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Written by Oil N' Gold |
Thu Mar 11 10 07:46 ET
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Crude oil price recovers after falling to 81.5 earlier in Asia. The benchmark contract rises to 82.2 in European morning despite lack of upbeat data. The OPEC revised slightly upward its forecasts on global oil demand. While supplies for OPEC NGLs and non-conventional oils were revised down, 'call on OPEC' will probably be modestly higher.
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Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:12 ET
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Gold's fall fro 1145.8 resumed after brief consolidations and dropped further to as low as 1103.1 so far. At this point, intraday bias remains mildly on the downside and further decline could be seen towards 1088.5 support. However, note that rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1128.23 will flip intraday bias back to the upside for 1145.8 and then 1163 resistance next. Nevertheless, sustained break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
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Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:11 ET
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Silver edged higher to 17.66 but failed to sustain above 17.525 projection level and retreated sharply. Intraday bias remains neutral and we might see more consolidations first. Nevertheless, rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.66 will target 161.8% projection of 14.65 to 16.56 from 15.61 at 18.708. However, break of 15.61 support will indicate that rise from 14.65 has completed. The three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:10 ET
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Crude oil is still staying in tight range as consolidations continues. Upside momentum is clearly diminishing with bearish divergence condition in 4 hours MACD. But still, another rise is in favor as long as 80.16 minor support holds. Current rally might still extend further for retesting 83.95 high. However, break of 80.16 minor support will argue that a short term top is already formed. In such case, deeper pull back should be seen to 38.2% retracement of 69.50 to 83.03 at 77.86 and below.
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Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:10 ET
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Intraday bias in Natural gas remains neutral for the moment and some more sideway trading might be seen. Nevertheless, another fall is still in favor as long as 4.79 minor resistance holds. Below 4.45 will bring more decline towards 4.157 key support next. On the upside, though, break of 4.79 will argue that whole correction from 6.108 has possibly completed already, on bullish convergence condition in 4 hours MACD. In such case, stronger rebound could be seen towards 5.06 resistance next.
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Insights
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Written by Oil N' Gold |
Thu Mar 11 10 01:21 ET
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Crude oil price rallied after release of the bullish inventory report. The front-month contract rose to as high as 83.03, less than 1 dollar below the 2010-high of 83.95 made in January, before closing at 82.09, up +0.7%. Today in Asia, the black gold slides to 81.55 amid concerns over Chinese tightening.
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Written by Oil N' Gold |
Wed Mar 10 10 11:56 ET
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UPDATE: EIA's oil inventory data beat market expectations. Crude oil inventory increased +1.43 mmb to 343 mmb in the week ended March 5. The rise was lower than market expectations of +1.43 mmb. Cushing stock soared for a second consecutive week, by +0.63 mmb, to 30.6 mmb. Decline in fuel stockpiles is the bright spot.
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Insights
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Written by Oil N' Gold |
Wed Mar 10 10 07:38 ET
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Platinum rallies to a 6-week high at 1618.2 in European session. Comments by Norilsk's Anton Berlin that palladium price should be supported by strong jewelry, industrial and new investment demand probably boosted others in the PGMs. In fact, the threat posed by disruptions in South African mines will be more severe in platinum supplies than palladium supplies as the country contributes over 70% of the world platinum production but around 35% of palladium production. Palladium remains firm but stays below the decade-high level at 481.95.
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Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:21 ET
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Gold dipped to as low as 1108.2 but drew support from the near term rising trend line and recovered. With 4 hours MACD crossed above signal line, retreat from 1145.8 might have completed. Bias is flipped back to the upside for retesting 1145.8 first. Break will bring rally resumption to 1163 resistance next. On the downside, below 1108.2 will delay the bullish case and bring another fall towards 1088.5 support instead. But still rise from 1044.5 is in favor to continue as long as 1088.5 support holds. However, break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
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Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:20 ET
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Silver recovers after drawing support from 4 hours 55 EMA but upside is still limited below 17.53 resistance. Intraday bias remains neutral and some more consolidations could still be seen. But after all, note that rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.53 will target 161.8% projection of 14.65 to 16.56 from 15.61 at 18.708. However, break of 15.61 support will indicate that rise from 14.65 has completed. The three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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