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Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

2014-09-10 05:51:00
David de Ferranti, Currency Analyst
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Talking Points

  • Gold and Silver Remain At A Crossroads Near Key Technical Levels
  • Crude Oil May Be Uninspired By Another Lackluster Inventories Report
  • Copper Succumbs To Declines After Testing Its Descending Trendline

Gold and silver are treading water near key technical levels during the Asian session. The pair were left lacking fundamental guidance on Tuesday amid a light US economic docket. Similarly, a thin calendar over the session ahead may do little to inspire the US Dollar bulls, which could ease some of the pressure on the metals. Yet, at the same time a recovery may prove difficult as ebbing geopolitical concerns continue to sap safe-haven demand for the alternative assets.

Meanwhile, crude oil traders are awaiting the release of the DOE’s Weekly Petroleum Status Report. A medley of mixed figures in recent reports have done little to alleviate lingering concerns over a US supply glut. It may be difficult for WTI to sustain a recovery until the data paints a healthier picture of growing demand for the commodity.

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Also in the energies space; natural gas is once again teasing at a break above the $4.00 handle ahead of storage figures due on Thursday. While total stocks remain below seasonal averages incoming injections have printed well above their five year mean. Another strong storage change figure later in the week could keep fears of a supply glut alive and in turn cap the energy commodity.

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

UPCOMING ECONOMIC DATA

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Source:DailyFX Economic Calendar, Times In GMT

CRUDE OIL TECHNICAL ANALYSIS

WTI is poised for a make-or-break moment as the commodity is compressed between its descending trendline and the 92.55 barrier. While a Hammer hinted at potential shift in sentiment to the upside, it failed to receive confirmation from a successive up-day. A downside break of the nearby floor would open a knock on the 91.20 mark.

Crude Oil: Faces Make-Or-Break Moment As Prices Compress

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS

Gold is threatening to maintain its downward trajectory after sliding below the 1,257 mark. Alongside signs of a short-term downtrend the spotlight is left on the June 2014 lows near 1,241. While a Doji denotes some indecision amongst traders, a daily close above its descending trendline would be required to signal the potential for a sustained recovery.

The DailyFX SpeculativeSentimentIndex suggests a mixed bias for gold based on trader positioning.

Gold: Threatens Retest of June Lows

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

SILVER TECHNICAL ANALYSIS

Silver continues to keep traders in suspense as it skims along the 19.00 floor amid signs of hesitation from the bears. With a core downtrend still intact a daily close below the noteworthy floor would be seen as a fresh opportunity for short positions targeting the 18.50 mark. A corrective bounce to the 19.50 ceiling would offer an alternative entry point.

Silver: Awaiting Downside Break To Open 18.50

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

COPPER TECHNICAL ANALYSIS

Copper is left at a crossroads near 3.08 following a dramatic decline from its descending trendline on the daily. A Shooting Star formation amid mounting evidence of a downtrend leaves shorts preferred on a break below the floor. Buying interest may be renewed on a retest of the June lows near 3.01.

Copper: Peels Back From Trendline Resistance

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

PALLADIUM TECHNICAL ANALYSIS

The tide may be turning for palladium after the precious metal breached its ascending trend channel on the daily. Further, the slide below the Head and Shoulder’s neckline (866) suggests a downside target of 817. Interim buying interest is likely to be renewed at the August lows near 836.

Palladium: Neckline of Head and Shoulders Pattern Broken

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

PLATINUM TECHNICAL ANALYSIS

Platinum has breached the 1,395 target offered in recent commodities reports. Downside risks remain given the context of a sustained downtrend on the daily. A push below some interim buying support at 1,383 would cast the spotlight on the 2014 lows near 1,360.

Platinum:

Gold Rudderless, Crude Oil Clings to Support Before Inventories Data

Daily Chart - Created Using FXCM Marketscope 2.0

Written by David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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