gains target $76 and then on towards $77.57, the peak from July. Alternatively, a fresh drop requires a move below $73.

Source: ProRealTime

[MongiIG]

Gold and oil prices stage a rebound

Commodity prices are recovering as global risk appetite returns to a more bullish pose.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 22 September 2021 

Gold

Gold's recovery continues, with the price making further strides higher.

Trendline resistance from the September peak now comes into play just above $1780, and further gains above this target $1803.

Sellers will hope that the September downtrend resistance line stalls further progress and prompts a renewed decline.

Source: ProRealTime

WTI

After bouncing from $69.15 yesterday the price has continued its ascent and now targets $72.90 and then on towards $74.

Yesterday’s bounce puts the buyers back in charge, and leaves the way clear for further upside, while also cancelling out the bearish view for the time being.

Source: ProRealTime

[MongiIG]

Gold looks at risk of further declines, while Brent crude hits multi-year highs

Gold struggles to regain momentum after respecting key support, while Brent crude drives further into multi-year highs

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 27 September 2021 

Gold continues to trade above key support

Gold has managed to regain ground from the $1741 support level towards the end of last week. That support level looks to provide a key threshold below which we are likely to see greater confidence from the bears.

While price has been attempting to move higher, the ongoing trend of lower highs does point towards another potential period of weakness before long. As such, a bearish outlook is in play unless price rises through the $1787 swing-high.

Source: ProRealTime

Brent crude expected to rise further after push into multi-year highs

Brent crude has enjoyed a period of significant gains that drove price into the highest levels since 2018. That bullish momentum shows little signs of letting up, and thus unless price tells us otherwise we will expect further upside.

With that in mind, bullish positions are favoured until price falls below the prior swing-low (currently $72.70).

Source: ProRealTime

[MongiIG]

Gold and oil head in different directions

Sellers rule in gold at present, while the buyers have oil prices firmly in their grasp.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 28 September 2021 

Gold

Gold prices continue to head lower, with little sign of any respite for the time being. Overall the sellers are in charge, and as the price drops through last week’s lows around $1740 the bearish view is reinforced.

Rallies such as we have seen over the past week tend to encounter selling, with buyers unable to establish a hold above $1770, then $1760, $1750 and now $1740.

Source: ProRealTime

WTI

Any of the jitters affecting equities are not being felt in oil prices, which have made another leap, this time towards the July peak at $76.47. Just as the sellers in gold are in charge there, so the buyers are in the driving seat here.

There has been little in the way of downward movement, with the uptrend firmly re-establishing itself in the past five sessions.

Source: ProRealTime

[MongiIG]

Gold prices edge up while oil retreats from recent highs

The overall trend of losses for gold and gains for oil has continued, although some reversal in both has been seen today.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 29 September 2021 

Gold

Bulls will be hoping that a bullish wedge is forming on the daily chart for gold, but this will need a rally above $1750 to signal a breakout to the upside.

Further declines target $1720, and then on down to $1685.

Source: ProRealTime

WTI

The oil rally appears to have topped out for the time being, although it remains above trendline support from the August low.

An impressive six-week rally has carried the price back to the summer highs, but short-term weakness is unlikely to turn into anything more severe unless the price drops back below $70.

Source: ProRealTime

[MongiIG]

Gold at risk despite early gains, while Brent crude turns higher from recent retracement

Gold attempts to regain ground, but bears look likely to come back into play. Meanwhile, Brent crude is already turning higher after a shallow retracement.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 30 September 2021 

Gold likely to fall further despite early gains

Gold has been on the rise in early trade today, with the losses seen yesterday being partially regained.

However, the intraday trend does still remain intact here, with further weakness looking likely. A break up through $1745 would signal the potential for a more protracted period of upside here.

However, bearish positions are favoured until that break happens.

Source: ProRealTime

Brent crude pullback already reversing

Brent crude saw the sellers come back in on Tuesday, with price moving into a retracement phase.

However, it already looks like the buyers are coming back into play despite having only posted a 38.2% pullback. A rise through $78.70 brings greater confidence that this retracement phase is finished.

However, whether we see a deeper pullback here or not, a bullish outlook holds as long as we remain above $72.70.

Source: ProRealTime

[MongiIG]

Gold rebound unlikely to last, while Brent consolidates after recent rally

Gold rebound looks unlikely to last, while Brent crude consolidates ahead of another likely push higher.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 01 October 2021 

Gold spike looks likely to fade

Gold has been hit hard over the course of September thus far, with price falling into the lowest level since mid-August.

The subsequent rise seen yesterday took us back into the 61.8% Fibonacci resistance level at $1762. Thus it looks likely we will see the sellers come back into play once again, with a rise through $1707 required to bring about a more bullish short-term picture.

Source: ProRealTime

Brent crude consolidates after recent rise

Brent crude has paused after a period of gains that took us up into the $80 level for the first time in almost three years. This is likely to soon bring further upside, although we are currently consolidating ahead of the next move.

A decline through $76.33 would bring about a short-term bearish signal and point towards a deeper retracement. However, unless price falls back below the $72.70 level, this period is viewed as a retracement before we head higher once again.

Source: ProRealTime

[MongiIG]

Gold looks for further gains as oil heads higher

After rebounding last week gold has stalled, but oil prices seem well-supported by bullish momentum.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 04 October 2021 

Gold

After rallying sharply at the end of last week, the price has fallen back, but after such a bounce some weakness was to be expected.

Buyers will see this as a chance to add to positions, with a view to riding the move up back above $1765 and higher. Sellers will have to wait to see if the losses deepen, with a reversal below $1745 helping to suggest a move lower is now in play.

Bears will take comfort from the fact the price is struggling to move above horizontal and trendline resistance, which could signal a resumption of the September decline into October.

Source: ProRealTime

WTI

Oil continues to be a strong performer, moving back to the highs of last week after seeing significant buying on intraday weakness on Thursday and Friday.

After being unable to hold the price around $74, the sellers look to have ceded control, and a new move higher is underway that will likely open the way to new highs for the year.

Source: ProRealTime

[MongiIG]

Gold reversing from Fibonacci resistance, while Brent hits three-year high

Gold at risk of another move lower, while Brent crude pushes up into a fresh three-year high.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 05 October 2021 

Gold weakening from Fibonacci resistance

Gold has started to weaken after a rally into the 76.4% Fibonacci resistance level overnight.

The ongoing move towards higher inflation and tighter monetary policy brings a warning sign for gold bulls, with the precious metal likely to be under pressure as a result. A move back below the $1747 swing-low would bring greater confidence that this market is about to continue its bearish trend and head lower once again.

To the upside, a break through $1787 would be required to bring a more bullish short-term picture into play.

Source: ProRealTime

Brent crude breaks through $81, with further upside likely

Brent crude has broken into a three-year high this week, with price pushing through $81 for the first time since 2018.

While we have seen consolidation overnight, we are already heading upwards once again.

With that in mind, a bullish outlook is expected to bring further upside from here, with a break below $76.48 required to negate that view.

Source: ProRealTime

[MongiIG]

Gold rolling over as Brent crude eases back below $83

Gold starts to roll over, with bears expected to come back into prominence. Meanwhile, Brent crude starts to ease back after a rally through $83.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 06 October 2021 

Gold rolling over from 76.4% resistance

Gold has been on the rise of late, with price retracing back towards the 76.4% Fibonacci resistance level on Monday.

However, that resistance level has held, with price back down into the key $1747 support level today. A move below that level heightens that bearish confidence, with a negative view holding unless we see price rise through $1787 resistance.

Source: ProRealTime

Brent crude eases back, yet uptrend holds

Brent crude has been on the rise of late, with price breaking above $83 for the first time since October 2018.

However, we are seeing price ease back this morning, in a move that could bring a retracement period. The depth of this move is unknown.

Thus any short-term downside is viewed as an opportunity to get into the trend at a better price. That bullish view holds unless price breaks back below the $76.48 swing-low.

Source: ProRealTime

[MongiIG]

Gold on the rise, as Brent crude falls back towards Fibonacci support

Gold on the rise as yields decline, although risks of another move lower. remain Meanwhile, Brent crude is on the back foot, but Fibonacci support could bring the bulls back into play.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 07 October 2021 

Gold gaining ground yet intraday downtrend remains in play

Gold has managed to regain some ground over the past 24-hours, with a pullback in treasury yields helping to drive gains for this precious metal.

That rally came after a decline into the prior resistance level of $1745, with price now heading towards the $1770 peak established on Monday.

Ultimately we remain within a bearish intraday trend as things stand, with a rise through $1787 required to negate that pattern of lower highs. Until then, keep an eye out for the $1770-1772 resistance zone as a potential bearish turning point.

Source: ProRealTime

Brent crude heads lower, with Fibonacci support coming into view

Brent crude has been on the back foot, as Russian promises to help provide greater supplies of natural gas also ease upside for crude.

Nonetheless, the uptrend does still remain intact, with a bullish view in place until price falls back below the $76.48 swing-low. Until then, watch for a potential bullish move from the $79.07-78.08 Fibonacci support zone.

Source: ProRealTime

[MongiIG]

Gold steady as oil makes further gains

Gold prices have held their ground while oil is making headway once again. Video

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 08 October 2021 

Gold

Gold's breakout from trendline resistance last week is intact, but upward progress has been lacking over the last five sessions.

Dips earlier in the week found buyers around $1746, so as long as this holds another bounce is possible. A full-blown reversal below $1740 is needed to hand the initiative back to the sellers.

Source: ProRealTime

WTI

Fresh gains for crude oil seem to come despite concerns about the impact of higher prices on inflation.

Price action yesterday witnessed a dip to $75 and then a recovery, leaving the buyers in charge once again. Higher intraday highs and lows predominate, confirming the bullish momentum.

Source: ProRealTime

[MongiIG]

Gold sinks as WTI clears $80

Gains have lifted oil to fresh highs, while gold remains under pressure following Friday’s volatility.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 11 October 2021 

Gold

Friday’s sharp rejection of the 50-day simple moving average (SMA) of $1778 and declining, points towards a potential rolling over of the price and a fresh drop below $1750.

This would bring the $1720 low into view. Buyers will need a decent bounce into this week, back above $1770 in the first instance, to restore a more bullish view, but with the 50-day moving average (MA) falling the overall impression remains a negative one.

Source: ProRealTime

WTI

Crude's rally is unstoppable it seems, as WTI tops $80.

The constant climb in the moving average convergence/divergene (MACD) and the seemingly invulnerably high stochastic reading point to how strong momentum is to the upside.

This confirms the price trend and flags the fact that any weakness is likely to remain temporary for the time being.

Source: ProRealTime

[MongiIG]

Gold pauses after recent rise, while Brent crude looks set for further upside

Gold continues to consolidate within likely retracement phase, while Brent crude continues to push upwards.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 12 October 2021 

Gold continues to consolidate within likely retracement

Gold has been consolidating for much of the past week, with price largely remaining below the 76.4% Fibonacci resistance level throughout that period.

Rising yields look likely to drive gold lower before long, with a bearish outlook in play unless price breaks through the $1787 resistance level.

Source: ProRealTime

Brent crude continues to push higher, with price hitting three-year high

Brent crude has been on the rise of late, with price pushing higher on a daily basis. That trend looks likely to persist from here on in, with a bullish view in play unless price falls back below the $78.88 swing-low.

Until that happens, any near-term downside would look to bring a buying opportunity.

Source: ProRealTime

[MongiIG]

Gold rallies as oil prices edge lower

Gold has managed to stage a recovery while oil prices are continuing to drop back from recent highs. Video

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 13 October 2021 

Gold

After edging up yesterday a more bullish view prevails once again, as the price returns to $1770. The real test will come with a move to the 50-day simple moving average (SMA) at $1776.

The previous attempt on Friday was quickly knocked back, and a similar failure to break higher will damage the bullish view.

Source: ProRealTime

WTI

Some of the bullish momentum has cooled in the past three sessions, but this gentle decline has yet to turn into anything more serious for WTI.

Trendline support from mid-September still holds, and only a move below $78 would point towards the development of a more substantial pullback.

Source: ProRealTime

[MongiIG]

Gold and Brent crude push higher after recent consolidation

Gold breaks resistance, with further upside likely. Meanwhile, Brent crude has turned higher once again following the recent retracement phase.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 14 October 2021 

Gold continues to consolidate within likely retracement

Gold managed to break up through $1787 resistance this week, coming off the back of an extended period of consolidation around the 76.4% Fibonacci resistance level. That break points towards a potential wider upward move coming into play, especially given the subsequent support found on that $1787 level.

Near-term upside resistance comes in the form of the $1807 level, with the wider move coming into play here. However, given the respect seen at the $1834 level over the past three months, there is also a chance we push up into that resistance level once again.

A break below $1787 brings expectations of short-term downside.

Source: Bloomberg

Brent crude turning upwards after latest retracement

Brent crude is on the front foot once again following the latest retracement. That pullback has provided less than a 50% move, with price heading higher once again.

This uptrend looks likely to continue for some time yet, and thus it makes sense to remain bullish unless we see price break support and end the trend of higher lows. As such, bullish positions are favoured while price remains above $78.88.

Source: ProRealTime

[MongiIG]

Gold in reversal mode as oil sails higher

Gold looks to be on the way down once more, but oil prices continue their apparently unstoppable form.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 18 October 2021

Gold

Gold has endured a classic reversal at the 200-day simple moving average (SMA) of $1795, and now seems to have created the lower high that the sellers were looking for.

From there $1720 and then $1685 seem to come into view. This bearish outlook will take some reversing, especially now that short-term trendline support from the September low has been breached.

Source: ProRealTime

WTI

Oil continues, remarkably, to adhere to the rising trendline of the past month, climbing to fresh one-year highs.

Sellers have been unable to gain much traction, and with each day seeing mostly new higher lows it seems the buyers have got this one all wrapped up for now.

The next targets to the upside appear to be $85.60 and then $91.40.

Source: ProRealTime