gold; silver; WTI oil; natural gas

0
Gold pumpjack and spilled oil on US dollar banknotes – Photo: Shutterstock

The week was mixed in the global commodities market. The slight decline in the US dollar has brought some relief to the metals complex. On the other hand, geopolitical factors – gas regulation in Europe and G-7 efforts to cap Russian oil – have generated high volatility in the energy market.

The Bloomberg Commodity Index (CRB) is down 2.2% over the week, mainly due to the poor performance of energy.

U.S. natural gas prices had their worst weekly performance since mid-June, falling 9% over the week.

WTI was down 0.9%, Brent Crude fell 1.4%, but both oil benchmarks attempted a strong rebound as the week closed.

The major metals were all in the green: palladium soared 6.8% over the week, platinum 4.2%, copper 4.4% and silver 3.6%. Gold closed overall flat.

Let’s take a look at the most recent technical signals on the gold, silver, oil and natural gas charts.

How do you feel about natural gas?

Vote to see the sentiment of traders!

Metals and energy commodities: Performance as of September 9, 2022

Performance of major commodities as of September 9, 2022 (16:00 UTC) – Photo: Capital.com, Data: Tradingeconomics

Technical analysis of gold: not out of the woods yet

Gold price technical analysis (daily chart) as of September 9, 2022 – – Photo: Capital.com, Source: Tradingview

After plunging near 2022 lows in early September, gold prices are attempting a tentative recovery.

If the price action remains positive over the next few sessions, the MACD could form a bullish cross below the zero line. This gave the precious metal some short-term leeway when it happened earlier this year.

However, strong momentum resistance is provided by the 50-day moving average, which sits at $1,746. This area is near the downtrend line of the March highs, which came under heavy selling pressure when hit in mid-August.

Breaking above the $1,750 barrier will continue to be the main resistance for gold prices in the near term. Instead, gold prices need to decisively clear the 50% Fibonacci retracement level (2022 low to high), which is also at the June highs, to materially reverse the major downtrend.

Silver Technical Analysis: Bullish MACD Crossover

Silver Price Technical Analysis (Daily Chart) as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

Much of what was said for gold also applies to silver, as the two precious metals have continued to show very strong price correlation as of late.

The most notable distinction in silver’s daily chart is that the MACD has just signaled the bullish crossover.

In the past, this has been a reliable bullish technical signal. The May 19 MACD bullish crossover led to a 5.7% rally through June. The July 21 MACD bullish crossover triggered a 12.1% rally through mid-August.

The next resistance in silver prices is represented by the 50-day moving average, which is also at the 78.6% Fibonacci retracement (2022 low to high).

Technical analysis of WTI (American oil): death cross

WTI Oil Price Technical Analysis (Daily Chart) as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

WTI oil prices formed a historic cross in early September, with the 50-day moving average crossing above the 200-day one.

This is the first time since February 24, 2020 that a death cross has appeared on the daily raw chart.

Prices recently bounced off the support represented by the falling channel, in place since early July.

Overall, the short-term trend is still bearish, although the recovery in momentum could lead to a very brief extension towards $90/bbl.

US natural gas technical analysis: buyers return to the 50-dma

Technical Analysis of US Natural Gas Prices (Daily Chart) as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

The price of US natural gas had a very bad week, dropping from $9.2 at the start to $8.00 at the time of writing.

For now, the 50-day moving average has proven to be a difficult support for sellers to overcome. After just touching the zero line, the MACD line also attempts a recovery.

Overall, the short-term bearish momentum seems to be waning a bit, but a test of the $7.55 level (61.8% Fibonacci retracement from top to bottom in 2022) cannot be ruled out. in future sessions.

Despite this, the major uptrend has yet to fully reverse as prices still hold above the key $6.80 mark (50% Fibonacci level).

Read more…

Share.

Comments are closed.