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Oil N' Gold Focus Reports
PBOC Cut Interest Rates by -25 bps Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Mar 01 15 23:55 ET
The big event over the weekend was PBOC's delivery of the first rate cut in 2015, after the RRR reduction on February 5. As we mentioned in previous reports, there is imminence for the government to implement monetary easing more aggressive to bolster growth so as to achieve the +7% GDP growth target. Looking at the details of the rate cut, PBOC both the benchmark deposit and lending rates by -25 bps, effective 1 March.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:23 ET
Gold's decline from 1307.8 continued last week again. Deeper fall is in favor as long as 1236.7 resistance holds, to 1167.3 support. Break will pave the way for a test on 1130.4 low. Nonetheless, break of 1236.7 will dampen this bearish case and turn bias back to the upside for 1307.8.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:23 ET
The choppy decline from 18.505 extended further lower but lost momentum ahead after hitting 16.04. Again, the structure of such decline argues that it's merely a correction. That is, rise from 14.155 might not be over yet. Above 17.43 resistance will likely send silver through key resistance zone of 61.8% retracement of 21.63 to 14.155 at 18.775 and 100% projection of 14.155 to 17.355 from 15.51 at 18.71, as well as 18.61. Meanwhile, break of 15.51 will confirm near term bearish outlook for 14.155 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:22 ET
Crude oil's consolidation from 43.58 continued last week. It face some resistance from 55 days MACD and it spiraled downwards after hitting 54.24. Overall, the situation is mildly favoring that 43.58 was a medium term bottom and rebound from there should resume sooner or later. Break of 54.24 will target 68.09/69.54 cluster resistance zone, 38.2% retracement of 107.73 to 43.58 at 69.54, where it should face real strong resistance.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:21 ET
The recovery from 2.567 lost momentum after hitting 3.039 and natural gas reversed. With 3.352 resistance intact, near term outlook stays bearish and deeper decline is still expected. Also, the bearish outlook is supported by the rejection from 55 days EMA. Break of 2.567 resistance will resume the larger down trend towards 1.902 long term bottom.
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Pickup in US Core CPI Lifted Greenback Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Feb 27 15 00:21 ET
The benchmark Comex Gold contract broke above US$1200/oz at one point, rising to a 5-day high of 1219.9. Gains were then pared as the US dollar strengthened and the contract settled at 1210.1, up +0.72%. Crude oil prices resumed the selloff as analysts suggested that the surge in crude inventories, estimated by the EIA and the API, indicated that the supply-demand imbalance remained intact. The front-month contract for the WTI crude oil plunged -5.53% while the Brent crude contract dropped -2.56% at close.
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Saudi Oil Minister Sees Demand Rising Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Feb 25 15 22:44 ET
Crude oil prices rebounded on bargain-hunting, triggered by Saudi Arabia's comments and decline in US gasoline and distillate inventories. These overshadowed another week of crude inventory build-up. The front-month contract for WTI crude oil gained for the first time in 4 days, adding +3.47%. The Brent crude contract rose to a 5-day of 62.2 before settling at 61.63, up +5.06%. Gold firmed modestly on a soft USD.
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Yellen Suggested no Rate hike Before June Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Feb 25 15 00:14 ET
Fed Chair Yellen's congressional testimony suggested that it is unlikely that the central bank would raise interest rate before June. Yet, she also noted that policy can change quickly once the "patient" language is removed. Bonds and Wall Street rallied as Yellen's comments offset disappointing consumer confidence index.
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Crude Plunged as Plan of Emergency Meeting Denied Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Feb 23 15 23:30 ET
Crude oil prices fluctuated on dividing comments from oil ministers. OPEC President and Nigerian oil ministers Diezani Alison-Madueke told Financial Times that if oil price "slips any further it is highly likely that I will have to call an extraordinary meeting of OPEC in the next 6 weeks or so".
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Greece Got Loans Extended, Uncertainties Remain Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Feb 23 15 00:30 ET
Greece was offered loan extensions of 4 months, compared with its request of 6 months. The debt-ridden country agrees to commit to the current program and the government would "refrain from any rollback of measures and unilateral changes to the policies and structural reforms... as assessed by the institutions". Greece would also provide a first list of reform measures on Monday for review by the institutions.
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