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Oil N' Gold Focus Reports
Building Hopes for Chinese Growth Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 29 14 00:53 ET
The stock markets were rather quiet yesterday with the exception of China and Russia. Chinese shares rose amidst hopes of further government stimulus while the latter plunged on expectations of more sanctions. On the commodity sector, crude oil prices dropped as ongoing tensions in the Middle East and North Africa were having limited impact on oil supply.
US Growth and FOMC in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 28 14 00:29 ET
Commodities softened with both crude oil and gold prices eased a tad. The focuses of this week are the FOMC meeting and the advanced US GDP growth data for 2Q14. For the former, the tapering should continue with another US$ 10B reduction in asset purchases. The Fed would likely reiterate tapering should end in October.
Weekly Fundamentals - Zinc Soared on Falling Inventory Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jul 26 14 08:29 ET
Zinc outperformed in the base metal complex amidst supply concerns and as Chinese manufacturing activities accelerated. Flattening of the forward curve indicated that the market has started to anticipate rising deficits in 2015. Meanwhile,investors slowly shifted their attention back to fundamentals as the focus on geopolitical tensions faded...
Gold Tumbled as Strong Macro Data Lifted Risk Appetite Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 25 14 01:44 ET
Gold slumped to a 5-week low as encouraging macroeconomic data raised expectations of a sustainable recovery, lifting risk appetite. Geopolitical tensions took a back seat as investors were less focused on the Ukrainian PM’s resignation which indicated the collapse in the coalition Government and triggered new elections in coming months. The benchmark Comex gold contract fell to as low as 1287.5 before ending the day at 1290.8, down -1.07%.
Crude Oil Climbed Higher as Inventory Drew Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jul 24 14 02:22 ET
Crude oil prices firmed as US inventory drew more than expected while distillate stock gained less than forecast. The price increase was limited by the surprising buildup of gasoline stock as well as oil exports from Iraq. Despite fighting in central Iraq, oil exports from the southern region climbed to almost record highs.
Commodities Fell as Sanctions against Russia Unlikely to have Much Economic Impact Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 23 14 00:39 ET
Commodities fell as the market has the Ukraine crisis appeared to have lost their impact. While EU members agreed to raise sanctions against Russia, the real impact on the world economy should be limited. As most European countries rely on gas supplies from Russia, they are restrained in adopting strict punitive measures that might trigger retaliation. Crude oil prices dropped with the front-month WTI contract losing -2.10% while the Brent crude contract down -0.33%. Gold also lost ground with the benchmark Comex contract falling -0.58% at close.
WTI Crude Jumped on Geopolitics and Expectations of Inventory Draw Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 21 14 23:30 ET
Crude oil prices strengthened as geopolitical tensions intensified. Meanwhile, news that China's crude imports from Iran jumped almost +50% in the first half of the year also raised expectations of rising demand. The front-month contract for WTI crude oil jumped to a 3-week high of 104.99 before ending the day at 104.59, up +1.42% while the Brent crude contract also added +0.41% during the day.
Commodity Prices Continue to be Directed by Geopolitics Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 20 14 22:06 ET
Commodities moved sideways in Asia Monday. Yet, geopolitical tensions, mainly in Ukraine and Gaza, are expected to direct price movement for the coming week. Concerning the Ukraine crisis, the US Secretary of State John Kerry stated that US intelligence had picked up imagery of the missile that shot down the aircraft with the timing known.
Weekly Fundamentals - Brent Crude Deepened into Contango Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jul 19 14 10:56 ET
Crude oil prices had rebounded since the middle of last week as escalated geopolitical tensions in Ukraine raised concerns over the near-term supply outlook. Despite this, the selloff since mid-June has weakened the Brent front-end curve structure.
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 19 14 09:43 ET
The break of 1309.4 support indicates short term topping at 1346.8 on bearish divergence condition in 4 hours MACD. Near term outlook is turned neutral for consolidations. While another fall might be seen as the consolidation continues, we'd expect strong support from 61.8% retracement of 1240.2 to 1346.8 to contain downside. Rise from 1240.2 is still expected to continue to 1392.6 and possibly above. In that case, we'd look for reversal signal as gold approaches 1430.4 key resistance.
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