. Daily Commodity Analysis - Investors Seize Golden Trading Opportunities

Daily Commodity Analysis – Investors Seize Golden Trading Opportunities

Daily Commodity Analysis – Investors Seize Golden Trading Opportunities

22 Sep 2023

Introduction:

In the world of commodities, Natural Gas (XNG/USD) breaks a two-day losing streak, surging back above $3.00, signaling a bullish momentum shift. Meanwhile, Gold prices experience a modest rise, driven by a weakening dollar, yet concerns linger amid potential interest rate hikes. In the broader commodity market landscape, Oil prices continue to climb on supply worries, while Copper shows resilience amidst industrial metal fluctuations. Silver (XAG/USD) also sees gains following US data, though its overall outlook remains cautious.

Natural Gas:

XNG/USD snaps two-day losing streak under $3.00, Bull cross-eyed.

The price of natural gas attracts some buyers and swings positive on Friday around $2. 89.

During Friday’s early European trading hours, the price of natural gas (XNG/USD) regained its losses. XNG/USD is now up 1.19% on the day, trading close to $2.89 per MMBtu. The weekly Natural Gas Storage Change for the week ending September 15 climbed by 64 billion cubic feet (Bcf) from the prior week’s 67 billion, according to data released on Thursday by the Energy Information Administration (EIA).

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2.80 | Positive Crossover | Bullish
  • MA 20: 2.74 | Positive Crossover | Bullish
  • MA 50: 2.71 | Positive Crossover | Bullish

Simple:

  • MA 5: 2.79 | Positive Crossover | Bullish
  • MA 20: 2.75 | Positive Crossover | Bullish
  • MA 50: 2.71 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.16 | Buy Zone | Bullish

Stochastic Oscillator: 99.85 | Buy Zone | Positive

Resistance And Support Levels: 

  • R1: 2.85 | R2: 3.00
  • S1: 2.77 | S2: 2.67

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 2.90 | Take Profit: 3.00 | Stop Loss: 2.84

GOLD:

Gold prices surge as the dollar retreats from its six-month top, but forecasts are dim.

On Friday, gold prices increased marginally as the dollar dropped from a six-month high. However, the outlook was dimmed by the possibility of longer-term increases in interest rates as a result of the Federal Reserve’s hawkish approach.

The yellow metal was also expected to have a quiet week because few offers were placed on it due to mounting concerns about interest rate increases.

This week, markets changed their expectations for the yellow metal in response to increased U.S. rates, which caused huge fluctuations in the price of gold futures.

Technical Overview :

Moving Averages:

Exponential:

  • MA 5: 1924.22 | Positive Crossover | Bullish
  • MA 20: 1924.37 | Positive Crossover | Bullish
  • MA 50: 1923.27 | Positive Crossover | Bullish

Simple:

  • MA 5: 1922.63 | Positive Crossover | Bullish
  • MA 20: 1924.94 | Positive Crossover | Bullish
  • MA 50: 1924.32 | Positive Crossover | Bullish

RSI (Relative Strength Index): 51.97 | Buy Zone | Positive

Stochastic Oscillator: 33.42| Sell Zone | Positive

Resistance And Support Levels: 

  • R1: 1929.18 | R2: 1953.59
  • S1: 1912.30| S2: 1889.69


Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 1936.36 | Take Profit: 1953.59 | Stop Loss: 1925.23.

Elsewhere In the Commodity Market.

Oil prices increase as supply concerns outweigh demand worries. The price of copper increased among industrial metals on Friday, making up some of the week’s losses. XAG/USD rises following US statistics, but the outlook is still negative

Gold up (0.32%) at 1925.80, Silver up (1.17%) at 23.67, Palladium up (1.33%) at 1278.23, Platinum up (1.77%) at 933.03, Brent Crude Oil up (0.51%) at 93.78, WTI Crude Oil up (0.69%) at 90.25 as of writing time.

Key Economic Events & Data Release Today:

(JPY) BoJ Monetary Policy Statement at 08:30.

(GBP) BoE Interest Rate Decision (Sep) Forecast 5.50%, Previous 5.25% at 16:30.

(USD) Service PMI (Sep) Forecast 50.6, Previous 50.5 at 19:15.