|
Quick Links
|
Oil N' Gold Focus Reports
|
ONG Focus | Insights |
Written by Oil N' Gold |
Fri Sep 03 10 06:02 ET
|
|
Commodity prices move sideways in European session as investors awaiting the US employment report. WTI crude oil eased a tad after a 2-day rally brought price to 75, mid-level of recent trading range. Gold changes little but the outlook remains firm. We find it worthwhile to discuss about the agricultural sector although it’s not under our prime coverage.
|
|
Read more...
|
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Fri Sep 03 10 00:49 ET
|
|
More pleasant surprises from the US lifted sentiment. Despite thin trading ahead of the employment report, DJIA and S&P 500 gained +0.49% and +0.91%, respectively, after rallying strongly in the previous day. Crude oil reacted in synchronization with equities and surged for a second day to 75.02, gaining +1.50% at close. Focus of gold yesterday was on ECB’s meeting. The euro was a tad higher after the central bank revised up growth and inflation forecasts and this benefited gold as the 2 returned to traditional positive correlation last month. The benchmark contract for gold settled at 1253.4, +0.42%, yesterday.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Sep 02 10 06:59 ET
|
|
Gold lost upside momentum again after hitting at high at 1256.6 and retreats. As noted before, in any case, another rise could still be seen as long as 1233.6 minor support holds, towards 1266.5 resistance. On the downside, though, break of 1223.6 support will be the first alert that rebound from 1155.6 is finished and will flip bias back to the downside for 1211.7 support and below.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Sep 02 10 06:58 ET
|
|
Intraday bias in Silver remains on the upside for the moment and further rally is still expected. Sustained trading above 19.48 resistance will indicate that medium term rally is likely resuming for another high above 19.845. On the downside, below 18.83 support will argue that a short term top is formed and bring retreat. But downside should be contained above 17.735 support and bring another rise.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Sep 02 10 06:57 ET
|
|
Intraday bias in Crude oil remains neutral for the moment as sideway trading from 70.76 continues. More consolidations could still be seen, but even in case of another rise, upside should be limited by 61.8% retracement at 78.31 and bring fall resumption. As discussed before, decisive break of 71.09 support will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Sep 02 10 06:55 ET
|
|
Intraday bias in Natural gas remains neutral and some more sideway consolidations could still be seen above 3.61. But upside is expected to be limited below 4.288 support turned resistance and bring another fall. Below 3.61 will target 161.8% projection of 5.196 to 4.288 from 4.007 at 3.538 first and then 100% projection 6.108 to 3.81 from 5.194 at 2.896 next.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Thu Sep 02 10 05:43 ET
|
|
Gold climbed higher in European session, catching up with euro’s strength yesterday. Currently trading at 1251, uptrend for the yellow metal remains intact and as long as uncertainty in macroeconomic outlook persists, gold still has a chance to rise to a new record high. Crude oil trades narrowly around 74 after yesterday's rally. Despite a boost by robust manufacturing data, underlying fundamentals in the US oil market remains weak. We doubt if crude’s rally can sustain.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Thu Sep 02 10 01:21 ET
|
|
Crude oil almost erased all losses made in the beginning of the week with the strong rebound driven by surprising improvement in US ISM manufacturing data. Although the US Energy Department reported for a second consecutive week, draws in gasoline and distillate inventories soothed market concerns. Settling at 73.91, the front-month WTI contract gained +2.77% on the first trading day of September. What worth noting is the jump of heating oil price to a 3-week high of 2.058 before closing at 2.041, up +2.48%, as distillate stockpile dropped for the first time in 14 weeks. Distillate demand also gained more than +8% during the week. Notwithstanding the volatile nature of the data, the increase together with strong ISM manufacturing data, boosted sentiment.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 11:34 ET
|
|
Total crude oil and petroleum products stocks increased for a 12th week, by +4.04 mmb, to 1143.35 mmb in the week ended August 27. Crude oil inventory gained +3.43 mmb to 361.71 mmb as driven by the builds in the Gulf Coast and the Rocky Mountain. Cushing stock dropped for a third week, by -0.50 mmb, to 35.75 mm. Utilization rate dipped -0.7% to 87.7%.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Wed Sep 01 10 06:38 ET
|
|
Gold's rally extends further to as high as 1254.8 so far today. 4 hour MACD's break of the falling trend line argue that gold is rebuilding upside momentum. In any case, intraday bias remains on the upside as long as 1233.6 minor support holds and further rise could be seen towards 1266.5 resistance. On the downside, though, break of 1223.6 support will be the first alert that rebound from 1155.6 is finished and will flip bias back to the downside for 1211.7 support and below.
|
|
Read more...
|
|
|
|
|
JPAGE_CURRENT_OF_TOTAL |
|
|
