BTC USD 79,968.9 Gold USD 2,684.67
Time now: Jun 1, 12:00 AM

BEST COMMODITY TECHNICAL ANALYSIS BY CAPITAL STREET FX

Daily Commodity Analysis – Gold, oil surge, gas defies.​


Introduction​

Gold consolidates near a two-month high, hovering around $2,088-2,089, as it takes a breather after last week’s robust surge. The US Dollar weakened further due to disappointing ISM survey results and less hawkish Fed comments, boosting gold’s appeal. Meanwhile, copper prices dip ahead of crucial cues from China’s National People's Congress. WTI oil extends gains to nearly $79.50, supported by OPEC+ decisions, while U.S. natural gas futures defy bearish fundamentals with technical resilience amid a surprising storage withdrawal.

Markets In Focus Today – GOLD​

Gold Price Consolidates Near Two-Month Peak, Bullish Potential Seems Intact.

Gold price pauses after last week's strong positive move to a fresh YTD top. Slightly overbought RSI on the daily chart acts as a headwind for the metal. Traders also seem reluctant ahead of this week's key US data/event risks. Gold price (XAU/USD) is seen oscillating in a narrow range during the Asian session on Monday and consolidating last week’s strong gains to the $2,088-2,089 region, or its highest level since December 28. The US Dollar (USD) continues to be undermined by the disappointing release of the US ISM survey on Friday, which showed that manufacturing sector activity contracted more than anticipated in February. Adding to this, the less hawkish remarks by several Federal Reserve (Fed) officials reinforced bets that the US central bank will start cutting interest rates at the June policy meeting. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal.

Technical Overview With Chart :

24-03-03_22-10-23_Gold-1024x342.png

Moving Averages :

Exponential :

  • MA 10 : 2047.1993 | Positive Crossover | Bullish
  • MA 20 : 2037.2429 | Positive Crossover | Bullish
  • MA 50 : 2028.3821 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2041.3207 | Positive Crossover | Bullish
  • MA 20 : 2029.0574 | Positive Crossover | Bullish
  • MA 50 : 2034.7265 | Positive Crossover | Bullish
RSI (Relative Strength Index): 69.9327 | Buy Zone | Bullish

Stochastic Oscillator : 92.7922 | Buy Zone | Neutral

Resistance And Support Levels :

  • R1 : 2062.3465 R2 : 2081.5168
  • S1 : 2000.2868 S2 : 1981.1165

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2070.07 | Take Profit: 2087.12 | Stop Loss: 2059.54

COPPER​


READ THE FULL REPORT VISIT US - CAPITAL STREET FX

 
Sponsored Post

Daily Commodity Analysis – Oil dives, gas surges, gold holds.​


Introduction​

WTI oil prices decline to around $77.70, marking a third consecutive session of losses amid rising concerns over demand, fueled by disappointing US factory data and unexpected increases in crude oil stock. Meanwhile, U.S. natural gas futures experience volatility, settling higher as participants weigh lower production against bearish weather forecasts. Gold prices trade slightly lower, approaching the all-time peak, as traders anticipate Fed Chair Powell’s statement and scrutinize geopolitical risks. Silver rebounds near the year-to-date peak, hovering around $24.00, supported by a positive technical setup and bullish prospects.

Markets In Focus Today – CRUDE OIL​

WTI Extends Its Losses To Near $77.70 As Demand Concerns Rise After US Factory Data.

WTI price continues to lose ground on concerns over oil demand.US Factory Orders (MoM) dropped by 3.6% in January, against the expected decline of 2.9%.US API Weekly Crude Oil Stock reported 0.423 million barrels, contrary to the expected decrease of 2.6 million barrels. West Texas Intermediate (WTI) oil price extends its losses for the third successive session, trading lower near $77.70 per barrel on Wednesday. Concerns about demand weigh on Crude oil prices following recent data indicating slowing economic activity in the United States, the world’s largest oil consumer. However, the weaker US Dollar (USD) may provide some support to oil prices by increasing demand from buyers using other currencies. The increased apprehension regarding oil demand has tempered the impact of efforts by OPEC+ countries, Russia included, to enact voluntary oil output cuts.

Technical Overview With Chart :

24-03-06_01-01-07_Crude-Oil-Light-Sweet-1024x338.png

Moving Averages :

Exponential :

  • MA 10 : 78.3378 | Negative Crossover | Bearish
  • MA 20 : 77.6871 | Negative Crossover | Bearish
  • MA 50 : 76.5517 | Positive Crossover | Bullish

Simple :

  • MA 10 : 78.2870 | Negative Crossover | Bearish
  • MA 20 : 77.9429 | Negative Crossover | Bearish
  • MA 50 : 75.3427 | Positive Crossover | Bullish
RSI (Relative Strength Index) : 55.9934 | Buy Zone | Bullish

Stochastic Oscillator : 11.94 | Sell Zone | Positive

Resistance And Support Levels :

  • R1 : 79.6511 R2 : 81.6205
  • S1 : 73.2755 S2 : 71.3061

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 78.03 | Take Profit : 75.88 | Stop Loss : 79.75

NATURAL GAS​


READ THE FULL REPORT VISIT US - CAPITAL STREET FX

 
Sponsored Post

Live Forex Chart

Currency
Rates
EUR / USD
1.07105
USD / JPY
152.720
GBP / USD
1.29147
USD / CHF
0.87597
USD / CAD
1.39103
EUR / JPY
163.544
AUD / USD
0.65853

CG Sponsors




Back
Top
Log in Register