Best Commodity Technical Analysis By Capital Street FX

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Daily Commodity Analysis – Expose WTI surge, corn slump, metals’ volatility causes.​

Introduction​

WTI crude oil rallies to around $74.70 per barrel fueled by global energy supply concerns, exacerbated by Ukraine’s drone strike on Russian fuel terminal Novatek and US production disruptions. In corn futures, fractional gains persist amid varied export figures. Gold prices rise, influenced by economic uncertainties, while silver (XAG/USD) plunges to near $22 as Fed rate-cut optimism fades, with attention now on upcoming US Q4 GDP data.

Markets In Focus Today – CRUDE OIL​

WTI Improves To Nearly $74.70 Over Global Energy Supplies, And Air Strikes Against Houthis.​

WTI price moves higher on concerns over global supply disruptions. Ukraine conducted a drone attack on a Russian fuel terminal Novatek. West Texas Intermediate (WTI) price extends its gains for the second successive session, improving to near $74.70 per barrel during the Asian session on Tuesday. The rise in Crude oil prices is attributed to concerns over global energy supplies, sparked by a drone strike on Russia’s Novatek by Ukraine. Additionally, disruptions in Crude production from the United States (US) due to extreme cold weather have contributed to the upward pressure on oil prices.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 73.51 | Positive Crossover | Bullish
• MA 20 : 73.17 | Positive Crossover | Bullish
• MA 50 : 74.52 | Positive Crossover | Bullish

Simple :​

• MA 10 : 73.13 | Positive Crossover | Bullish
• MA 20 : 72.83 | Positive Crossover | Bullish
• MA 50 : 73.56 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.37 | Neutral Zone | Neutral

Stochastic Oscillator : 83.82 | Neutral Zone | Neutral

Resistance And Support Levels :​

• R1 : 75.38 R2 : 77.52
• S1 : 68.47 S2 : 66.33

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Stop Buy: 75.49 | Take Profit: 79.38 | Stop Loss: 73.12

CORN​

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Daily Commodity Analysis – Gas up, oil falters, Silver shines; Copper eyes China.​

Introduction​

U.S. natural gas futures break a six-session losing streak, rising as weather forecasts indicate warmer temperatures through early February. Oil prices fluctuate amid geopolitical tensions, demand concerns, and a stronger dollar. Silver (XAG/USD) shows positive momentum, climbing back above mid-$22.00s. Copper prices, driven by China’s stimulus measures, rebound from a two-month low but face challenges amid persistent economic concerns in the world’s largest copper importer.

Markets In Focus Today – NATURAL GAS​

U.S. Natural Gas Futures Snap Losing Streak.​

U.S. natural gas prices stage a late recovery and rise for the first time in six sessions as weather forecasts continue to show warmer temperatures through early February. “While more winter weather is likely to show up, once we get February on the calendar, cold weather forecasts become less and less of a factor for prices,” says Analyst in a note. The above-average storage draws expected for last week and this week would need to continue next month to lift prices significantly, “and the probability of such an occurrence is low.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2.457 | Positive Crossover | Bullish
• MA 20 : 2.595 | Negative Crossover | Bearish
• MA 50 : 2.812 | Negative Crossover | Bearish

Simple :​

• MA 10 : 2.431 | Positive Crossover | Bullish
• MA 20 : 2.595 | Negative Crossover | Bearish
• MA 50 : 2.812 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.76 | Neutral Zone | Neutral

Stochastic Oscillator : 84.44 | Buy Zone | Positive

Resistance And Support Levels :​

• R1 : 2.610 R2 : 2.858
• S1 : 2.392 S2 : 2.225

Overall Sentiment: Neutral Market Direction: Sell​

Trade Suggestion: Limit Sell: 2.589 | Take Profit: 2.298 | Stop Loss: 2.792

BRENT CRUDE OIL​

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Daily Commodity Analysis – Gold uncertain pre-GDP, copper soars on China stimulus, oil rallies.​

Introduction​

Gold prices face volatility ahead of GDP data, grappling with steep losses as U.S. economic cues and interest rate uncertainties deter traders. Meanwhile, copper gains momentum following China’s additional stimulus measures. Gold declined 0.7% on Wednesday amid anticipation of crucial U.S. GDP and inflation data, with growing expectations of a delayed Federal Reserve interest rate cut. Copper, boosted by China’s reserve requirement ratio cut, sits at a three-week high. Oil prices rise on a significant U.S. crude stock draw and optimism from China’s stimulus actions. Natural gas experiences a short-covering rally, influenced by oversold conditions and domestic supply-demand factors.

Markets In Focus Today – GOLD​

Gold Prices Were Skittish Before GDP Data.​

Gold prices nursed steep losses on Thursday as anticipation of a barrage of U.S. economic and interest rate cues kept traders averse to the yellow metal, while copper sat on strong gains this week following more stimulus measures from China. Bullion prices had fallen 0.7% on Wednesday, largely disregarding some weakness in the dollar as anticipation of key U.S. gross domestic product (GDP) and inflation data brewed more uncertainty over interest rates. The yellow metal was battered by increasing bets that the Federal Reserve would cut interest rates later, instead of earlier this year.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2024.34 | Negative Crossover | Bearish
• MA 20 : 2029.35 | Negative Crossover | Bearish
• MA 50 : 2019.58 | Negative Crossover | Bearish

Simple :​

• MA 10 : 2026.81 | Negative Crossover | Bearish
• MA 20 : 2034.64 | Negative Crossover | Bearish
• MA 50 : 2029.01 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.54 | Neutral Zone | Neutral

Stochastic Oscillator : 27.68 | Sell Zone | Negative

Resistance And Support Levels :​

• R1 : 2127.21 R2 : 2168.19
• S1 : 1994.53 S2 : 1953.54

Overall Sentiment: Bearish Market Direction: Sell​

Trade Suggestion: Limit Sell: 2020.02 | Take Profit: 1988.37 | Stop Loss: 2038.34

COPPER​

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Daily Commodity Analysis – Oil rises, gas soars, gold falters.​

Introduction​

WTI crude oil is poised to end the week positively, hovering around $77.00 per barrel during the Asian session, driven by robust US GDP data and China’s liquidity injection strategy. Meanwhile, US natural gas futures rise ahead of the EIA report, propelled by cooler forecasts and reduced production. Gold prices struggle within a tight range as traders await cues on US interest rates, with key inflation data and a Federal Reserve meeting in focus. Copper prices are on track for a strong weekly performance due to China’s additional stimulus. Silver faces resistance near $23, with market sentiment cautious ahead of US core PCE data, crucial for the Fed’s interest rate decisions.

Markets In Focus Today – CRUDE OIL​

WTI Hovers Around $77.00 With A Positive Momentum, Focus Shifts To US PCE, Oil Rig Count.​

WTI price is expected to close the week in a positive territory due to multiple factors GDP data contributed support to reinforcing the Crude oil prices.PBoC’s strategy to inject liquidity into the economy contributes to the strength in oil prices. Chinese officials asked their Iranian counterparts to help restrain attacks on ships in the Red Sea. West Texas Intermediate (WTI) oil price pauses its two-day winning streak but is anticipated to conclude the week on a positive note, trading near $77.00 per barrel during the Asian session on Friday. However, the Crude oil prices received a positive momentum, which is attributed, in part, to the better-than-expected GDP Annualized (Q4) released from the United States on Thursday.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 74.82 | Positive Crossover | Bullish
• MA 20 : 73.99 | Positive Crossover | Bullish
• MA 50 : 74.72 | Positive Crossover | Bullish

Simple :​

• MA 10 : 74.32 | Positive Crossover | Bullish
• MA 20 : 73.21 | Positive Crossover | Bullish
• MA 50 : 73.47 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.42 | Buy Zone | Bullish

Stochastic Oscillator : 92.20 | Buy Zone | Negative

Resistance And Support Levels :​

• R1 : 75.38 R2 : 77.52
• S1 : 68.47 S2 : 66.33

Overall Sentiment: Neutral Market Direction: Buy​

Trade Suggestion: Limit Buy: 76.27 | Take Profit: 79.57 | Stop Loss: 74.39

NATURAL GAS​

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Weekly Commodity Analysis – Gold dips, Copper rallies, Oil soars, Gas falters.​

Introduction​

Gold (XAU/USD) closes the week with a slight dip, hovering just above $2,018, marking a 0.55% weekly loss. Key indicators show subdued buying momentum, reflecting a pause after December’s rally. Meanwhile, the USD’s recovery, driven by changing bets on the Federal Reserve, exerts downward pressure. Copper prices ease, but a strong week is expected amid China optimism. Oil settles at an eight-week high, fueled by robust U.S. economic growth and Chinese stimulus, while natural gas faces declines due to storage dynamics, production fluctuations, and lighter demand forecasts.

Markets In Focus Today – GOLD​

XAU/USD Trades Mildly Lower And Closes A Losing Week After US PCE Figures.​

The XAU/USD experiences a slight decrease, holding slightly above $2,018 with a minor pullback. Key indicators such as RSI and MACD demonstrate a subdued buying momentum, as bulls consolidate December’s rally. On Friday’s session, the XAU/USD was seen trading at $2,018, presenting a slight decline of 0.08% and closing a 0.55% weekly loss. After reaching a level of $2,135 in December, buyers have been largely taking a pause, suggesting a neutral to a bullish outlook on the daily chart. Despite some momentum observed in the four-hour chart, the indicators remain relatively weak. In addition, the USD recovery fueled by markets adjusting their bets on the Federal Reserve (Fed) due to the US economy showing resilience is pushing the metal lower.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2024.17 | Negative Crossover | Bearish
• MA 20 : 2028.83 | Negative Crossover | Bearish
• MA 50 : 2019.76 | Negative Crossover | Bearish

Simple :​

• MA 10 : 2024.37 | Negative Crossover | Bearish
• MA 20 : 2032.74 | Negative Crossover | Bearish
• MA 50 : 2029.89 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.09 | Buy Zone | Bullish

Stochastic Oscillator : 25.67 | Sell Zone | Negative

Resistance And Support Levels :​

• R1 : 2127.21 R2 : 2168.19
• S1 : 1994.53 S2 : 1953.54

Overall Sentiment: Bearish Market Direction: Sell​

Trade Suggestion: Limit Sell: 2023.48 | Take Profit: 1984.79 | Stop Loss: 2049.27

COPPER​

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Daily Commodity Analysis – Gold is steady, silver falters, oil surges, and gas puzzles despite drops.​

Introduction​

Gold prices maintain modest gains ahead of the Federal Reserve (Fed) meeting, finding support in Middle East tensions and declining US bond yields. Traders remain cautious amid geopolitical concerns, with a drone attack near the Syrian border impacting sentiment. Meanwhile, silver slips below $23.00, signaling a potential downtrend, while oil climbs on escalating Middle East tensions. As weather forecasts suggest light national demand, natural gas futures decline despite a significant storage drop.

Markets In Focus Today – GOLD​

Gold Price Sticks To Modest Gains Ahead Of Fed Meeting.​

Gold price draws some support from escalating geopolitical tensions in the Middle East. Sliding US bond yields also benefit the XAU/USD, though the uptick lacks follow-through. Traders also seem reluctant ahead of the crucial two-day FOMC monetary policy meeting. Investors set off the critical week, including the US Federal Reserve (Fed) policy announcements, on a cautious footing after a Reuters report quoted US President Joe Biden and officials stating that three US service members were killed. Dozens may be wounded after an unmanned aerial drone attack on US forces stationed in northeastern Jordan near the Syrian border. The US economic docket is relatively light on Monday, and hence, the geopolitical developments and the pre-Fed positioning could influence the Gold price action.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2025.63 | Positive Crossover | Bullish
• MA 20 : 2029.15 | Positive Crossover | Bullish
• MA 50 : 2020.25 | Positive Crossover | Bullish

Simple :​

• MA 10 : 2022.17 | Positive Crossover | Bullish
• MA 20 : 2031.21 | Positive Crossover | Bullish
• MA 50 : 2030.98 | Positive Crossover | Bullish

RSI (Relative Strength Index): 51.10 | Neutral Zone | Neutral

Stochastic Oscillator : 36.02 | Neutral Zone | Neutral

Resistance And Support Levels :​

• R1 : 2127.21 R2 : 2168.19
• S1 : 1994.53 S2 : 1953.54

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 2032.20 | Take Profit: 2168.19 | Stop Loss: 1887.65

SILVER​

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Daily Commodity Analysis – Oil spikes, gas drops 8%, gold gains, copper challenges.​

Introduction​

WTI crude oil sees a slight uptick amid rising geopolitical risks in the Middle East, although concerns over demand in China may limit gains ahead of the FOMC. Traders eye the API report on US stockpiles for short-term opportunities. Meanwhile, natural gas experiences its largest daily decline in nearly two weeks due to an outage at Freeport LNG and milder weather forecasts. Gold prices rise as US bond yields fall, fueled by escalating tensions in the Middle East. Investors await cues from the upcoming FOMC meeting. Copper futures, previously boosted by China’s monetary stimulus, face pressure amid doubts about its impact on economic challenges in the country.

Markets In Focus Today – CRUDE OIL​

WTI Ticks Higher Amid Geopolitical Risks, China Demand Concerns Cap The Upside.​

WTI attracts some buyers on Tuesday amid fears about supply disruptions in the Middle East. Demand concerns in China could act as a headwind for the commodity ahead of the FOMC. Traders now look to the API report on US stockpiles for short-term opportunities on Tuesday. West Texas Intermediate (WTI) US Crude Oil prices ticked higher during the Asian session on Tuesday and for now, seem to have stalled the previous day’s rejection slide from the 100-day Simple Moving Average (SMA) or a nearly two-month peak. A further escalation of geopolitical tensions in the Middle East continues to fuel supply concerns and turns out to be a key factor acting as a tailwind for the black liquid.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 75.64 | Positive Crossover | Bullish
• MA 20 : 74.61 | Positive Crossover | Bullish
• MA 50 : 74.93 | Positive Crossover | Bullish

Simple :​

• MA 10 : 75.38 | Positive Crossover | Bullish
• MA 20 : 73.87 | Positive Crossover | Bullish
• MA 50 : 73.60 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.37 | Buy Zone | Bullish

Stochastic Oscillator : 81.10 | Buy Zone | Negative

Resistance And Support Levels :​

• R1 : 75.38 R2 : 77.52
• S1 : 68.47 S2 : 66.33

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 75.64 | Take Profit: 79.00 | Stop Loss: 73.58

NATURAL GAS​

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Daily Commodity Analysis – Deciphering global markets amid tensions and uncertainties.​

Introduction​

Oil prices decline on weak China data, impacting demand sentiment. Despite this, they are poised for their first monthly gain since September due to escalating Middle East conflicts causing supply concerns. Meanwhile, positive IMF forecasts boost crude oil prospects. In other markets, corn futures fall on weak demand outlook, and gold and silver prices respond to geopolitical tensions and await the US Federal Reserve’s interest rate decision for further direction.

Markets In Focus Today – BRENT CRUDE OIL​

Oil Falls On Weak China Data; Set For First Monthly Gain Since Sept.​

Oil fell on Wednesday as lackluster economic data in China, the world’s biggest crude importer, weighed on demand sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply concerns. Crude oil prices may experience a positive impact following the recent update on global economic growth by the International Monetary Fund (IMF). The IMF has revised its forecast, indicating expectations of stronger growth, particularly in the economies of the United States and China.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 81.29 | Positive Crossover | Bullish
• MA 20 : 80.19 | Positive Crossover | Bullish
• MA 50 : 80.11 | Positive Crossover | Bullish

Simple :​

• MA 10 : 81.07 | Positive Crossover | Bullish
• MA 20 : 79.42 | Positive Crossover | Bullish
• MA 50 : 78.79 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.63 | Buy Zone | Bullish

Stochastic Oscillator : 78.74 | Buy Zone | Neutral

Resistance And Support Levels :​

• R1 : 80.60 R2 : 82.82
• S1 : 73.40 S2 : 71.18

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 81.15 | Take Profit: 83.99 | Stop Loss: 79.50

CORN​

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Daily Commodity Analysis – Explore gold defiance, copper’s challenge, oil rally, and gas amid the turmoil.​

Introduction​

Gold prices defy a Fed stance on prolonged higher interest rates, gaining ground amid safe-haven demand fueled by Middle East tensions. The precious metal’s ascent is tempered by a resurgent dollar. In contrast, copper retreated from a one-month peak, impacted by mixed signals from China’s economic outlook. Oil prices rise as the U.S. Federal Reserve hints at potential rate cuts and China unveils measures to support its property market. Natural gas futures see modest gains despite bearish weather forecasts and lower industrial demand attributed to a Freeport LNG outage.

Markets In Focus Today – GOLD​

Gold Prices Rise Even As Fed Shoots Down Early Rate-Cut Hopes.​

Gold prices rose on Thursday and were undeterred by the Federal Reserve stating that it will likely keep interest rates higher for longer, while safe-haven buying amid an ongoing conflict in the Middle East also aided the yellow metal. The Fed’s comments spurred a sharp reversal in risk-driven markets, particularly stocks, on Wednesday. This in turn fueled increased safe-haven demand for gold. The yellow metal was also aided by increased demand as a conflict between U.S.-led forces and the Yemen-based Houthi Group worsened. Further gains in the yellow metal were held back by a sharp rebound in the dollar, which traded close to seven-week highs.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2032.12 | Positive Crossover | Bullish
• MA 20 : 2031.90 | Positive Crossover | Bullish
• MA 50 : 2022.44 | Positive Crossover | Bullish

Simple :​

• MA 10 : 2028.32 | Positive Crossover | Bullish
• MA 20 : 2029.97 | Positive Crossover | Bullish
• MA 50 : 2033.75 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.73 | Buy Zone | Bullish

Stochastic Oscillator : 63.81 | Buy Zone | Neutral

Resistance And Support Levels :​

• R1 : 2069.38 R2 : 2087.55
• S1 : 2010.57 S2 : 1992.40

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 2037.55 | Take Profit: 2057.85 | Stop Loss: 2024.77

COPPER​

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Daily Commodity Analysis – Gas, Corn Soar, Oil Rises, Gold Steady.​

Introduction​

U.S. natural gas futures are on the rise as the market anticipates the Energy Information Administration’s (EIA) storage report, expected to reveal a significant draw. Projections suggest a draw of approximately -200 to -203 billion cubic feet (Bcf), surpassing the five-year average. Mild weather conditions contribute to lower gas demand, creating volatility in the market. In other commodities, corn futures see midweek gains, while oil prices rise after OPEC+ maintains current output policies. Gold prices remain steady at $2,050, benefiting from a weakened dollar ahead of the nonfarm payrolls data release.

Markets In Focus Today – NATURAL GAS​

Natural Gas Futures Edge Up Ahead Of EIA Report.​

EIA report likely shows natural gas storage draw amid low demand and production downturn due to Freeport LNG issues. EIA report to reveal significant natural gas storage draw. Mild U.S. weather patterns lead to low gas demand. U.S. natural gas futures are experiencing an uptick as the market braces for the Energy Information Administration’s (EIA) weekly storage report. Expected volatility surrounds the report, with predictions pointing to a significant draw of around -200 to -203 billion cubic feet (Bcf), exceeding the five-year average of -185 Bcf. Contributing factors include varied temperatures across the U.S., with warmer conditions in the west and east and cooler temperatures from the Plains to Texas.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 2.36 | Negative Crossover | Bearish
• MA 20 : 2.47 | Negative Crossover | Bearish
• MA 50 : 2.57 | Negative Crossover | Bearish

Simple :​

• MA 10 : 2.35 | Negative Crossover | Bearish
• MA 20 : 2.60 | Negative Crossover | Bearish
• MA 50 : 2.53 | Negative Crossover | Bearish

RSI (Relative Strength Index): 36.41 | Sell Zone | Bearish

Stochastic Oscillator : 5.74 | Sell Zone | Negative

Resistance And Support Levels :​

• R1 : 3.07 R2 : 3.33
• S1 : 2.20 S2 : 1.93

Overall Sentiment: Bearish Market Direction: Sell​

Trade Suggestion: Limit Sell: 2.20 | Take Profit: 2.01 | Stop Loss: 2.34

CORN​

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