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The global energy complex is a vast trading arena that accounts for billions of dollars in derivatives turnover on a daily basis. Whether one is interested in commodities such as natural gas and crude oil futures, or the gasoline and heating oil refinements, active traders have countless opportunities available. What Is Crude Oil? According to the U.S. Energy Information Administration (EIA), crude oil is "a mixture of hydrocarbons that exists…
The commodity finds support during the European hours and tries to stay in profitable territory, following its very good start to the week
In our previous article, we suggested weakness in the XAUUSD daily chart. The below left shows the daily gold heikin ashi chart. Heiken ashi candles are trend-following indicators. In this regard, there is a big red movement down into our area of weakness between the lower blue and lower red bands. We draw attention to the daily stochastic which is positioned in the lower quintile (blue rectangle). Interestingly, the last…
Daily Chart Further to our previous article, XAUUSD's daily chart has turned bearish. The mid orange moving average has crossed below the longer red moving average (aqua ellipse). This puts the moving averages into a bearish formation. The stochastic is also in the lower quintile, suggesting an underlying bearish momentum. The longer the stochastic maintains this position, the greater the probability for lower prices ahead. If the longer red moving…
OPEC and allies decided not to diverge from their production plan and agreed yesterday to add 400K barrels/day on January, as they have been doing since August
The XAUUSD daily chart is not trending despite the emergence of the omicron covid variant. The news shook risk markets on Friday, but gold's price action was not able to capitalise. As the risk-off sentiment took hold, bulls pushed gold's price up. However, at the apex, they lost control to the bears, and the price closed well off of Friday's high (aqua arrow). Moreover, we have added a triple moving…
Oil prices stage a rebound at the start of the week, following Friday’s collapse due to new of a new Covid-19 variant, called Omciron
Weekly Chart Past Performance: Past Performance is not an indicator of future results. The chart above is FXCM's proxy for Brent, UKOil, on a weekly scale. From the mid-August low to the mid-October high, UKOil appreciated around 32%. We have used this impulse move for our reference trough (T) and reference peak (P). Since reaching P, UKOil has retraced to the 38.2% Fibonacci level (black horizontal). This level is currently…
Past Performance: Past Performance is not an indicator of future results. The blue vertical is the beginning of November. The precious metal started the month poorly. By the 3rd of November, gold was down about 1.3% (month open to low). However, it charted a reference trough, and almost 48 hours later, it charted the required reference peak. With these two points as an anchor, the precious metal charted a series…
Oil takes a breath after last week’s decline, on the back persistent talk of major countries globally releasing their strategic reserves to contain oil prices and thus stem inflation
USOIL has entered its 4th straight negative week and loses around 1% today, weighed by persistently high US inflation and OPEC+ recent dismissal of calls to increase production
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