CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.40% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Scan to Download iOS&Android APP

Latest commodities trading signals and weekly chart analysis: gold; silver; WTI oil; natural gas

14:29, 9 September 2022

Share this article
In this article:
  • Natural Gas
    Natural Gas
    6.937 USD
    -0.04 -0.580%
  • Palladium
    Palladium
    2182.17 USD
    -34.73 -1.580%
  • Platinum
    Platinum
    871.21 USD
    -2.51 -0.290%
  • Silver
    Silver
    19.063 USD
    0.206 +1.090%
  • Gold
    Gold
    1661.44 USD
    0.2 +0.010%

What You Need to Know

The week ahead update on major market events in your inbox every week. Subscribe
Golden pumpjack and spilled oil on US dollar banknotes
Golden pumpjack and spilled oil on US dollar banknotes – Photo: Shutterstock

It’s been a mixed week on the global commodities market. The slight pullback in the US dollar has brought some relief to the metals complex. On the other hand, geopolitical factors – gas regulation in Europe and G-7 efforts to put a cap on Russian oil – have generated strong volatility in the energy market.

The Bloomberg Commodity Index (CRB) is down 2.2% for the week, owing primarily to the poor performance of energy.

US natural gas prices experienced their worst weekly performance since mid-June, falling 9% over the course of the week.

WTI was down 0.9%, Brent crude dropped 1.4% but both oil benchmarks attempted a strong rebound by the week close.

Major metals were all in the green: Palladium soared 6.8% on the week, platinum by 4.2%, copper by 4.4% and silver by 3.6%. Gold closed broadly flat. 

Let's take a look at the most recent technical signals on the gold, silver, oil, and natural gas charts.

What is your sentiment on Natural Gas?

6.937
Bullish
or
Bearish
Vote to see Traders sentiment!

Metals and energy commodities: Performance as of September 9, 2022 

Performance of major commodities as of September 9, 2022 (16:00 UTC) – Photo: Capital.com, Data: Tradingeconomics

Gold technical analysis: not out of the woods yet

Gold prices (daily chart) technical analysis as of September 9, 2022 – – Photo: Capital.com, Source: Tradingview

After dipping near 2022 lows in early September, gold prices attempt a tentative recovery.

If the price action stays positive over the next few sessions, the MACD could form a bullish crossover below the zero line. This has given the precious metal some short-term breathing room when it occured previously this year. 

However, a strong dynamic resistance is provided by the 50-day moving average, which is located at $1,746. This zone is near the bearish trendline from March highs, which saw a heavy selling pressure when it was touched in mid August. 

Overcoming the $1,750 barrier will continue to be the key resistence for gold prices in the short run. Instead, gold prices must decisively clear the 50% Fibonacci retracement level (2022 low to high), which also sits at June's highs, to materially reverse the major bearish trend.

Silver technical analysis: bullish MACD crossover

Silver prices (daily chart) technical analysis as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

Much of what has been said for gold also applies to silver, as the two precious metals have continued to show a very strong price correlation lately. 

The most notable distinction in the silver's daily chart is that the MACD has has just given the signal of the bullish crossover.

Oil - Brent

85.10 Price
-2.580% 1D Chg, %
Long position overnight fee 0.0461%
Short position overnight fee -0.0715%
Overnight fee time 21:00 (UTC)
Spread 0.04

Silver

19.06 Price
+1.090% 1D Chg, %
Long position overnight fee -0.0117%
Short position overnight fee 0.0025%
Overnight fee time 21:00 (UTC)
Spread 0.040

Gold

1,661.44 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0157%
Short position overnight fee 0.0056%
Overnight fee time 21:00 (UTC)
Spread 0.60

Oil - Crude

79.31 Price
-2.390% 1D Chg, %
Long position overnight fee 0.0226%
Short position overnight fee -0.0420%
Overnight fee time 21:00 (UTC)
Spread 0.03

In the past this has been a reliable bullish technical signal. The May 19 MACD bullish crossover led to a 5.7% rally until June. The July 21 MACD bullish crossover sparked a 12.1% rally to mid-August.

The next resistance for silver prices is represented by the 50-day moving average, which also sits at the 78.6% Fibonacci retracement (2022 low to high).

WTI (US oil) technical analysis: death cross

Oil WTI prices (daily chart) technical analysis as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

WTI oil prices formed a historic death-cross in early September, as the 50-day moving averaged crossed from above the 200-day one.

It's the first time since February 24, 2020 that a death cross appeared on the crude daily chart. 

Prices have recently bounced off support represented by the bearish channel, which has been in place since early July. 

Overall, the short-term trend is still bearish, even though recovering momentum may cause a very brief extension towards $90/bbl.

US natural gas technical analysis: buyers returned at the 50-dma

US natural gas prices (daily chart) technical analysis as of September 9, 2022 – Photo: Capital.com, Source: Tradingview

The price of US natural gas had a very bad week, falling from $9.2 at the start to $8.00 at the time of writing.

For the time being, the 50-day moving average has proven to be a difficult support to overcome by sellers. After just touching the zero line, the MACD line also attempts a recover.

Overall, the short-term bearish momentum seems losing a bit of steam, but a test of the level of $7.55 (61.8% Fibonacci retracement from high to low in 2022) is not something that should be ruled out in the next sessions. 

Despite this, the major bullish trend has not yet completely reversed, as prices still hold above the key $6.80 mark (50% Fibonacci level).  

Read more...

What You Need to Know

The week ahead update on major market events in your inbox every week. Subscribe
The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 450.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading