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Oil N' Gold Focus Reports
Mixed US Data Damped Speculations on Fed Tightening Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 15 14 23:05 ET
Mixed US economic data weighed on the US dollar and tampered speculations of a more hawkish Fed. Wall Street was mixed with small cap and tech shares particularly pressured. The DJIA opened to the red but then rebounded and ended the day +0.26% higher, whilst the S&P 500 index fell -0.07% at close.
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More Downside for Gold Driven by a More Hawkish Fed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 15 14 00:45 ET
Gold recovered in Asia Monday after the 5-day selloff that has sent the yellow metal to the lowest level since January. However, we remained concerned over the metal's outlook as the market had been pricing in a sooner-than-expected Fed rate hike. The strength in the US dollar and the decline in Treasury notes are also negative for gold prices.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Sep 14 14 06:34 ET
Gold's decline extended further to as low as 1228.1 and broke 1240.2 key support level. There is no sign of bottoming yet and further fall should be seen to 100% projection of 1392.6 to 1240.2 from 1346.8 at 1194.4 next. On the upside, break of 1258.9 is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Sep 14 14 06:33 ET
Silver's down trend continued and reached as low as 18.45, taking out 18.61 low. There is no sign of bottoming yet and initial bias remains on the downside this week for 18.185 key support level next. Sustained break there could pave the way to next key level at 15.8. On the upside, break of 19.285 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Sep 14 14 06:33 ET
Crude oils recovery was rather weak and larger fall from 107.73 quickly recovered. Indeed, crude oil reached as low as 90.43, breaking 91.24 key support level. Downside momentum is a bit unconvincing. But near term outlook will stay bearish as long as 96.00 resistance holds. Current fall would target 100% projection of 112.24 to 91.24 from 107.73 at 96.73 next. Nonetheless, break of 96.00 will indicate reversal and bring stronger rebound back to 55 days EMA (now at 98.51).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Sep 14 14 06:32 ET
Natural gas attempted to take out 55 days EMA twice but both failed. Also, the price actions from 3.727 have clear corrective structure. Overall development suggests that the larger decline from 6.493 isn't completed yet and a downside break out is expected. Below 3.727 will now likely send natural gas through 3.656 long term fibonacci level. In that case, next target will be 61.8% projection of 4.886 to 3.727 from 4.101 at 3.370. On the upside, break of 4.101 is needed to confirm reversal or outlook will stay bearish.
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Weekly Fundamentals - Brent Plunged Below 100 on Soft fundamentals, Narrowed WTI-Brent Spread Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Sep 13 14 11:03 ET
Crude oil slumped for the second consecutive week, despite escalated geopolitical tensions which usually raised demand for commodity prices including oil. Both crude benchmarks declined with the front-month WTI and Brent crude contracts losing -1.09% and -3.68% respectively.
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Geopolitical Tensions Under the Spotlight Again Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Sep 12 14 00:06 ET
Geopolitical tensions again took centre stage as the EU announced agreed new sanctions against Russia, in response to "its illegal actions in Ukraine". US President Barack Obama indicated that the US would join Europe in broadening its sanctions.
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Gold Meets Buying Interests above 1240 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 11 14 06:41 ET
Gold price stabilized after the 3-day decline as buying interest emerged above 1240. Conflict in Islamic state is set to escalate, raising demand for safe haven assets, as US president Barack Obama authorized airstrikes in Syria to "degrade and ultimately destroy" Islamic militants.
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Commodities Pressured on Uncertain Monetary Outlook in Major Economies Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 11 14 01:03 ET
In the commodity market, crude oil was dumped again with the front-month WTI crude contract diving to a new 2014-low before ending the day -1.16% lower. The Brent crude contract was down -1.13% with price plunging to the lowest level in April 2013. Gold extended the selloff with 1250 broken. The Comex contract is approaching the next support of 1240.
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