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Oil N' Gold Focus Reports
Commodities Range-Bounded, awaiting a Busy Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 01 14 00:38 ET
Commodities moved within a narrow range on Monday, ahead of a busy week. Apart from economic data, we will have a number of central bank meetings starting with the RBA meeting on Tuesday. Policymakers are expected to make no change in the monetary policy.
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Weekly Fundamentals - Palladium Soared to 13.5-Year High but ETF Outflow Suggests Correction Soon Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Aug 30 14 11:31 ET
Precious metals rose across the board on renewed intensification of geopolitical tensions in Ukraine. Palladium continued to outperform with the benchmark Comex contract surging to the highest level in 13.5 years and gaining +2.37% last week. However, a 5% weekly drop in the palladium ETF holdings and big speculative long positions in futures might indicate that investors would bullish bets, leading to price correction, soon.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 30 14 11:22 ET
Gold dipped to 1273.4 but failed to sustain below 61.8% retracement of 1240.2 to 1346.8 at 1280.9 again and recovered. Near term outlook is neutral initially this week. Break of 1273.4 will now likely send gold further down towards 1240.2 support. Meanwhile, break of 1324.3 resistance will confirmed completion of the fall from 1346.8 and target retest of this resistance.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 30 14 11:21 ET
Silver lost some momentum below 61.8% retracement of 18.61 to 21.63 at 19.76 and could be bottoming. Initial bias is on 20.185 resistance this week first. Break will confirm reversal and target back to 21.63 resistance. Nonetheless below 19.285 will extend the fall from 21.63 towards 18.18/72 key support zone
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 30 14 11:20 ET
Crude oil dropped further to as low as 92.50 but recovered ahead of 161.8% projection of 107.73 to 99.01 from 105.25 at 91.14. As it was rather close to to 91.24 key support level, crude oil has likely formed a short term bottom. Initial bias is mildly on the upside this week for 96.55 resistance first. Break will confirm this case and bring stronger rally back towards 55 days EMA (now at 100.68).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 30 14 11:19 ET
The breach of 4.081 resistance suggests that natural gas has bottomed in short term at 3.727, ahead of mentioned 3.656 fibonacci level. Focus is on 55 days EMA (now at 4.096). Sustained trading above this level will pave the way back to 38.2% retracement of 6.493 to 3.727 at 4.784. Nonetheless, rejection from the EMA will bring retest of 3.727 support instead.
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Investors Turned Risk Averse amidst Sharp Deterioration in Ukraine Situation Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 28 14 23:53 ET
Financial markets once again focused on the situation in Ukraine. President Petro Poroshenko cancelled a state visit to Turkey and convened an urgent meeting of the National Security and Defence Council as the situation in the Donetsk had been sharply deteriorating. Wall Street and European stocks slumped on rising geopolitical tensions.
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Gold Climbed Higher as Ukraine Tensions Intensified Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 28 14 06:25 ET
Gold climbed higher in European session but the benchmark Comex contract remained below 1300. Tensions in Ukraine intensified with the US State Department spokeswoman, Jen Psaki, noting that fighting in eastern regions is spreading to previously peaceful areas.
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Risk Appetite Stimulated as ECB may Act Further Next Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 26 14 23:23 ET
Speculations that the ECB would embark QE in as soon as next week continued to thrive, sending equities and bonds higher. It is widely believed that ECB president Draghi's comments last week aimed at pushing QE forward whilst recent disappointing dataflow from the 18-nation region cultivated a perfect environment for this to happen. The Stoxx600 index soared +0.7% while Wall Street gained with the DJIA and the S&P 500 indices rising +0.17% and +0.11% respectively.
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Draghi's Comments Fueled Speculations over ECB QE Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 25 14 23:44 ET
Market sentiment was upbeat with both European stocks and Wall Street climbing higher. This was believed to be driven by ECB President Mario Draghi's dovish comments in the Jackson Hole conference last week. The market, after digesting them for several days, viewed the President was pushing the central bank to a QE program. Stoxx600 jumped +1.1% while the euro plummeted to an 11-month low on rising expectations for ECB stimulus.
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