News and Trade Ideas (Commodities)

[MongiIG]

Gold and Brent crude turning higher after latest pullback

Gold and Brent crude looking likely to push upwards, with the latest period of weakness starting to reverse once again.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 19 October 2021

Gold turning upwards from Fibonacci support

Gold has been on the rise in early trade, with the latest pullback coming into a confluence of simple moving average (SMA) and 76.4% Fibonacci support.

The push higher seen this morning does raise the risk of a bullish reversal from here. A break back below $1746 brings a fresh bearish outlook for gold.

However, until that happens, the recent rise through $1787 points towards a potential period of upside that could result in an ultimate move towards the $1834 resistance level.

Source: ProRealTime

Brent crude uptrend likely to persist after yesterday’s pullback

Brent crude saw a rare pullback at the start of the week, with price falling back down into trendline support overnight.

A break below the $81.91 swing-low would bring an end to this trend, yet it makes sense to watch out for a bullish reversal until that breakdown occurs.

Source: ProRealTime

[MongiIG]

Gold price recovers as oil price gains slow

Gold continues to edge higher while the ongoing rally in oil prices appears to have paused for now.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 20 October 2021

Gold

After the losses of late last week the price has stabilised at $1760 and has pushed slightly higher, although there is still some ground to be recovered before a more bullish view emerges.

A reversal below $1760 would hand the advantage back to the sellers.

Source: ProRealTime

WTI

Momentum has eased off here, although the trendline from late September remains unchallenged as yet.

The price has yet to roll over, and indeed the lows of the previous two sessions remain intact. A firm drop below $81 would start to suggest a deeper retracement is at hand.

Source: ProRealTime

[MongiIG]

Gold and Brent crude gain ground, but questions remain

Gold continues to rise, although concerns remain over monetary tightening. Meanwhile, the Brent crude uptrend has paused below a multi-year trendline.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 21 October 2021 

Gold on the rise despite rate hike concerns

Gold has been on the rise over the course of the week thus far, with price reversing upwards in the wake of the latest downside retracement.

There is a good chance we ultimately push up towards the $1834 region given how price has been seemingly drawn to that level over recent months.

However, the expectations of tightening monetary policy provides a cause for concern for bulls. With that in mind, a break below $1760 would bring a more bearish picture back into play.

Source: ProRealTime

Brent crude rallies into long-term trendline resistance

Brent crude has been consolidating for much of the week, with price largely stumbling around a long-term trendline resistance. The existence of this multi-year trendline does provide a major hurdle that needs to be overcome.

With that in mind, a break up through $85.55 resistance would be required to bring a bullish continuation signal. Conversely, a break back below the $83.13 swing-low would bring a signal of impending short-term weakness.

Source: ProRealTime

[MongiIG]

Gold prices rally as oil bounce weakens

Gold is almost back at last week’s highs, while oil prices have slowed in their move higher. Video

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 22 October 2021 

Gold

Markets fall three times faster than they rise, or thereabouts. This has been displayed nicely in gold, which has slowly clawed back last week’s losses. It is now looking at moving back above the 200-day simple moving average (SMA) of $1794 and then on above last week’s highs at $1800.

Sellers will hope that the 200-day SMA holds back gains again, and that the new week sees gold retreat from this level and eat into the gains of the past four sessions.

Source: ProRealTime

WTI

For the past two days oil has obstinately refused to roll over, with dip buyers coming in at $81.

We might well be close to the end of this remarkable bounce, but what follows is tough to tell. A short correction could be enough to reset the clock here and provide room for further gains.

We have not yet broken rising trendline support, so it is probably too early to suggest that a bearish move is at hand.

[MongiIG]

Gold and Brent crude ease back within recent uptrends

Gold and Brent crude have started to fade after recent gains, but the uptrends remain intact unless we see price break through key support levels.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 27 October 2021 

Gold losing traction from Fibonacci resistance

Gold has been losing ground after a rally into the 76.4% Fibonacci resistance level on Friday. Price has returned to the initial intraday $1783 support level since, with price holding up as things stand.

A break below that level points towards a possible move below the crucial $1760 swing-low which would bring the wider bearish trend back into play.

Until then, there is still a good chance that this current pullback is a retracement set within an intraday uptrend.

Source: ProRealTime

Brent crude easing back but uptrend remains in play

Brent crude has been easing back after the recent rally into a multi-year descending trendline. With that trendline and the $86.65 resistance level (from 2017) up ahead, there was always likely to be questions being asked here.

A break back below $82.80 would bring about a bearish short-term view. However, until that happens the current pullback looks likely to represent a bullish retracement set within a clear uptrend.

Source: ProRealTime

[MongiIG]

Gold and Brent crude on the rise after recent pullbacks

Gold and Brent crude are on the rise, with the recent period of weakness reversing towards the upside.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 28 October 2021

Gold regaining lost ground after pullback into swing-low support

Gold has started to move higher after a period of retracement that took price back into the $1783 swing-low. A break below $1760 would be required to negate the uptrend in play over the course of October.

To the upside, watch out for resistance at $1807 (76.4% Fib) and $1834.

Source: ProRealTime

Brent crude tumbles after inventories build

Brent crude has taken a hit in the wake of a surprise 4.3 million inventories build. That took price back below the $82.80 swing-low, raising the possibility of a wider pullback.

However, we are seeing price turn upwards this morning, with a wider 61.8% Fibonacci retracement coming into play. Additionally, with a long-term descending trendline up above the recent highs, it makes sense to look for a break up above $86 for the bulls to gain greater confidence of an upward continuation move.

Source: ProRealTime

[MongiIG]

Gold and Brent crude at risk after 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: Friday 29 October 2021

Gold faltering at the 76.4% Fibonacci level once again

Gold is on the back foot once again this morning, with price falling from the 76.4% Fibonacci resistance level.

The wider picture improves with a break up through $1834. However, until that happens there is a good chance we could see the bears come back into play.

A break back below the $1783 level could bring further downside, but we would need to see $1760 taken out to signal that wider breakdown coming into play.

Next week will be key given the potential for both the Federal Reserve and Bank of England to kick off their tightening phase.

Source: ProRealTime

Brent crude at risk despite yesterday’s rebound

Brent crude looks set for the first weekly decline since August, with a rise in US stockpiles bringing a sharp decline this week. The break below $82.80 highlights an end to the recent uptrend, outlining the potential for further downside in the near-term.

As such, while we have seen a rebound come into play, the bullish trend only returns with a rise through $86 resistance.

Source: ProRealTime

[MongiIG]

Gold and Brent crude on the rise, with resistance up ahead

Gold and Brent crude regain lost ground, but a break through resistance remains necessary in a bid to put bulls back in charge.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 02 November 2021

Gold continues its rebound from 76.4% Fibonacci support

Gold has been on the rise from 76.4% support, with price regaining ground since Friday’s low. A break up through $1810 resistance would bring about a fresh bullish signal to end the recent period of lower highs.

However, with the Federal Reserve and Bank of England (BoE) expected to initiate their tightening phase this week, there is likely to be volatility ahead for this market.

Source: ProRealTime

Brent crude rally into resistance highlights continued risk

Brent crude has been on the rise of late, with price regaining ground lost in late-October.

The drop below $82.80 support does highlight the risk of further downside, with a break up through $85.85 required to bring about a fresh bullish signal. Until then, there is a risk we see another bout of downside as price consolidates below the 76.4% Fibonacci resistance level.

While the wider bullish trend certainly highlights the risk of looking for short positions, there are also questions around bullish positions until $85.85 it taken out.

Source: ProRealTime

[MongiIG]

Gold at risk of further declines while oil prices drift down

Gold is struggling to hold its ground, while the gentle pullback in oil prices continues.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 03 November 2021

Gold

Is gold's recent bounce finally done? If the sellers can drive the price below the 50-day simple moving average (SMA) of $1780 then perhaps we do have a more bearish turn at hand.

This could see $1760 and then $1742 tested. Buyers will hope a rally above trendline resistance from the late October high can punch through $1790 and see a revival of the October bounce.

Source: ProRealTime

WTI

Oil continues to drift lower overall, although the price refuses for now to give up the $81 level. This consolidation has its benefits, as it will help to ease some of the excessive bullishness of September and October.

The uptrend is hardly dented really, and even a drop towards the rising 50-day SMA (currently $75.71) would not necessarily suggest a full-blown reversal.

Source: ProRealTime

[MongiIG]

Gold and Brent crude attempt to regain lost ground, but questions remain

Gold and Brent crude start to regain ground after recent periods of weakness. However, questions remain over whether that selloff is over.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 04 November 2021 

Gold turning upwards from near-term support

Gold has been gaining ground over the past 24-hours, with price reversing upwards from the $1760 swing-low established in October.

The fact that we are no longer seeing higher lows in play does raise the risk of another turn lower, with a break up through $1796 required to bring about a more confident bullish mood.

Until then, this current rise does run the risk of being another retracement before we head lower once again.

Source: ProRealTime

Brent crude on the rise, but recent bearish trend remains in play

Brent crude fell into a four-week low yesterday, with price building on the reversal lower from the 76.4% Fibonacci resistance level ($84.84).

However, we are now back on the rise, with price regaining lost ground. Whether we break up through $84.98 is key, with a rise up through that level required to bring about a fresh bullish signal.

Until then, there is a risk that we see the bears come back into play around the 61.8-76.4% Fibonacci zone ($83.39-84.00).

Source: ProRealTime

[MongiIG]

Gold rallies while oil recovers from recent weakness

Gold is firmly on the up today, having enjoyed a strong bounce on Friday, while oil prices are aiming to keep moving higher.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 08 November 2021 

Gold

Once again gold has roared back into contention as a bullish play, moving back to $1820 and finding itself targeting $1830 once again.

A breakout above here is crucial, as this is the area that repeatedly halted gains over the summer.

Source: ProRealTime

WTI

As might have been expected, WTI's pullback of late October seems to have been sufficient to prompt buyers to step in and buy the dip.

Friday’s recovery seems set to continue today, and the recovery above $80 and then $81 suggests a further rebound towards $85 is now in play.

Source: ProRealTime

[MongiIG]

Gold and Brent crude gain ground but resistance lies ahead

Gold and Brent crude on the rise, but key resistance lies up ahead if this rebound is to persist.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 09 November 2021

Gold heading back towards key resistance level

Gold is on the rise, with the precious metal having been on a sharp ascent since last week’s Federal Open Market Committee (FOMC) meeting.

Crucially we are heading back up towards the $1834 level which has been the dominant point of resistance over the past four months. The short-term recovery pathway points towards a bullish continuation, with a break below $1812 required to negate that trend.

However, it is worth noting the importance of that $1834 level as a hurdle which must be overcome for this bullish recovery to continue.

Source: ProRealTime

Brent crude looking increasingly likely to break from recent bearish phase

Brent crude has been on the back foot over the course of the past fortnight, with price respecting the 76.4% Fibonacci retracement levels on two occasions.

However, this latest leg lower could be the last, with price rising up through all Fibonacci levels and heading higher once again this morning. A break up through the $84.20 level would bring about a fresh bullish signal in line with the wider uptrend.

Until that break occurs, there is still a chance we turn lower once again.

Source: ProRealTime

[MongiIG]

Gold still looks on course for further gains, while natural gas heads lower

Gold’s gains have halted for now, while natural gas has reached the lower bound of its current descending channel.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 10 November 2021

Gold

Gains have stalled here but the price continues to target the vital $1830 area. Any longer-term move higher requires the price to clear this hurdle.

For now the overall bullish impression is still in place, with a drop back below $1812 needed to negate this.

Source: ProRealTime

Natural gas

After a huge rally in recent months, the price has entered a descending channel, as it carves out lower highs and lower lows.

Having neared the lower bound of the channel the potential for a rebound is rising, which could see the price head back towards 5900.

Source: ProRealTime

[MongiIG]

Gold and Brent crude expected to push higher despite divergence

Gold strengthens as Brent crude loses ground, but both markets look likely to push higher from here.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 11 November 2021

Gold breaks resistance, rallying into wider Fibonacci level

Gold has enjoyed a sharp surge since last week’s Federal Open Market Committee (FOMC) and Bank of England (BoE) meetings, with price rising through the crucial $1834 resistance level.

That break brought about a surge into the wider 76.4% Fibonacci resistance level of $1861. A break up through that point signals a potential push up towards the next major resistance level of $1916.

As such, the reaction to this level will be key, with a break back below the $1822 required to bring a potential bearish picture into play.

Source: ProRealTime

Brent crude decline into 61.8% Fibonacci support brings buying opportunity

Brent crude has been on the back foot over the course of the past 24-hours, with price falling back into the 61.8% Fibonacci support level.

The latest break through the $84.20 swing-high brought an end to the recent trend of lower highs, bringing the expectation that this current pullback is a retracement before the bulls come back into play.

With that in mind, a bullish view is in play unless price falls back below the $79.99 low established a week ago.

Source: ProRealTime

[MongiIG]

Gold on a high as oil prices weaken

Gold prices have continued to make progress, while oil is still struggling.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 12 November 2021

Gold

Small dips in gold continue to find buyers, as the price rockets to a five-month high.

Additional upside is now to be found at $1875 and then $1905, although after such a sharp move higher some consolidation is to be expected.

Source: ProRealTime

WTI

Hopes of a rally have been dashed here over the past two weeks, with the drop back from recent highs continuing. Additional declines target $78 and then the 50-day simple moving average (SMA) at $77.36.

The bounce earlier in the week was a false dawn, but a move back above $83 could revive the expectation of a move back to recent highs.

Source: ProRealTime

[MongiIG]

Gold stalls after huge upside week, and oil still under pressure

Gold’s huge rally has stalled for now, while oil is edging lower once more.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 15 November 2021

Gold

After rallying sharply last week it is not surprising to see gold shed some ground in early trading.

A move back towards $1830 would challenge this area as support, while a deeper move lower brings $1813 into view.

However, consolidation and then a new move higher brings $1875 and even perhaps $1900 into play.

Source: ProRealTime

WTI

A return to the 50-day simple moving average (SMA) of $77.56 seems likely, as the price struggles to make headway and continues a consolidation period. Below this $76.47 and then the 100-day SMA at $73.75 come into view.

Bulls will hope for a bounce that moves back above $80 and then allows a move towards $84 to be contemplated.

Source: ProRealTime

[MongiIG]

Gold and Brent crude on the rise, with further upside likely

Gold looks set to continue its upward surge, while Brent crude starts to reverse higher from $80 support.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 16 November 2021

Gold looks likely to break higher from recent consolidation phase

Gold has been on the front foot of late, with the rise through $1834 giving way to a swift $30 appreciation.

However, we have been consolidating over the past few trading days, with price struggling to break up through the $1868 level. That said, we are seeing price attempting to push up through that level this morning, bringing the potential for another strong leg higher here.

With that in mind, a bullish outlook holds unless price falls back below the $1856 support level.

Source: ProRealTime

Brent crude rebounding from key $80 support

Brent crude has started to push higher after a pullback into the $80 handle yesterday.

With price having rallied up into the $85 level last week, there was always a good chance we would see Brent turn higher at or above $80. As such, the rebound seen yesterday signals a potential bullish phase to bring us back into that $85 resistance level.

A move through either $80 or $85 would signal the directional bias from here.

Source: ProRealTime

[MongiIG]

Gold and Brent crude show bullish potential after recent retracements

Gold expected to reverse higher after latest retracement, while Brent crude also looks to regain lost ground.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 17 November 2021

Gold turning upwards after recent retracement

Gold has been on the front foot over the course of the past fortnight, with price rising into a five-month high yesterday.

However, we have seen price weaken overnight, falling back into trendline support. The continued trend of higher lows does point towards another leg higher from here, with a bullish outlook in play unless we see price fall back below the $1845 swing-low.

Source: ProRealTime

Brent crude showing signs of potential rebound after tough period

Brent crude has seen its bullish October uptrend turn to a more volatile November, with price recently falling back down towards the key $80 handle in a bid to reverse lower once more.

However, with price holding up and rising through the initial $82.17 level, there is a chance we could see price reverse upwards once again here. Thus far we have seen the 61.8% Fibonacci support level breached, with the potential to turn higher from these levels.

As such, a tentative bullish short-term view is in place unless we see a bearish break below $80.

Source: ProRealTime

[MongiIG]

Gold holds near highs while oil drops below 50-day moving average

Gold prices remain able to hold on to their recent gains, but oil is still falling back.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 18 November 2021

Gold

The price remains close to recent highs, having recovered on Wednesday’s session. Consolidation continues to be the most likely outcome here for now, allowing moving averages to catch up and sentiment to reset.

A rally above $1880 would put the upside case back in play, and target $1907. A deeper pullback targets $1830 and then $1815.

Source: ProRealTime

WTI

The price is back below the 50-day moving average (MA) for the first time since early September, continuing the retracement of the past four weeks.

So far the price does not appear to have bottomed, with additional downside towards $74.60 support.

Source: ProRealTime

[MongiIG]

Gold’s consolidation goes on as oil prices start to recover

Gold continues to move sideways, while oil prices seem to have found the strength to bounce.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 19 November 2021

Gold

Consolidation continues to be the pattern here, as the price stumbles back from recent highs.

It has yet to turn into a more severe pullback, and that would require more movement below $1840, opening the way to $1830 and then $1815.

Source: ProRealTime

WTI

The price bounced off $76.47 yesterday and has pushed higher today. This could be the beginning of a new leg higher back towards $84, although stochastics have yet to give a bullish crossover.

Nonetheless, further gains above $80 should seal this view in the next week. A reversal back below $77 would be needed to hand the bears the upper hand once again.

Source: ProRealTime

[MongiIG]

Gold pulls back as oil looks for support

Gold prices continue to retreat from recent highs, as the drop in oil goes on.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 22 November 2021

Gold

The price is in the midst of a bigger pullback, dropping back from the mid-month peak.

This move now targets $1830 and $1815 if it continues to gather pace, while buyers will want to see $1850 recovered as a first step on moving back to recent highs.

Source: ProRealTime

WTI

WTI's decline was revived impressively on Friday as the price reversed the small bounce of Thursday and lurched to a seven-week low.

 

It is heading to the support zone around $74.75, and even a bounce today would need to clear $78 to break trendline resistance from the 9 November peak.

Source: ProRealTime

[MongiIG]

Gold and Brent crude selloff continues, but bulls likely to return before too long

Gold and Brent crude head lower, with bearish phase likely to persist until we see price break through key resistance levels.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 23 November 2021

Gold tumbles back into Fibonacci support zone

Gold has been hit hard this week, with price slumping back into the 61.8% Fibonacci support level.

While price initially held up at that $1804 support level, we are seeing it head lower once again this morning. A break below this level points towards a potential move back into the 76.4% Fibonacci support level of $1786.

The wider trend of higher lows does remain prevalent, bringing the potential for a bullish reversal within this deep Fib zone. A push back below $1759 swing-low would be required to end the wider trend in place over the course of the past two months.

Source: ProRealTime

Brent crude reversing lower after brief respite

Brent crude has continued its bearish phase once again this morning, with price turning lower after a brief period of respite yesterday.

A trend of lower highs remains in play unless we see a break up through the $81.63 swing-high. Until that happens, this bearish trend looks likely to persist as concerns over lockdown measures bring fears of weaker supply.

Source: ProRealTime

[MongiIG]

Gold losses stemmed for now while oil rallies

Gold has managed to avoid further falls, while oil prices are rising once more.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 24 November 2021

Gold

Losses have stalled after the recent steep fall, with the price finding some respite around the $1789 level and the cluster of moving averages.

If buyers can mount a defence here a higher low is possible, opening the way to a recovery. However, further declines bring $1760 into view.

Source: ProRealTime

WTI

Unsurprisingly perhaps, the release of petroleum reserves was followed by a rise in the price, although gains have stalled at the 50-day simple moving average (SMA) of $78.69.

A close above $79 would clear this and the highs from last Thursday and reinforce the bullish view. Alternately a renewed decline brings $74.60 back into view.

Source: ProRealTime

[MongiIG]

Gold and Brent crude attempt to regain a more positive footing after recent declines

Gold and Brent crude have been on the back foot, but key resistance levels lie ahead which could bring a more optimistic outlook going forward.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 25 November 2021

Gold slumps back into trendline support

Gold has been on the back foot over the course of the past week, with price tumbling through all Fibonacci levels to reach trendline support.

 

A break below the $1760 swing-low would point towards a wider pullback coming into play. Thus the exit from this current consolidation phase will be important.

A rise through the $1797 level could start to build some bullish momentum. However, a break below $1778 would point towards a potential selloff into that key $1760 support level.

As such, the exit from this current consolidation phase will be key for near-term sentiment.

Source: ProRealTime

Brent crude pauses after recent rally

Brent crude managed to break up through the $81.63 swing-high this week, with markets clearly treating the move to release strategic reserves with contempt.

Instead we have seen energy markets strengthen, with price looking likely to continue its recovery phase if we manage to push up through the $82 handle.

As such, we are waiting to see if price rolls over into another significant pullback or rebound up through resistance to form a new higher high.

Source: ProRealTime

[MongiIG]

Gold rallies on safe haven demand but oil price falls as new Covid variant emerges

Gold has managed to recover $1800, but oil is falling along with global stock markets thanks to a new and potentially dangerous Covid variant.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 26 November 2021

Gold

Gold prices have begun to pick up as risk assets falter, with buyers coming in to push the price back above $1800, if only just.

If we can see additional gains above $1815 then the bullish view gathers further strength, and with a higher low this week at $1780 a longer-term bullish outlook can be contemplated.

Source: ProRealTime

WTI

Oil has fallen sharply along with indices, heading back to the $74 area and the 100-day simple moving average (SMA).

Further losses bring the 200-day SMA into view at $69.79, with $72.75 another area of possible support first. The recent swing high at $79 is an initial target if the price does begin to bounce.

Source: ProRealTime

[MongiIG]

Gold price rallies while oil price recovers

Gold has recovered from Friday’s volatility, and oil prices have managed to stage a recovery too.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 29 November 2021

Gold

Friday’s volatility saw the price surge and then slump, but the buyers managed to retain control, and the price has pushed higher back towards $1800.

This reinforcement of the higher low from last week revives the bullish view, which remains in place unless we see a drop back below $1780 and rising trendline support.

Source: ProRealTime

WTI

After Friday’s drubbing a bounce of some sort was to be expected, and with the price moving back above the 200-day simple moving average (SMA) of $69.82 it looks like the dip buyers are trying again.

Additional gains target short-term resistance around $77.80, and beyond this the 50-day SMA at $78.73 comes into view.

Source: ProRealTime

[MongiIG]

Gold and Brent crude fall back into key Fibonacci support

Gold and Brent crude hit hard over the course of the past week, but key Fibonacci support levels are coming into play to bring the potential for a bullish rebound.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 30 November 2021

Gold consolidating around Fibonacci support

Gold has been hit hard over the course of the past fortnight, with price consolidating above the 61.8% Fibonacci support level at $1781. A break through that zone of support would point towards a move back into the 76.4% level at $1759.

However, the wider trend of higher lows does point towards a potential rebound before long, with a rise up through the $1815 swing-high required to bring about a return of the bullish trend seen over the past two months.

Source: ProRealTime

Brent crude slumps back in towards the 76.4% support level

Brent crude has seen another sharp move lower this morning, in a move that replicated the one seen in global markets.

The $69.65 Fibonacci support level provides a key level of note for the days ahead, with the wider uptrend still in play unless price falls back below the $64.65 support level from late-August.

To the upside, a rise back up through the $75.92 swing-high would bring a more positive outlook once again.

Source: ProRealTime

[MongiIG]

Gold and natural gas both under pressure

Both gold and natural gas are under pressure in early trading.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 01 December 2021 

Gold

Hopes of a rebound have been dashed with the changed Federal Reserve (Fed) outlook and the removal of the word ‘transitory’ from its communication. This lifted the dollar and hit gold hard, pushing it below trendline support.

Continued price action below $1800 reinforces the bearish view, while bulls will have to wait until the price recovers above $1800 for a more bullish view to emerge.

Source: ProRealTime

Natural gas

Prices continue to decline, and even with colder weather expected the price is unable to make much headway.

Even a rebound towards 5014 and the 100-period simple moving average (SMA) would still leave the downtrend intact, and indeed provide a better risk-reward setup for sellers.

Source: ProRealTime

[MongiIG]

Gold and Brent crude on the back foot, with recent selloff bringing potential for further downside

Gold and Brent crude hit hard over recent weeks, with the Omicron strain bringing expectations of further volatility to come.

Source: Bloomberg

 Joshua Mahony | Senior Market Analyst, London | Publication date: Thursday 02 December 2021 

Gold continues to weaken as price falls back towards Fibonacci and trendline support

Gold has been on the back foot for much of the past fortnight, with potential delays to the Federal Reserve (Fed) monetary tightening doing little to lift sentiment.

Price has now moved back into trendline support, with the 76.4% Fibonacci support level marginally below that point. The trend of higher lows does highlight the potential for another turn higher before long.

However, it makes sense to watch for a break up through the latest intraday swing-high of $1808 before looking at this market in a positive light once again. Until then, the recent bearish phase looks at risk of continuing apace.

Source: ProRealTime

Brent crude attempting to regain lost ground after collapse into $68 handle

Brent crude has been hit hard over the course of the past month, with price slipping $18 over that period. The wider uptrend does remain in play until we see a break through the $64.65 August low.

This market will be highly news-dependent, with volatility likely in the weeks ahead. A break up through the $72.82 swing-high would bring about a more positive outlook.

Source: ProRealTime

[MongiIG]

Gold tries to stabilise as oil prices move higher

Gold prices remain under pressure, but oil has bounced after the OPEC+ decision.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 03 December 2021

Gold

Gold has returned to the $1765 level but shows no sign of recovering yet. For that we would need to see a bounce back above $1780 and then on to $1800, accompanied by bullish stochastic crossovers.

These remain negative and ‘oversold’, indicating solid downside momentum. The sellers have the upper hand here for the time being.

Source: ProRealTime

WTI

After the OPEC+ decision the price bounced sharply from its lows, providing hope for the bulls that an upside case might soon prevail.

For this we would need additional gains above the 200-day simple moving average (SMA) at $69.91, but intraday dips may find buyers emerging, especially if the price can take out the $69.60 swing high.

Source: ProRealTime