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Oil N' Gold Focus Reports
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Feb 07 16 09:36 ET
Gold's strong rally and the break of medium term fall channel indicates bottoming. Further rise should now be seen 1191.7 resistance first. Sustained break there will confirm this case and would target 1307.8 resistance next. On the downside, 1113.1 support is now seen as a key near term support level and outlook will stay cautiously bullish as long as it holds.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Feb 07 16 09:35 ET
Silver's strong break of 14.64 resistance suggests that the near term trend is reversal. That is, fall from 18.505 could be completed as a terminal triangle. Further rise is now expected to be seen back to test 16.37 resistance first. On the downside, 14.27 is now seen as a key near term support and outlook will stay cautiously bullish as long as it holds.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Feb 07 16 09:34 ET
With 29.25 minor support intact, the rebound from 26.19 short term bottom could still extend higher. But such rebound is still viewed as a corrective pattern. Thus, strong resistance could be seen from 38.9 to limit upside and bring down trend resumption. Below 29.25 minor support will turn bias to the downside for 26.19 low again.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Feb 07 16 09:34 ET
The corrective pull back from 2.495 continued last week and outlook is unchanged. While deeper fall cannot be ruled out, we'd expect downside to be contained well above 1.684 medium term bottom. Another rally is expected and above 2.315 minor resistance will target 61.8% retracement of 3.105 to 1.684 at 2.562 next. Break will bring a test on 3.105 resistance.
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Weekly Fundamentals - Gold Gained Most in 6 Months Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Feb 06 16 07:20 ET
Gold strengthened for a third consecutive week, extending the gains by +3.71% on US dollar's weakness. Indeed, other precious metals also got supported with silver adding +3.76%, the largest weekly increase since September 2015. For PGMs, platinum and palladium prices rose +3.41% and +0.32% respectively. Precious metals might remain supported in the near-term as US dollar softened.
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USD Remained Under Pressure ahead of Payrolls, Crude Slid on Profit-Taking Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Feb 05 16 02:45 ET
Weakness in US dollar continued as investors await the employment report. US data released on Thursday were disappointing, trimming speculations for another Fed funds rate hike. CME's futures suggested that the market has now only priced in a 7.8% chance of rate hike in March. The euro remained strengthened further, especially against USD and GBP, although ECB President Draghi reaffirmed to add more stimuli next month.
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Commodities Rebounded on Falling Rate Hike Hopes Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Feb 04 16 01:42 ET
We are unimpressed by the sharp price rally in crude oil as well as other commodities. We view the strength was mainly driven by US dollar weakness. The US dollar index slumped to a 3-month low of 96.89 before settling at 92.29, down -1.6%. Crude oil fundamentals remained weak with DOE/EIA reporting another week of huge buildup of inventory.
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Slump in Energy Prices Led to Equities Selloff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Feb 03 16 01:05 ET
The correlation between energy prices and stock markets remains high. With an oil inventory report triggering further selloff in oil prices, equities fell as energy shares got hammered. Wall Street dropped with DJIA and S&P losing -1.8% and -1.87% respectively. Nasdaq plunged -2.18% at close. Stock markets were weighed down by the energy companies as their latest earnings results were disappointing.
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US Manufacturing Sector in Worst Contraction since mid-2009 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Feb 02 16 01:57 ET
Sentiment soured a bit on soft manufacturing data in China and then in the US. WTI crude oil resumed selloff as investors took profit from last week's rebound which was mainly on hopes of coordinated production cut between Russia and Saudi Arabia. The front-month WTI contract plunged -5.95% at close. The decline in Brent crude was more modest with the front-month contract losing -1.44% for the day.
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China Manufacturing Activities Remain in Contraction Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Feb 01 16 00:52 ET
Although risk appetite was lifted by BOJ's negative rate decision late last week, the boost appears short-lived as market optimism has been dampened by disappointing China data. The official manufacturing PMI dropped -0.2 point to 49.4 in January. This came in worse than expectations of 49.6. The non-manufacturing index added +0.1 point to 53.5 during the month.
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