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Oil N' Gold Focus Reports
Crude Slumped as US Inventory Surged to Record High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 29 15 00:26 ET
Another week of big jump in US crude inventory pressured oil prices further. The front-month contract for WTI crude oil slumped to a new 6-year low of US$44.08/bbl before ending the day at US$44.45, down -3.85%. The Brent crude stayed below US$50 and settled -2.28% lower. In the equity market, Wall Street initially firmed as Apple's earnings beat expectations and as Boeing's earnings.
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Crude Rose More than +2% despite Stock-build Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jan 28 15 01:11 ET
Crude oil prices jumped as the US dollar plunged on reduced Fed rate hike speculations. Investors also found the decline in US fuel storage constructive to prices, despite the massive buildup of crude inventory. Indeed, the collapse of oil prices since last July has caused some small US producers to shut down well. Some expected that further decline in prices would cut supply by as much as 2%.
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Financial Markets Shrugged Off Greece's Uncertainty for Now Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jan 26 15 22:33 ET
Financial markets shrugged off the outcome of Greek election and the stock markets firmed modestly in both the US and Europe. Wall Street gained with the DJIA and the S&P 500 indices rising +0.03% and +0.26% respectively. In the commodity sector, crude oil prices remained under pressure.
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First Anti-Austerity Government Elected Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jan 26 15 00:28 ET
The focus stays in the Eurozone as the Greek election over the weekend shows a big win by the far-left opposition party Syriza. Likely winning enough seats to form a government on its own, Syriza's leader Alexis Tsipras would likely become the prime minister, making Greece the first Eurozone government openly opposed to bailout conditions imposed by the EU/IMF/ECB Troika.
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Weekly Fundamentals - Central Banks Surprised to the Dovish Side Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jan 25 15 05:58 ET
We had a number of surprises from central banks last week and all of them pointed to the easing direction as a result of falling oil prices. The one that caught the most attention was ECB's decision to add QE worth more than a trillion euro. The ECB decided to spend, in addition to the previous asset purchase program, 60B euro per month, from March 2015 through September 2016, in buying of both public and private debts.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 25 15 00:51 ET
Gold's rebound extended higher last week and breached 1300 handle. In any case, as long as 1239.0 support holds, rise from 1130.4 is expected to extend to 161.8% projection of 1130.4 to 1239.0 from 1167.3 at 1342.5, which is close to 1346.8 resistance.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 25 15 00:50 ET
Silver's rebound from 14.155 extended further last week but it's now close to key cluster resistance zone. That is 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. We'd expect strong resistance from this area to complete the rebound from 14.155. Break of 17.355 will turn bias to the downside for 15.51 support level. Break there will extend the larger down trend through 14.155 low. Nonetheless, sustained break of 18.61/18.755 will be a sign of trend reversal and bring stronger rise back towards 21.62 resistance.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 25 15 00:50 ET
Crude oil continued to engage in sideway trading last week. While outlook stays bearish with 53.60 resistance intact, we'd start to be cautious on major bottoming. Bullish convergence was seen in daily MACD. Meanwhile, break of 58.98 minor resistance will indicate short term bottoming and bring rebound, possibly to 55 days EMA (now at 63.95).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 25 15 00:49 ET
While natural gas breached 2.783 short term bottom briefly, there was no follow through selling. It indeed quickly recovered. We're still viewing price actions from 2.783 as a consolidation pattern. Stronger rise could be seen as the third leg of the consolidation extends. But we'd expect strong resistance around 38.2% retracement of 4.544 to 2.783 at 3.456, which is close to 3.541 support turned resistance, to limit upside and bring fall resumption.
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Gold Soared above 1300 as ECB Announced Large QE Plan Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 22 15 23:52 ET
Precious metals soared as ECB's additional asset purchase program came in larger than expected. The benchmark Comex gold contract rose to a 5-month high of US$1302.9/oz before ending the day at 1300.7, up +0.54%. The comex silver contract also soared to a 4-month high of US$18.49/oz before settling at 18.36, up +0.92%.
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