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Oil N' Gold Focus Reports
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat May 23 15 11:10 ET
No change in gold's outlook. Rebound from 1141.6 could still extend higher to 100% projections of 1141.6 to 1224.5 from 1168.4 at 1251.3. But based on current momentum, we'd be cautious on reversal from there. Meanwhile, break of 1199.3 support will turn focus back to 1168.4 instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat May 23 15 11:10 ET
No change in silver's outlook. current rebound could still extend higher towards 18.505 resistance. We'll be cautious on strong resistance from 18.61 to limit upside and bring reversal. On the downside, below 16.765 will turn focus back to 15.55 support instead.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat May 23 15 11:09 ET
Crude oil continued to consolidate below 62.58 short term top last week and outlook is unchanged. More sideway trading could be seen. We'd expect downside of retreat to be contained by 38.2% retracement of 42.03 to 62.58 at 54.73 and bring rally resumption. Above 62.58 will target 38.2% retracement of 107.73 to 42.03 at 67.13 next.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat May 23 15 11:09 ET
Natural gas edged higher to 3.105 last week but retreated since then. A short term top is in place and some consolidations would be seen. We'd expect strong support from 55 days EMA (now at 2.728) to contain downside and bring another rise. 2.443 should be a medium term bottom and above 3.105 will target 38.2% retracement of 4.544 to 2.443 at 3.246 next.
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Weekly Fundamentals - Gold's Movement Directed by Bonds Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat May 23 15 10:29 ET
Precious metals ended the week lower. The outlook of the sector, in particular gold, would be dependent on Fed's monetary policy stance, which also affects US dollar and bond yields. From a week ago, the benchmark Comex gold contract fell for the first time in 3 week, losing -1.73%, whilst silver plunged -2.94%, paring some of the +12% gain made over the past 3 weeks.
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Crude Remained Strong on USD Weakness, Tensions in Middle East Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 21 15 23:13 ET
Crude oil prices remained firm for a second day in a row, supported by weak US dollar and intensifying fighting in Middle East. The front-month contract for WTI crude oil rose +2.95% and settled at 60.72, the highest closing since May 12.
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Crude Jumped as Fed Indicated Hike in June Unlikely, Inventory Continued to Fall Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 21 15 00:24 ET
Commodities strengthened as the FOMC minutes for the April meeting suggested that a rate hike in June is unlikely. Crude oil’s rally was also driven by further decline in US oil inventory. The front-month contract for WTI crude oil rose for the first time in 6 days, gaining +3%, whilst the Brent crude contract added +1.58% after dropping over the past 2 days.
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Euro Plunged as ECB Plans to Accelerate Bond Purchases Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 19 15 23:17 ET
The euro was sold down as an ECB official indicated front-loading the purchase of QE. The single currency fell -1.48% against the US dollar and -0.54% against the pound. The pound was indeed under pressure following a negative inflation print in the UK.
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Resurgent USD Weighed on Crude Oil Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 18 15 23:53 ET
US dollar and bond yields climbed higher despite soft NAHB housing data. Investors probably focused on the pickup in the future outlook index and Chicago Fed President Charles Evans’ comments. Crude oil prices initially rose on ongoing tensions. Gains were however erased as USD soared and Saudi exports reached a 7-year high.
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Falling Yields and USD Signaled Dampened Tightening Speculations Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 17 15 23:23 ET
Softer than expected US data continued to dampen rate hike expectations, exemplified in falling bond yields and US dollar. The yield on 10-year US Treasuries fell 8.9 bps at 2.14% at close last Friday, returning to the level seen a week earlier. The US dollar index dropped to 93.14, the lowest level since January, last Friday.
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