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Oil N' Gold Focus Reports
Busy Week in China Ahead Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 19 14 23:59 ET
We have a busy calendar in China. On Tuesday, we would have the GDP report for 3Q14, as well as IP, retail sales and fixed investment data for September. It is expected that GDP growth slowed to +7.2% y/y in 3Q14 from +7.5% in the prior month while September IP growth accelerated to +7.5% y/y from +6.9% in August. The flash HSBC manufacturing PMI would be due Thursday.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:06 ET
Gold's recovery from 1183.3 short term bottom extended last week and we'd expect more corrective trading ahead. Nonetheless, outlook will stay cautiously bearish long as 38.2% retracement of 1392.6 to 1183.3 at 1263.3 holds. That is, we'd anticipate an eventual downside breakout through 1179.4/1181.4 to extend the larger down trend. Meanwhile, sustained break of 1263.3 will bring stronger rebound to 61.8% retracement at 1312.6 and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:06 ET
Silver extended the consolidation above 16.64 short term low last week. More sideway trading would be seen in near term. But outlook stays bearish as long as 18.61 resistance holds. Current fall is part of the larger down trend from 49.82 and should target 15.80 key trend line support level. Firm break there will target 14.65.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:04 ET
Crude oil's fall accelerated to as ow as 79.78 last week before recovering mildly. Near term outlook stays bearish as long as 86.29 resistance holds. Current fall should target 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75 next. Break of 86.29 will indicate short term bottoming and bring consolidations. But upside should be limited by 94.90 resistance and bring fall resumption.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:01 ET
Natural gas dipped further last week and breached 3.727 low. But downside momentum was quite unconvincing and 3.727 wasn't taken out firmly. Initial bias is neutral this week first. Sustained break of 3.727 will confirm down trend resumption and should target 3.656 long term fibonacci level and below. Meanwhile, break of 3.955 will extend the consolidation from 3.727 with another recovery instead.
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Weekly Fundamentals - Crude Pressured as Saudi Accepts Lower Prices to Regain Market Share Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 18 14 03:59 ET
The energy complex declined across the board last week as expectations that key OPEC producers would defend prices by cutting output dissipated. The front-month contract for WTI crude oil dropped -3.58% while the Brent crude contract declined -4.49% The WTI-Brent spread was narrowed to US$3.41/bbl from US$4.39/bbl in the prior week.
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Crude Rebounded on Bargain Hunting. Sentiment Lifted as US Data Beat Expectations Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 17 14 00:00 ET
Crude oil prices rebounded strongly after days of selloff, driven by strong US IP and jobless claims data. Fed's Bullard's comments regarding delaying the end of QE also lifted sentiment, upstaging the bigger-than-expected increase in crude inventory and sending crude prices higher. The front-month contract WTI crude oil had a brief breach of 80 (day low 79.78) before recovering to 82.7, up +1.12%, at close.
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Jim Rogers Judges Decline in Oil Prices is Artificial Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 16 14 05:55 ET
Crude oil remained under pressure in European session. Yet, famed commodities trader Jim Rogers argued that some the decline in oil prices is "artificial" as "OPEC is trying to drive down prices because of shale competition". He would "not be dumping oil" himself.
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US Economic Data Surprised to the Downside Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 15 14 23:51 ET
Market sentiment was damped as disappointing US economic data fuelled concerns that the country's growth momentum recovery might be tampered by the slowdown in the Eurozone and even China. Despite recovery in the late trading session, both the DJIA and the S&P 500 indices ended the day in red with -1.065 and -0.81% losses respectively.
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UK's Job Market Continued to Improved Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 15 14 06:12 ET
A number of employment data were released in the UK. Jobless claims fell -18.6K in September while claims in August declined -33.2K (revised from previous estimate of -37.2K). The Claimant count rate slipped -0.1% to 2.8% in September.
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