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Oil N' Gold Focus Reports
ECB and PBOC Go Ahead with Monetary Easing Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Nov 23 14 23:22 ET
Ahead of the next ECB meeting, President Mario Draghi delivered some dovish comments that should raise speculations for further easing. He stated in Frankfurt that the central bank would what it must to "raise inflation and inflation expectations as fast as possible, as our price-stability mandate requires".
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Weekly Fundamentals - Crude Prices Fluctuated due to Supply Outlook Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Nov 23 14 21:46 ET
Crude oil prices reversed losses towards the end of last week as investors raised hopes that the OPEC might cut production in the upcoming meeting. Meanwhile, Venezuela indicated that it would work with Russia and oil producers outside of the cartel to defend oil prices. Better-than-expected US economic data also lifted market sentiment and encouraged buying of risky assets.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 22 14 03:50 ET
The consolidation from 1130.4 continued last week and further rise could still be seen. But we'd expect strong resistance around 61.8% retracement of 1225.6 to 1130.4 at 1207.8 to limit upside and bring fall resumption. Break of 1130.4 will target 100% projection of 1346.8 to 1183.3 from 1255.6 at 1092.1 next.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 22 14 03:50 ET
Silver's consolidation from 15.04 short term bottom continued last week and outlook is unchanged. Further rise would be seen in near term to 55 days EMA (now at 17.145) and above. But we'd expect strong resistance below 18.61 support turned resistance to limit upside and bring fall resumption. Below 15.04 will target 14.65 support.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 22 14 03:49 ET
Crude oil stayed in consolidation pattern from 72.49 last week and outlook remains bearish with 79.85 minor resistance intact. Sustained break of 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75 will pave the way to next long term fibonacci level at 64.38. Nonetheless, considering that it just hit a projection target, with mild bullish convergence condition in daily MACD, we'd be cautious on bottoming at current level. Break of 79.85 will bring rebound back towards 55 days EMA (now at 84.79).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 22 14 03:48 ET
Natural gas remains bounded in the sideway consolidation pattern from 4.544 last week. More consolidative trading could be seen in near term but another rise is expected after it completes. Above 4.544 will target 38.2% retracement of 6.493 to 3.541 at 4.669. However, we'd be cautious on strong resistance from 4.886 to limit upside to complete the rebound from 3.541.
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Strong US Data Lifted Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 20 14 23:49 ET
Market sentiment was lifted by encouraging US economic data. Better than expected October inflation, existing home sales, leading index and November's Philly Fed index sent equities higher. Wall Street began the day in red but losses were soon erased and the DJIA and the S&P 500 indices ended the day up +0.19% and +0.20% respectively.
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Libyan Minister's Comments Contained Crude's Selloff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 20 14 00:40 ET
The selloff in crude oil prices was tamed as Libya's OPEC Governor Samir Kamal noted that the cartel on November 27 might agree to stop producing over its target, signaling output might drop by -0.6M bpd. Sentiment was less bearish as the DOE/EIA report showed that distillate inventory fell more than expected.
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Crude Slumped as OPEC Unlikely Agrees to Cut Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 19 14 00:12 ET
The selloff of crude oil prices resumed as it's getting rather clear that OPEC members would not announce reduction in production quota in the November 27 meeting. While the Joint Organisations Data Initiative (JODI) suggested that Saudi Arabia might have trimmed output, the amount is not big enough to defend oil prices.
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Draghi Indicated ECB's Asset Purchase might Include Sovereign Bonds Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Nov 18 14 00:00 ET
ECB President Mario Draghi's comment reversed market sentiment, containing further selloff in crude oil prices but sending gold lower. The front-month contract for WTI crude oil initially slipped to as low as 74.71, after Japan's 3Q14 GDP confirming recession, but buying interests were seen afterwards. The contract ended the day at 75.64, down -0.24%.
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