- Gold prices remain static within $2,000 to $2,050 amid rate hike concerns.
- Federal Reserve's stance on maintaining higher interest rates limits gold's gains.
- Dollar strength continues to pressure gold; spot gold stable at $2,030.69.
- PCE inflation and GDP data eyed for further market direction.
- Industrial metals see fluctuation; copper futures dip ahead of China PMI data.
- Oil prices retract with U.S. rate cut expectations delayed and crude stock rise.
- Brent crude adjusts to $83.35, WTI to $78.59 as market absorbs API data.
- OPEC+ may extend output cuts, influencing oil market dynamics.
Commodities Trading Signals
Asset and Direction
Asset Name: Gold (XAU/USD)
Trading Direction: Buy (potential for upside if resistance breaks)
Proposal Strength: Moderate (awaiting confirmation from US data)
Snapshot
Pivot Point: $2,032.84
Previous Close: $2,030.05
High/Low: $2,039.29/$2,029.2
Market Trend: Range-bound
Confidence Level: Medium (pivot point holding as a key level)
Key Indicators
Volatility (ATR): Moderate at 5.23, indicating potential for sizable moves
Ichimoku Cloud: Price is near the cloud, suggesting a neutral to bullish bias
RSI: Neutral at 48.58, showing no clear overbought or oversold conditions
Bollinger Bands: Price is oscillating around the middle band, indicating a lack of strong directional bias
MACD: Close to zero but with a slight bullish crossover, suggesting potential for upward movement
Yesterday's Recap
Opening Price: $2,031.12
Overall Trend: The price showed limited movement, staying within a close range of the opening price
Market Watch
Traders are focusing on PCE inflation data and GDP figures for further cues
US economic strength could lead to higher interest rates, influencing gold prices
Trade Insight with Entry Price
Strategy: Buy if the price breaks above the pivot, with increased momentum supported by US data indicating higher inflation or strong GDP growth.
Entry Price: If a breakout above $2,032.84 is confirmed
Take Profit Levels: TP1: $2,035, TP2: $2,040, TP3: $2,045
Stop Loss: Below the recent low around $2,028
Key Trading Tip: Monitor the economic releases closely, as they can have a significant impact on gold prices. Adjust stop-loss and take-profit levels accordingly to manage risk.
Asset and Direction
Asset Name: Silver (XAG/USD)
Trading Direction: Sell (after a recent drop, further downside could follow)
Proposal Strength: Moderate (considering the current bearish price action and overall market sentiment)
Snapshot
Pivot Point: $22.38
Previous Close: $22.4381
High/Low: $22.7108/$22.4363
Market Trend: Downward
Confidence Level: Medium (due to the recent price action)
Key Indicators
Volatility (ATR): Moderate, indicating the possibility of further movement
Ichimoku Cloud: Price below the cloud would indicate bearish sentiment
RSI: Watching for oversold conditions as RSI approaches 30
Bollinger Bands: Price breaking below the lower band could signal a continuation of the downtrend
MACD: Bearish crossover could support the sell signal
Yesterday's Recap
Opening Price: $22.497
Overall Trend: The price has seen a bearish move, indicating a shift in momentum
Market Watch
The market is currently sensitive to USD movements and economic data releases
Trade Insight with Entry Price
Strategy: Sell on a retest of the hourly pivot point if the bearish trend continues, potentially after a small pullback
Entry Price: Around the hourly pivot at $22.38 if the market retests this level
Take Profit Levels: TP1: $22.30, TP2: $22.20, TP3: $22.10
Stop Loss: Slightly above the most recent swing high, around $22.48
Key Trading Tip: Given the current market volatility, keep an eye on economic news releases that could impact the USD and, consequently, Silver prices. Adjust positions and orders as necessary in response to new market information.
Asset and Direction
Asset Name: WTI Crude Oil
Trading Direction: Sell (due to the bearish momentum and recent price drop)
Proposal Strength: Moderate (considering the recent price action)
Snapshot
Pivot Point: $78.35
Previous Close (Settlement): $78.87
High/Low: $79.00/$77.17
Market Trend: Bearish trend with a recent price drop
Confidence Level: Medium (based on recent bearish price action)
Key Indicators
Volatility (ATR): Assess upon loading; higher ATR might indicate stronger bearish momentum.
Ichimoku Cloud: If price is below the cloud, it reinforces the bearish sentiment.
RSI: Hovering around the mid-level; watch for movement towards oversold for confirmation of strength in the bearish trend.
Bollinger Bands: Price near the lower band could indicate continued bearish momentum.
MACD: If the MACD line is below the signal line and moving downwards, it confirms bearish momentum.
Yesterday's Recap
Opening Price: $77.62
Overall Trend: Price moved upwards but faced rejection, suggesting bearish control.
Market Watch
Be vigilant of OPEC+ decisions and inventory reports that could swing prices.
Trade Insight with Entry Price
Strategy: Sell on any pullbacks to the pivot point if the bearish trend persists.
Entry Price: Near the pivot at $78.35
Take Profit Levels: TP1: $78.00, TP2: $77.50, TP3: $77.00
Stop Loss: Above the recent high, at around $78.75
Key Trading Tip: Watch for any sudden news that might affect the oil market, and be prepared to adjust the strategy accordingly. Use tight stop losses to manage risk in a volatile environment.
Asset and Direction
Asset Name: Brent Crude Oil (UKOUSD)
Trading Direction: Sell
Proposal Strength: Moderate based on ATR and MACD indicators
Snapshot
Pivot Point: $82.22
Previous Close: $81.25
High/Low: $82.66/$81.77
Market Trend: Short-term bearish trend within a range
Confidence Level: Medium
Key Indicators
Volatility (ATR): Moderate with ATR at $0.514, suggesting decent price movements
MACD: Bearish as the MACD line is below the signal line
RSI: Neutral territory, around 49.36, indicating potential for movement in either direction
Yesterday's Recap
Opening Price: $82.66
Overall Trend: Prices were trading within a tight range, slightly bearish sentiment
Market Watch
Events: Traders are eyeing inventory and production data releases for further cues
Trade Insight with Entry Price
Strategy: Consider a short position if prices move up to test the pivot point but show signs of rejection, confirming bearish continuation
Entry Price: Around the pivot at $82.20
Take Profit Levels: TP1: $81.50, TP2: $81.00, TP3: $80.50
Stop Loss: Set above the recent peak, around $83.00
Key Trading Tip: Monitor the market for oil inventory reports and be ready to adjust positions accordingly. Tighten stop-loss orders in response to unexpected bullish signals.
Asset and Direction
Asset Name: Copper
Trading Direction: Sell (short-term)
Proposal Strength: Moderate
Snapshot
Pivot Point: $3.8500
Previous Close: $3.8505
High/Low: $3.8655/$3.834
Market Trend: Short-term downtrend
Confidence Level: Moderate, waiting for confirmation
Key Indicators
Volatility (ATR): Mildly increasing
Ichimoku Cloud: Price below the cloud, indicating bearish sentiment
RSI: Below 50, suggesting bearish momentum
MACD: Bearish crossover
Trade Insight with Entry Price
Strategy: Given the current bearish indicators, consider a short position on a break below the pivot point with tight risk management.
Entry Price: Just below the pivot at around $3.8450
Take Profit Levels: TP1: $3.82, TP2: $3.80, TP3: $3.78
Stop Loss: Just above the pivot at around $3.8550
Key Trading Tip: Keep an eye on the volume as an increase could validate the bearish momentum. Consider a tight stop loss due to the proximity of the price to the pivot point and the potential for rapid changes in direction.
Disclaimer: These Commodities Trading Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.
As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.