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Oil N' Gold Focus Reports
Crude Hammered by Record High OPEC Production, Iran Nuclear Deal Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Mar 31 15 23:17 ET
Although the deadline was extended by a day, hopes that a deal between Iran and the Western powers would be reached soon have weighed on crude oil prices. According to the State Department spokeswoman Marie Harf, "we've made enough progress in the last days to merit staying until Wednesday. There are several difficult issues still remaining".
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Zhou's Concerns over Chinese Growth Fuels Hopes of Further Easing Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Mar 30 15 23:20 ET
Crude oil pared earlier losses on equities' strength which was driven by speculations of more aggressive easing in China. Rising hopes that the US and Iran would reach a nuclear deal that would lead to relief of oil sanctions prevented oil from rising strongly, however.
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US Payrolls in March to Send Further Indicators to Fed's Rate Hike Schedule Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Mar 29 15 23:41 ET
The focus of this week is Friday's US employment report for March as it would give further hints of Fed's tightening outlook. The market currently forecast that the number of non-farm payrolls increased +250K in March, compared with a +295K addition a month ago. The unemployment rate probably stayed unchanged at 5.5% while the average hourly earnings gained +0.2% m/m, compared with a +0.1% increase in February.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 29 15 08:31 ET
Gold's decline from 1239.0 was finished at 1141.6 but subsequent rebound faced some resistance from 55 days EMA. Initial bias is neutral this week first. On the upside, break of 1223.0 resistance will target 1239.0 next. meanwhile, below 1178.6 will turn bias back to the downside for 1141.6 and then 1130.4.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 29 15 08:31 ET
The choppy fall from 18.505 completed at 15.26 and rebound from there is in progress. Overall, price actions from 14.155 are viewed as a consolidation pattern. More sideway trading would be seen in near term. But as long as 18.61 resistance zone holds, an eventual downside breakout is mildly in favor.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 29 15 08:30 ET
Crude oil continues to build up the case for trend reversal. But break of 54.24 is needed to confirm bottoming. Otherwise, outlook will stay bearish for another decline. Below 42.03 will target 40 psychological level. Meanwhile, break of 54.24 will target 38.2% retracement of 107.73 to 42.03 at 67.13.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 29 15 08:30 ET
Price actions from 2.567 are seen as a consolidation pattern and is possibly completed at 2.935. Further fall is in favor to 2.567 support first. Break will extend the larger down trend and would target 1.902 long term bottom. On the upside, break of 2.935 resistance is needed to indicate reversal. Otherwise, outlook will stay cautiously bearish.
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Weekly Fundamentals - Crude's Near-Term Outlook Hinges on Yemen Tensions and Iran-US Deal Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Mar 29 15 04:07 ET
Profit-taking on crude oil was seen on Friday following the rally due to unrest in Yemen. Yet, both benchmarks crude contracts recorded gains on weekly basis. The market was concerned that Saudi Arabia's launch of airstrike in Yemen would spread to other countries in the Middle East and cause disruption of oil shipment. Yemen is not a significant oil producer.
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Saudi's Strike in Yemen Sparked Tensions in Middle Ease, Crude, Gold and USD Higher Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Mar 27 15 00:09 ET
Saudi Arabia's launch of airstrike in Yemen sparked geopolitical tensions in the Middle East, sending crude oil prices higher amidst concerns over disruption of oil shipment. The front-month contract for WTI crude oil jumped to as high as 52.48, a level not seen since mid-February, before settling at 51.43, up +4.51%.
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Crude Price Jumped Over +3% Despite Stock Build Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Mar 25 15 22:44 ET
Commodities strengthened on USD’s weakness. Although oil inventory increased more than expected, the front-month contract for WTI crude oil extended the gain for a 4th consecutive day, rising to a 2-week high of 49.46 before settling at 49.21, up +3.36%. The Brent crude contract also rose +2.49% to close at 56.48.
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