Commodities Technical Analysis, August 21st — August 25th

Commodities Technical Analysis, August 21st — August 25th

The technical analysis, that includes the indicators’ data and major pivot points for WTI Oil, Gold, Silver and Copper as traded on spot market as of August 20th, 2017:

Crude Oil

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Neutral

Crude Oil - Indicators as of Aug 20, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
44.69 45.65 47.21 48.17 49.73 50.69 52.25

Crude Oil - Floor pivot points as of Aug 20, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
45.80 47.52 48.32 50.04 50.84

Crude Oil - Woodie's pivot points as of Aug 20, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
47.39 48.09 48.32 48.55 49.01 49.24 49.47 50.17

Crude Oil - Camarilla pivot points as of Aug 20, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
46.60 47.19 47.56 47.86 48.16 49.12

Crude Oil - Fibonacci retracement levels as of Aug 20, 2017

Gold

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Neutral

Gold - Indicators as of Aug 20, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1235.16 1251.11 1268.66 1284.61 1302.16 1318.11 1335.66

Gold - Floor pivot points as of Aug 20, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1251.51 1269.45 1285.01 1302.95 1318.51

Gold - Woodie's pivot points as of Aug 20, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
1267.78 1276.99 1280.06 1283.13 1289.27 1292.34 1295.41 1304.63

Gold - Camarilla pivot points as of Aug 20, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
1267.07 1274.98 1279.87 1283.82 1287.77 1300.57

Gold - Fibonacci retracement levels as of Aug 20, 2017

Silver

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Neutral

Silver - Indicators as of Aug 20, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
15.83 16.19 16.59 16.95 17.35 17.71 18.11

Silver - Floor pivot points as of Aug 20, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
16.20 16.62 16.96 17.38 17.72

Silver - Woodie's pivot points as of Aug 20, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
16.58 16.79 16.86 16.93 17.07 17.14 17.21 17.42

Silver - Camarilla pivot points as of Aug 20, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
16.54 16.72 16.83 16.92 17.01 17.30

Silver - Fibonacci retracement levels as of Aug 20, 2017

Copper

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Neutral

Copper - Indicators as of Aug 20, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
276.39 281.48 287.08 292.17 297.77 302.86 308.46

Copper - Floor pivot points as of Aug 20, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
281.61 287.34 292.30 298.03 302.99

Copper - Woodie's pivot points as of Aug 20, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
286.80 289.74 290.72 291.70 293.66 294.64 295.62 298.56

Copper - Camarilla pivot points as of Aug 20, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
286.57 289.09 290.65 291.92 293.18 297.26

Copper - Fibonacci retracement levels as of Aug 20, 2017

If you have any questions or comments on this commodity technical analysis, please feel free to reply below.

Metals Market Update for Aug. 17

Metals Market Update for Aug. 17

Gold Prices (LBMA AM)

17 Aug: USD 1,285.90, GBP 998.12 & EUR 1,096.74 per ounce
16 Aug: USD 1,270.15, GBP 985.13 & EUR 1,082.29 per ounce
15 Aug: USD 1,274.60, GBP 986.92 & EUR 1,084.05 per ounce
14 Aug: USD 1,281.10, GBP 987.34 & EUR 1,085.48 per ounce
11 Aug: USD 1,288.30, GBP 993.67 & EUR 1,096.47 per ounce
10 Aug: USD 1,278.90, GBP 985.39 & EUR 1,091.67 per ounce
09 Aug: USD 1,267.95, GBP 974.80 & EUR 1,079.79 per ounce

Silver Prices (LBMA)

17 Aug: USD 17.02, GBP 13.23 & EUR 14.55 per ounce
16 Aug: USD 16.68, GBP 12.96 & EUR 14.25 per ounce
15 Aug: USD 16.89, GBP 13.12 & EUR 14.38 per ounce
14 Aug: USD 16.97, GBP 13.09 & EUR 14.39 per ounce
11 Aug: USD 17.09, GBP 13.18 & EUR 14.53 per ounce
10 Aug: USD 17.08, GBP 13.14 & EUR 14.57 per ounce
09 Aug: USD 16.59, GBP 12.76 & EUR 14.14 per ounce

About the Author

Bitcoin Market Cap Reaches 70$ Billion, Now Worth More Than Paypal

Bitcoin Market Cap Reaches 70$ Billion, Now Worth More Than Paypal

The price of bitcoin has gone parabolic in the past few weeks, creating and smashing countless new all-time highs along the way. Trading began today at $4,111.35 (GMT 00:05), and after less than 6 hours elapsed, the daily low was realized at $3,966.50 (GMT 05:55). The remainder of the day saw an upswing in market activity, that eventually secured a new $4,328 Bitstamp all-time high (GMT 17:00).

Mainstream media has been heavily covering the break above $4,000, most of the articles and corresponding coverage has been highly bullish. Prominent sources such as Forbes, CNBC, the Wall Street Journal, and Business Insider have all fully covered the fanfare pertaining to the milestone event.

The total crypto currency market cap has ballooned to $140 billion, with bitcoin now conferring to a larger chunk of that pie at $70 billion (more than 50% at the time of writing). The remainder is split up between ethereum at $28 billion, ripple which is holding at $6.5 billion, bitcoin cash at a valuation that is slightly below $5 billion, as well as other alternative crypto currencies and assets.

In the meantime, segwit has locked in and has entered its activation period. Completion is expected by August 22, if the existing momentum and speed in block generation stays constant.

Interestingly, bitcoin is as of this moment, worth more than Paypal, at least when it comes to market capitalization. An actual detailed article comparing both, that would factor in existing global circumstances, along with comprehensively explained causes for the anomaly, appears to be lacking at present.

Startups in the fintech industry are rapidly taking away business from the ageing banking sector. Disruptions of the old paradigms are rampant, proving that innovation and flexibility may be needed, if the exhausted banking giants and conglomerates are to survive.

Exotic predictions are plentiful as well, and certain social media figures are citing the top of this run-up at $5,000, with some even stating $10,000 as a reasonable target.

History is being revisited due to the unfolding events, comparisons are being drawn to the dot-com bubble, and the 2008 pre-crash period too. There are other numerous examples that could serve as a cautionary reminder; Silver Thursday comes to mind, as does the infamous tulip mania.

Trading began on August 9 at the $3,178.72 weekly low (GMT 10:00), before a meteoric rise in price stopped out at today’s currently unbroken $4,328 all-time high (GMT 17:00). Since then, oscillations have been minor, and a rising ascending wedge has formed.

If you have any questions and comments on bitcoin today, use the form below to reply.






Gold maintaining potential

Gold maintaining potential

A daily summary of high-profile members of several complexes.

Gold Dec Contract (GC, ETF: (GLD))
Initially spiking up Friday to test $1,298.00 was reversed down hard into negative territory. But only momentarily as price recovered to flat-to-even, maintaining potential to $1,305.00.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Friday’s reaction up tested the 1.1820 buy signal, and continued testing it into the afternoon. It still lacks optimal credibility since so much time was spent hovering optimistically at the 1.1730 lower prior highs already.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s dip touched Wednesday’s 16.90 lower prior highs as support and recovered back above the 17.05 pullback limit to keep alive the upside potential.

30-year Treasury Sep Contract (US, ETF: (TLT))
Initially rallying to fresh highs overnight, Friday morning’s retracement back into the 154-30/155-08 range held a test. More than hold a test, it must produce a higher close to confirm the rally has extended, and not that a top is forming.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness persisted into Friday’s opening test of fresh 3-week lows and of the 48.25 sell signal piercing 48.00. The reaction up held the test, but also failed to recover into 3-week range, keeping alive the potential for breaking more substantially under 48.25.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging at Thursday’s highs was not bearish, consolidating the surge and the entire week’s rally off of the prior week’s lows. It still doesn’t preclude a potential dip to 2.91-2.92 or its break down to 2.81-2.82, but from a position of strength that would likely recover and resume the rally.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes “Trading Plan” and more each session at the blog http://IfThenSignals.com.

Bitcoin Bounce Back After New All-Time High, Incoming Volatility and Increasing Volume Ahead of Weekend

Bitcoin Bounce Back After New All-Time High, Incoming Volatility and Increasing Volume Ahead of Weekend

Bitcoin has managed to rather quickly bounce back in the last few days. Yesterday, a violent short-termpullback brought the price back down to $3,179, before rising yet again right above the $3,400 horizontal line. The $3,490 weekly high is stilling holding as a strong resistance level. If we are going to see a huge dash into the beyond, then the current high needs to be shattered as soon as possible.

In the meantime, bitcoin cash has entered into a slow, but steady descending channel. The same situation is equally applicable to all three Bittrex trading pairs: BTC/BCC, ETH/BCC, and USDT/BCC. BCC has been keeping to a price that is largely below $300. This downward slide, on all of the corresponding trading sets, should be provisionally taken as a bullish sign for bitcoin.

BTC/USD volume on Bitstamp appears to be stabilizing, slightly over the pre-flash crash hourly levels. Furthermore, there are two important resistance levels blocking any new gains. The first is at $3,478.41, while marginally above that, is the actual all-time high, relenting at $3,490. Both are bordering each other in close proximity, and in all likelihood, are going to be shattered in the coming hours or days.

Primary support levels are at $3,338.73, and $3,301.46. Next we have the $3,178.51 support, with 3 intersecting trends lines, converging and signifying a greater point of interest. The final two footholds for the ongoing trading range, are appropriately lower from here on out, the second to last being $3,144.66, with the determinative situated at $3,087.78. Anything under the aforementioned price, brings us to the preceding $2,980 June all-time high, and consequently to the next impeding support batch affixed at $2,935.55, $2,884.05, and $2,823.26 respectively.

Specific Fibonacci levels line up fairly well with horizontal supports. This is especially true for the primary footings, with the 0.618 fib (at $3,337.68) aligning perfectly with the $3,338.73 support, and the next $3,301.46 value level overhanging the 0.5 fib (at $3,290.01), even if it is by an equally marginal sum. The $3,178.51 support is adjacent to the 0.236 fib (at $3,183.49), which adds comparatively more importance to this parallel, on top of the 3 already intersecting trend lines.

Daily charts show the price line hugging the upper Bollinger band. Moreover, the gap between both the lower and higher bands is getting larger; volatility may be imminent, and is possibly just a moment’s notice away. The hourly suggests that we might be witnessing the groundwork, for upcoming short-term sideways action. Distance between the paired hourly bands is also remaining constant, although the price has just touched the median line, an added drop to the underside could be taken as bearish, in the near-term.

The 200-day MA is catching up to the 30-day MA, which has been displaying ranging movement in the past few days. If the 200-day MA eventually surpasses the 30-day MA, then a bearish crossover will occur. This can serve as a warning, ahead of or in case of, a probable end to the ongoing trading range.

RSI is not wavering to either overbought or oversold conditions, for the time being at least; it can be best described as neutral on the hourly charts. The Williams %R is on the other hand, is gradually cascading down to oversold conditions. OBV is trending lower, with hourly volume gently increasing on average. The MACD has started to accelerate above the signal line, resulting in a bullish crossover (marked with a green vertical line).

Bitcoin started trading on August 7 at $3,235.39 (GMT 00:00), before rapidly entrenching, and setting a new daily low at 3,184.68. This was soon followed by three run-ups to $3,429.23, $3,478.41, and lastly $3,490, the existing all-time high, which has yet to be surpassed. Subsequently, a sell-off ensued on August 9 (GMT: 11:00), that threw the price down to $3,178.51, before a final recoil sent us back up again, over $3,400, which seems to be enduring as support for the time being.

If you have any questions or opinions concerning bitcoin, please feel free to use the form below to reply and/or comment.






Gold to satisfy near-term buying pressure

Gold to satisfy near-term buying pressure

A daily summary of high-profile members of several complexes.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging Sunday night persisted into Monday morning as the 1261.00 support fought to prevent at least filling near-term gaps below, let alone extending down into a deeper decline.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Although last week’s rally stopped short of its 1.1945-1.1970 potential, extending down Monday could have reversed the trend. Gapping up shallowly doesn’t prevent resuming the decline anyway, but it does start to suggest the highs will be tested as part of completing a top.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows Sunday night persisted into Monday’s gap down, which hovered in negative territory. No deeper pullback is required, but a deeper pullback is likely nonetheless so long as Tuesday’s open doesn’t gap up back above Friday’s close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Relatively narrow ranging Monday didn’t extend Friday’s reaction down, further suggesting that too little time was spent testing the high for it not to be retested regardless of the resolution.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging avoided a fresh low, as well as the 48.25 sell signal, while awaiting at least a deeper pullback if not also a trend reversal.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s pre-open pierce of Tuesday’s 2.76 low didn’t fulfill its retest, and neither did Fridaymorning’s hovering just above the prior low. So, Monday’s pierce of Friday’s highs certainly didn’t complete the bottom, either. That said, a second higher close Tuesday would suggest a bigger bounce underway first.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes “Trading Plan” and more each session at the blog http://IfThenSignals.com.

Commodities Technical Analysis, July 31st — August 4th

Commodities Technical Analysis, July 31st — August 4th

The technical analysis, that includes the indicators’ data and major pivot points for WTI Oil, Gold, Silver and Copper as traded on spot market as of July 30th, 2017:

Crude Oil

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Long

Crude Oil - Indicators as of Jul 30, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
42.34 43.86 46.77 48.29 51.20 52.72 55.63

Crude Oil - Floor pivot points as of Jul 30, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
44.21 47.46 48.64 51.89 53.07

Crude Oil - Woodie's pivot points as of Jul 30, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
47.23 48.45 48.86 49.26 50.08 50.48 50.89 52.11

Crude Oil - Camarilla pivot points as of Jul 30, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
45.39 46.44 47.08 47.61 48.13 49.82

Crude Oil - Fibonacci retracement levels as of Jul 30, 2017

Gold

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Neutral Long Long

Gold - Indicators as of Jul 30, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1224.38 1233.96 1251.47 1261.05 1278.56 1288.14 1305.65

Gold - Floor pivot points as of Jul 30, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1235.94 1255.45 1263.03 1282.54 1290.12

Gold - Woodie's pivot points as of Jul 30, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
1254.09 1261.54 1264.02 1266.51 1271.47 1273.96 1276.44 1283.89

Gold - Camarilla pivot points as of Jul 30, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
1243.53 1249.92 1253.88 1257.08 1260.27 1270.62

Gold - Fibonacci retracement levels as of Jul 30, 2017

Silver

Indicators

Moving Averages RSI Parabolic SAR CCI
Neutral Neutral Long Long

Silver - Indicators as of Jul 30, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
15.75 15.98 16.34 16.57 16.93 17.16 17.52

Silver - Floor pivot points as of Jul 30, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
16.01 16.41 16.60 17.00 17.19

Silver - Woodie's pivot points as of Jul 30, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
16.38 16.54 16.59 16.65 16.75 16.81 16.86 17.02

Silver - Camarilla pivot points as of Jul 30, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
16.21 16.35 16.44 16.51 16.57 16.80

Silver - Fibonacci retracement levels as of Jul 30, 2017

Copper

Indicators

Moving Averages RSI Parabolic SAR CCI
Long Overbought Long Long

Copper - Indicators as of Jul 30, 2017

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
255.74 262.90 274.52 281.68 293.30 300.46 312.08

Copper - Floor pivot points as of Jul 30, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
264.02 276.76 282.80 295.54 301.58

Copper - Woodie's pivot points as of Jul 30, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
275.82 280.99 282.71 284.43 287.87 289.59 291.31 296.48

Copper - Camarilla pivot points as of Jul 30, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
270.05 274.48 277.22 279.44 281.66 288.83

Copper - Fibonacci retracement levels as of Jul 30, 2017

If you have any questions or comments on this commodity technical analysis, please feel free to reply below.