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Gold and Brent crude ease back after recent gains

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

BG_gold_2161981981.pngSource: 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.

gold%2026-8.pngSource: 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.

oil%2026-8.pngSource: ProRealTime
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Gold rebounds as oil looks for further gains

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

BG_gold_.21981919.pngSource: 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.

gold%2027-8.pngSource: 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.

oil%2027-8.pngSource: ProRealTime
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  • 2 weeks later...

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.

bg_gold_368042391.jpgSource: 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.

Gold_060921.pngSource: 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.

WTI_060921.pngSource: ProRealTime
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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?

bg_gold_363727358.jpgSource: 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.

XAUUSD-4-hours7921.pngSource: 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.

LCO-4-hours7921.pngSource: ProRealTime
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Gold price falls sharply while oil holds steady

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

bg_gold_363727164.jpgSource: 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.

Gold_080921.pngSource: 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.

WTI_080921.pngSource: ProRealTime
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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.

r_BG_gold_bar_098098098.jpgSource: 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.

XAUUSD-4-hours9921.pngSource: 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.

LCO-4-hours9921.pngSource: ProRealTime
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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.

bg_gold_363727164.jpgSource: 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.

XAUUSD-4-hours10921.pngSource: 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.

LCO-4-hours10921.pngSource: ProRealTime
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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.

bg_gold_368042391.jpgSource: 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.

Gold_130921.pngSource: 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.

WTI_130921%20(1).pngSource: ProRealTime
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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.

r_BG_gold_bar_098098098.jpgSource: 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.

XAUUSD-4-hours14921.pngSource: 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.

LCO-4-hours14921.pngSource: ProRealTime
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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.

bg_gold_363727358.jpgSource: 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.

Gold_150921.pngSource: 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.

WTI_150921.pngSource: ProRealTime
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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.

bg_gold_368042391.jpgSource: 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.

Gold_160921.pngSource: 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.

Brent_160921.pngSource: ProRealTime
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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.

r_BG_gold_bar_098098098.jpgSource: 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.

Gold_170921.pngSource: 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.

WTI_170921.pngSource: ProRealTime
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