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Oil N' Gold Focus Reports
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Technical
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Written by Oil N' Gold |
Mon Feb 08 10 07:24 ET
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Gold's recovery continued today and break of 1070 minor resistance indicates that an intraday low is in place at 1044.5. Bias is turned neutral and some more consolidation would now be seen. Nevertheless, upside is expected to be limited well below 1126.4 resistance and bring fall resumption Below 1044.5 will target 1000 psychological level next.
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Technical
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Written by Oil N' Gold |
Mon Feb 08 10 07:23 ET
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With 4 hours MACD crossed above signal line, an intraday low is possibly in place at 14.65, just ahead of 161.8% projection of 19.5 to 16.765 from 18.925 at 14.5 and some more consolidations would be seen. Nevertheless, upside is expected to be limited below 16.95 resistance and bring fall resumption. Below 14.65 will target medium term trend line support at 14.2 level. Decisive break there will indicate that downside momentum is still strong and should set the stage for 12.435 key support next.
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Technical
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Written by Oil N' Gold |
Mon Feb 08 10 07:23 ET
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Crude oil continues to stay in tight range above 69.50 low made last week but after all, intraday bias remains on the downside with 73.94 minor resistance intact. Deeper decline is still expected to 100% projection of 83.95 to 72.43 from 78.04 at 66.52 next. On the upside, above 73.94 minor resistance will turn intraday bias neutral and bring more consolidations. But upside should be limited below 78.04 resistance and bring fall resumption.
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Technical
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Written by Oil N' Gold |
Mon Feb 08 10 07:22 ET
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As noted before, further rise in natural gas is still in progress long as 5.23 minor support holds, towards 5.87 resistance. Break there will confirm that the three wave correction from 6.108 has already completed and will bring stronger rally to retest 6.108 high. On the downside, however, below 5.23 minor support will indicate that recovery from 5.06 has completed and will flip intraday bias back to the downside for 5.06 and then 61.8% retracement 4.157 to 6.108 at 4.902 next.
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Insights
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Written by Oil N' Gold |
Mon Feb 08 10 06:36 ET
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Crude oil continues to trade around 71/72 while gold hovers around 1070/1075 in European morning. Stock markets and the euro also stabilize after the slide last Friday.
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Insights
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Written by Oil N' Gold |
Mon Feb 08 10 00:37 ET
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Commodity prices stabilize after the severe selloffs last Friday. G-7 financial ministers' pledge to boost economic growth through stimulus measures might have temporarily lifted market sentiment. WTI crude oil rebounds to 71.70 in Asian session. The benchmark contract plunged to as low as 69.5 before closing at 71.19 last Friday.
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Insights
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Written by Oil N' Gold |
Sat Feb 06 10 12:09 ET
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Commodities' slump accelerated in NY session Friday as unexpected contraction in non-farm payrolls exacerbated worries over economic and demand recovery. USD's rally against the euro, the pound and high-yield currencies exerted additional pressure on commodities.
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Technical
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Written by Oil N' Gold |
Sat Feb 06 10 04:15 ET
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Gold's fall resumed after recovery was limited at 1126.4 and has finally broke through 1075 support and reached as low as 1044.5 last week. Initial bias remains on the downside this week and further decline should be seen. Break of 100% projection of 1163 to 1074.4 from 1126.4 at 1037.8 next will target 1000 psychological level next. On the upside, above 1070.0 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 1126.4 resistance and bring fall resumption.
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Technical
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Written by Oil N' Gold |
Sat Feb 06 10 04:15 ET
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Silver's fall resumed after recovery was limited at 16.95 by 4 hours 55 EMA and dived to as low as 14.65 last week. Initial bias remains on the downside this week and deeper decline should be seen to medium term trend line support at 14.2 level, which is close to 161.8% projection of 19.5 to 16.765 from 18.925 at 14.5). Some support might be seen there and bring recovery first. Above 15.40 minor resistance will turn intraday bias neutral and bring consolidations. But after all, upside should be limited below 16.95 resistance and bring fall resumption. Also, note that decisive break of medium term trend line support will indicate that downside momentum is still strong and should set the stage for 12.435 key support next.
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Technical
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Written by Oil N' Gold |
Sat Feb 06 10 04:14 ET
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Crude oil's rebound from 72.43 was limited at 78.04 last week and fall from 83.95 then resumed by diving to as low as 69.50 before closing at 71.19. Initial bias remains on the downside this week and deeper decline should now be seen to 100% projection of 83.95 to 72.43 from 78.04 at 66.52 next. On the upside, above 73.94 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 78.04 resistance and bring fall resumption.
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