Weekly Commodities Update: US Crude Oil
26 of March, 2012
By Jonah S. Ford US crude oil futures are poised to move higher this week to further Friday’s strong gains. A steady sideways trend holding the $105 per barrel level established near term support and formed a “flag” chart pattern in the process. Friday’s surge pushed through resistance, triggering a buy signal on the Autochartist [...]
Weekly Commodities Update: Gold
19 of March, 2012
By Jonah S. Ford Gold continued its downward slide to complete the breakout pattern identified in last week’s update, touching of the $1,636 support level and then bouncing higher. The price action of the sell-off from $1,800 per ounce largely fell into another pattern which may be nearing completion as well. This more recent formation [...]
Weekly Commodities Update: Gold
12 of March, 2012
By Jonah S. Ford The price of gold finished last week near what may prove to be a “make-or-break” point for the near term, putting traders in a challenging position of determining direction from the middle of a volatile range. Gold futures reversed from a very strong rally to the $1,800 per ounce level, plummeting [...]
Weekly Commodities Update: Brent Crude Oil
5 of March, 2012
By Jonah S. Ford Brent Crude Oil futures remain range-bound near multi-year highs as traders keep the bid firm against a backdrop of possible conflict in the Persian Gulf. The rhetoric coming from Iran and troop movements by Western Powers continue to feed into the bullish technical outlook, with the chart analysis revealing a strong [...]
Weekly Commodities Update: Gold
27 of February, 2012
By Jonah S. Ford Gold futures continued to catch a tailwind last week as the fundamental backdrop for the market feeds into a bullish technical chart analysis. The sustained uptrend for the market has found strength from both the geopolitical tensions in the Persian Gulf as well as the European Central Bank’s handling of the [...]
Weekly Commodities Update: Gold
20 of February, 2012
By Jonah S. Ford The week ahead may prove to be an important one for developments in the gold market, as key technical levels come into play on the longer term charts. Last week’s test of major trend line support showed up on the Autochartist hourly time frame as a confirmation of an Ascending Triangle [...]
Weekly Commodities Update: Brent Crude Oil
13 of February, 2012
By Jonah S. Ford Brent Crude Oil has continued to outperform the rest of the energy complex as it benefits from the mounting tensions in the Persian Gulf. Brent futures are trading at a healthy $15 per barrel premium to the US Crude Oil futures, and are flirting with the $120 level once again. Some [...]
Weekly Commodities Update: Wheat
6 of February, 2012
By Jonah S. Ford Grain markets have long been susceptible to a seasonal decline commonly referred to as the “February Break”, where prices are seen weakening from the end of January through the beginning of March. This tendency is a result of farmers selling off old crop to raise capital for the spring planting season. [...]
Weekly Commodities Update: Gold
30 of January, 2012
By Jonah S. Ford Gold futures resumed their upward climb in last week’s trading, moving significantly above the $1,700 per ounce key level support. The overall chart analysis suggests the buyers are still in command of this market as the steady climb has yet to see any meaningful price retracement. While this bodes well for [...]
Weekly Commodities Update: Gold
23 of January, 2012
By Jonah S. Ford Gold futures completed an impressive rally to reach a key target level during last week’s trading. The week ahead will be important for determining whether this is a short term uptrend or the beginning of a major leg higher on the chart. After breaking out of the Falling Wedge chart pattern [...]