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Commodities Technical Analysis, August 7th – August 11th, 2017
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Although gold prices rose to a seven week high during the previous week, better than expected NFP report on Friday pushed gold prices down to finish a
Although gold prices rose to a seven week high during the previous week, better than expected NFP report on Friday pushed gold prices down to finish a negative week at $1258.25.
Crude oil prices were mixed during the previous week as every day had a different price action sentiment. However, in the end of the week, oil prices finished relatively unchanged.
In the week ahead, OPEC and IEA will publish their monthly reports.
The technical analysis, that includes the indicators’ data and major pivot points for WTI Oil, Gold, Silver and Copper as traded on spot market as of August 6th, 2017:
Crude Oil
Indicators
| Moving Averages | RSI | Parabolic SAR | CCI |
| Long | Neutral | Short | Neutral |
Floor Pivot Points
| 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| 46.34 | 47.35 | 48.39 | 49.40 | 50.44 | 51.45 | 52.49 |
Fibonacci Retracement Levels
| 0.0% | 23.6% | 38.2% | 50.0% | 61.8% | 100.0% |
| 48.35 | 48.83 | 49.13 | 49.38 | 49.62 | 50.40 |
Gold
Indicators
| Moving Averages | RSI | Parabolic SAR | CCI |
| Long | Neutral | Short | Neutral |
Floor Pivot Points
| 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| 1230.34 | 1242.16 | 1250.25 | 1262.07 | 1270.16 | 1281.98 | 1290.07 |
Fibonacci Retracement Levels
| 0.0% | 23.6% | 38.2% | 50.0% | 61.8% | 100.0% |
| 1253.98 | 1258.68 | 1261.59 | 1263.94 | 1266.28 | 1273.89 |
Silver
Indicators
| Moving Averages | RSI | Parabolic SAR | CCI |
| Neutral | Neutral | Short | Short |
Floor Pivot Points
| 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| 15.19 | 15.68 | 15.96 | 16.45 | 16.73 | 17.22 | 17.50 |
Fibonacci Retracement Levels
| 0.0% | 23.6% | 38.2% | 50.0% | 61.8% | 100.0% |
| 16.16 | 16.34 | 16.45 | 16.55 | 16.64 | 16.93 |
Copper
Indicators
| Moving Averages | RSI | Parabolic SAR | CCI |
| Long | Overbought | Long | Neutral |
Floor Pivot Points
| 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| 280.70 | 282.86 | 285.30 | 287.46 | 289.90 | 292.06 | 294.50 |
Fibonacci Retracement Levels
| 0.0% | 23.6% | 38.2% | 50.0% | 61.8% | 100.0% |
| 285.03 | 286.12 | 286.79 | 287.33 | 287.87 | 289.63 |
This post was originally published by EarnForex
About the Author
Andriy Morarucontributor
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