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      10/06/21 10:53

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    • GOLD, SILVER, XAU/USD, XAG/USD, TECHNICAL ANALYSIS, RETAIL TRADER POSITIONING - TALKING POINTS Retail traders are turning more bearish gold and silver This could hint at further gains for the precious metals Check out the webinar for a dive into the fundamentals Gold and Silver prices have been on the rise as of late, tracking a decline in the US Dollar and Treasury yields. Now, retail traders are increasingly betting that XAU/USD and XAG/USD could reverse lower. This can be seen by looking at IG Client Sentiment (IGCS), which tends to behave as a contrarian indicator. With that in mind, could an increasingly bearish shift in retail traders hint at more gains to come for the precious metals? For a deeper dive into the fundamentals, check out the webinar recording above! GOLD SENTIMENT OUTLOOK - BULLISH The IGCS gauge shows that about 84% of retail traders are net-long gold. Since most traders are still biased to the upside, this suggests that prices may continue falling. However, downside exposure has increased by 3.03% and 16.08% compared to yesterday and last week respectively. With that in mind, recent shifts in positioning are hinting that the price trend may soon reverse higher. XAU/USD TECHNICAL ANALYSIS On the daily chart, gold has confirmed a breakout above the near-term falling trendline from late April. That has opened the door to reversing the downtrend since then. Recently, prices have also taken out the 20-day Simple Moving Average (SMA), exposing the 50-day line. On balance, this could hint at further gains. Otherwise, a turn lower would place the focus on the 1787 – 1810 support zone. Chart Created in Trading View SILVER SENTIMENT OUTLOOK - BULLISH The IGCS gauge shows that about 95% of retail traders are net-long Silver. Since the majority of them are still heavily biased to the upside, this suggests that prices may continue falling. However, downside exposure has climbed by 9.57% and 6.78% versus yesterday and last week respectively. With that in mind, recent changes in positioning are hinting that Silver may soon reverse higher. XAG/USD TECHNICAL ANALYSIS Silver prices confirmed a breakout above the falling trendline from the middle of April, opening the door to extending gains. Still, prices have been unable to break above the former 21.42 – 22.26 support zone, which could hold as new resistance. A breakout higher exposes the 50-day SMA, which could reinstate the downside focus. Such an outcome would place the focus back on the May 13th low at 20.462. Chart Created in Trading View *IG Client Sentiment Charts and Positioning Data Used from May 24th Report --- Written by Daniel Dubrovsky, Strategist for DailyFX.com. 25th June 2022
    • Brent price rises for a fifth day as gold stalls and aluminium drops The outlook on Brent crude oil and gold remains bullish and that of aluminium bearish. Source: Bloomberg   Commodities Gold Aluminium Brent Crude Petroleum Energy crisis  Axel Rudolph | Market Analyst, London | Publication date: Wednesday 25 May 2022  Gold price rise stalls after five-day rally Gold’s recovery from last week’s low at $1,787 has taken it to this week’s high at $1,869 in a straight five-day rally, taking its cue from a stabilising US dollar, with the precious metal stalling ahead of today’s Federal Open Market Committee (FOMC) meeting. Minor support can be found at the $1,851 early May low and along the 200-day simple moving average (SMA) at $1,839 as well as at the 17 May high at $1,836. Slightly above this week’s high lies the April low at $1,873, above which the early May high and 55-day SMA can be found at $1,909 to $1,913. Support below the 200-day SMA and the 17 May high at $1,839 to $1,836 can be spotted along the breached two-month downtrend line at $1,815. Source: ProRealTime Brent crude oil rises for fifth consecutive day on tight supply Brent crude oil’s advance for the fifth consecutive day is taking place amid the prospect of even tighter global supply and expectations of stronger demand driving the oil price up. This comes on the back of the new French foreign minister, Catherine Colonna, saying on Tuesday that she was optimistic that resistance by some member states opposed to the new European Union (EU) sanctions package that would phase out Russian oil imports to Europe would soon wane, tightening oil supplies even further. The $113.59 to $114.30 resistance zone, which consists of the April-to-May peaks, thus remains in focus, a rise and daily chart close above which would lead to the late March high at $120.48 being targeted as well. The current bullish bias will remain in play as long as yesterday’s low at $109.56 underpins. Below it the 55-day SMA and one-month support line can be seen at $107.68 to $106.90. Source: ProRealTime Aluminium slipping back towards its early May low as energy crunch bites Aluminium’s rejection by the 200-day SMA at $2,971 early this week provoked a sharp sell-off as Europe’s aluminium output slides due to the energy crisis with China picking up the slack. Europe’s main aluminium smelters are continuing to curtail production in the face of soaring energy costs which has led to cheaper imports from China rising significantly. The 19 May low at $2,824 is currently being toyed with, a fall through and daily chart close below which would push the early May low at $2,698 back to the fore. Resistance can be spotted along the March-to-May resistance line at $2,954, the 200-day SMA at $2,971 and this week’s high at $2,994. Whilst the latter level caps, the past couple of months’ downtrend remains intact. Source: ProRealTime
    • Hi @Sartois   Your stock requests are now set up on share dealing. All the best - MongiIG
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