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Daily Gold & Oil Trading Signals & Market Forecast: March 18

Gold:

- Traders moving away from non-yielding assets like gold before the Fed meeting.

- Dollar strength and 10-year Treasury yields above 4% contributing to gold's decline.

- Gold prices retreat from record highs earlier in March, now below key $2,150 support.

- Near-term gold price could fall to $2,100, but end-2024 target upgraded to $2,300 by ANZ.


Oil:

- Oil prices benefit from supply tightness and attacks on Russian energy infrastructure.

- The Slavyansk refinery in Russia affected by strikes, impacting refining capacity.

- Middle East tensions: Israeli plans in Gaza's Rafah enclave could influence regional stability.

- U.S. Federal Reserve's decision on interest rates this week to impact oil price trends.

- IEA predicts slight supply deficit in oil this year, supporting price increases.

- Brent and WTI futures up 11% and 13% respectively in 2024 so far.



Gold & Oil Trading Signals

  XAU/USD (Gold)  WTI (CL-Oil)  BRENT CRUDE (UKOUSD)  


XAU/USD Gold, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 XAU/USD Gold

Trading Signal for Gold (XAU/USD)

  • Trade Direction: Sell

  • Entry Point: $2,148

  • Take Profit:

  • TP1: $2,140

  • TP2: $2,130

  • TP3: $2,120 (approaching the lower Bollinger Band)

  • Stop Loss: $2,162 (just above the daily pivot and recent resistance)

  • Confidence Level: Moderate, in light of gold’s recent price action and the context provided, with potential downside momentum.

Technical Analysis

  • Trend Analysis: The trend for gold is currently bearish as indicated by the price below the Ichimoku Cloud and recent drop.

  • Key Levels:

  • Resistance: Daily pivot at $2,161.52 and recent high at $2,172.44.

  • Support: Near the lower Bollinger Band and psychological level of $2,100.

Technical Indicators

  • Bollinger Bands: Price is currently between the middle and lower band, indicating a downward momentum.

  • Ichimoku Cloud: Price is below the Cloud, suggesting bearish sentiment.

  • ATR: 8.34, which shows a higher level of volatility, typical in bearish moves.

  • MACD: Histogram is below zero but flat, indicating potential consolidation or lack of strong momentum.

  • RSI: Around 37, indicating bearish momentum but not yet oversold.

Market Sentiment

  • General Sentiment: Bearish, as traders move away from non-yielding assets like gold ahead of the Fed meeting.

  • Impact on Specific Asset: Gold prices could continue to be pressured by a stronger dollar and higher Treasury yields.

  • Notable Economic Events: The Fed's decision on interest rates this week is a key driver for gold prices. Any indication of rate hikes can strengthen the dollar and weigh on gold prices.


An advertisement graphic for Vantage, a trading platform, offering a 50% deposit bonus to supersize trades. The visual features an isometric design with an oversized, three-dimensional arrow pointing upwards, indicating growth or increase. There are stacks of coins on the arrow, and a miniature office setup with a computer displaying charts, suggesting trading activity. A "claim now" button is included, highlighting the promotional offer. Trading risks and terms and conditions are noted at the bottom, alongside the VFSC registration number.



WTI Crude Oil, A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 WTI Crude Oil (CL-Oil))

Trading Signal for WTI Crude Oil (WTI/USD)

  • Trade Direction: Buy

  • Entry Point: $81.00

  • Take Profit:

  • TP1: $81.50

  • TP2: $82.00

  • TP3: $82.50 (approaching recent highs)

  • Stop Loss: $80.50 (just below today's pivot)

  • Confidence Level: High, considering the current supply concerns and positive technical indicators.

Technical Analysis

  • Trend Analysis: The short-term trend is bullish, with the price above the Ichimoku Cloud.

  • Key Levels:

  • Resistance: Near the recent high at $81.45.

  • Support: Today's pivot at $80.99, and further support at the Ichimoku Cloud base.

Technical Indicators

  • Bollinger Bands: Price is moving towards the upper Bollinger Band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the Cloud, supporting the bullish trend.

  • ATR: 0.52, showing heightened volatility which can accompany upward price movements.

  • MACD: The MACD line is above the signal line and positive, confirming bullish momentum.

  • RSI: Near 65, suggesting bullish momentum without being in the overbought territory.

Market Sentiment

  • General Sentiment: Bullish, particularly in light of the recent attacks on Russian energy infrastructure and Middle East tensions, which could impact oil supply.

  • Impact on Specific Asset: WTI may continue to rise due to the potential supply tightness.

  • Notable Economic Events: The Fed's decision on interest rates can affect the oil market, with rising rates potentially strengthening the dollar and pressuring oil prices. However, supply concerns seem to be the dominant factor currently driving the market.


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BRENT CRUDE (OKOUSD)  A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢BRENT CRUDE (UKOUSD)  

Trading Signal for Brent Crude Oil (UKO/USD)

  • Trade Direction: Buy

  • Entry Point: $85.60

  • Take Profit:

  • TP1: $86.00

  • TP2: $86.50

  • TP3: $87.00 (if upward momentum sustains)

  • Stop Loss: $85.00 (just below Friday's pivot)

  • Confidence Level: High, with current price action and supply issues giving bullish indications.

Technical Analysis

  • Trend Analysis: Bullish trend, as price is above the Ichimoku Cloud and rising.

  • Key Levels:

  • Resistance: Looking towards recent highs around $86.00.

  • Support: Friday's pivot at $85.10, which aligns with the Ichimoku Cloud.

Technical Indicators

  • Bollinger Bands: The price is approaching the upper band, suggesting a continued upward movement.

  • Ichimoku Cloud: Above the Cloud, indicating a bullish trend.

  • ATR: 0.502, indicating a moderate level of volatility.

  • MACD: Positive MACD with the histogram above the signal line, showing bullish momentum.

  • RSI: Above 65, indicating strong buying momentum, though approaching overbought conditions.

Market Sentiment

  • General Sentiment: Bullish, reinforced by supply tightness due to geopolitical tensions and recent infrastructure attacks.

  • Impact on Specific Asset: Brent could see further upside if the market continues to factor in supply disruptions.

  • Notable Economic Events: The Fed meeting may influence the oil prices indirectly through USD strength; however, the current supply concerns are likely to be a more direct driver of prices.

 

Disclaimer: These Gold & Oil Trading Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.



As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.

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