Technical Analysis of the Financial Markets

Commodities

Commodities Technical Analysis

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XAUUSD Technical Analysis – Why I am still Bullish (for now)

XAUUSD Technical Analysis – Why I am still Bullish (for now)

Commodities, Latest
XAUUSD Technical Analysis Gold today plummeted to a fresh monthly low to $1235, losing over 1% of its value against the USD.    Price has recovered and is currently sitting around the $1243 mark. Several news agencies suggest this move down was caused by a trader making a mistake, yet the rise in the dollar may have also contributed to this sell off.    With the worlds geopolitical situation still causing chaos I see gold rising from this short term set back and gaining traction as we move into the 3rd quarter.   Taking a look at the chart we can see where price held its ground. Paying close attention the 200SMA we can see this area acted as a floating support level and price bounced . This floating support level also coincided with the ascending trendlin
USOIL WTI Technical Analysis – Where will oil reverse?

USOIL WTI Technical Analysis – Where will oil reverse?

Commodities, Latest
In my previous analysis here I highlighted the bearish flag pattern and we reached our profit target of $44 recently. Price has now reached and rebounded on the support level at $42.21 and its time for fresh analysis. The dramatic fall over the last few days was expected with the OPEC situation still unclear. The market is waiting for any signs of a deal to regulate production and supply and until we have this information I predict Oil to fall further. The next buying opportunity lies down at $41. I predict price will continue to fall in the coming days until we reach this buying zone. When price does reach we are likely to consolidate before retracing. With an entry between $41 and $42 and stop below the buying area at $39.10 we have the potential to see Oil make a significan
WTI Crude Oil – Technical Analysis – Will WTI continue to slide?

WTI Crude Oil – Technical Analysis – Will WTI continue to slide?

Commodities, Latest
WTI Crude saw a dramatic slide on the 7th June, and price has failed to pull back any losses in the last few days of trading. The OPEC situation appears to be at stalemate, with no tangible plan in place to steady the price of crude oil in the short term. The chart above shows we started the down trend on this particular downward leg on the 24th May with only the pullback on the 24th May and 6th of June showing any signs of buying activity. So where does this leave us? The move down has stalled around the $45.60 mark where we have seen signs of a small recovery. This recovery may be short lived though as the chart is displaying a bearish flag pattern. This bearish flag is showing all the signs of a big sell off looming. We must however remain cautious as any break if this week...
XAUUSD – Technical Analysis – Gold set to rally after breaking upper channel resistance.

XAUUSD – Technical Analysis – Gold set to rally after breaking upper channel resistance.

Commodities, Latest
Gold today has tested the upper channel resistance broken during yesterdays trading. With the USD looking likely to fall further and the GBP and EUR awaiting the results of the British Election it appears Gold is going to see a significant rally in the next few days. The blue horizontal line represents an key area for gold, 1300. Special attention is warranted around this area due to its significance going all the way back to 2013. Price action around this level should give us a better understanding of its future path. An entry around current price with stops below the small demand area at 1265 we should see a rally up to at least 1335 over the coming weeks. Whether gold holds these prices remains to be seen. With the stock markets around the world running out of steam and global
Sugar – Technical Analysis – Buy signal appears as price bounces at weekly demand level.

Sugar – Technical Analysis – Buy signal appears as price bounces at weekly demand level.

Commodities, Latest
Sugar against the US Dollar today moved into significant weekly demand level and showed signs of a rejection. Price dropped to 0.1470 and instantly found buyers as signified by the pin bar candle formation on the daily time frame. The price currently sits around 0.1496. If price fails to drop below the low at 0.1470 we should see an increase in buying activity to mirror the buying pressure seen in the last visit to this price area in April 2016. An entry anywhere around current price with stops at 0.1381 should yield a very good risk/reward trade. The resistance level and psychological level up at  0.1800 will likely see some buyers taking profit. This level being the longer term target. The 200SMA is also worth keeping a note of as signified by the red line on the chart. Any str
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