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Oil N' Gold Focus Reports
RBA to Cut Further; UK Election under Spot Light Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 03 15 22:24 ET
There are a number of key events this week. In Australia, the RBA on Tuesday would probably announce to cut the cash rate by -25 bps to 2%, despite concerns over the property market. Governor Glenn Stevens suggested in a conference in New York that โ€œinterest rates should be quite accommodative ...
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun May 03 15 06:27 ET
Gold continued to engage in corrective trading above 1141.6 and struggled to take out 55 days EMA decisively. Current selloff argues that rebound from 1141.6 might be finished at 1124.5 already. Deeper fall could be seen back to retest 1141.6 next. In case of recovery, risk will remain on the downside as long as 1224.5 resistance holds.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun May 03 15 06:26 ET
Silver's sideway trading is still in progress. Overall, price actions from 14.155 are viewed as a consolidation pattern. More sideway trading would be seen in near term. But as long as 18.61 resistance zone holds, an eventual downside breakout is mildly in favor.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun May 03 15 06:26 ET
The rebound from 42.03 extended higher and there is no sign of topping yet. Initial bias remains on the upside this week and further rally should be seen to 38.2% retracement of 107.73 to 42.03 at 67.13. We'd look for topping signal around there. On the downside, below 56.07 minor support will turn bias neutral and bring consolidations first before staging another rally.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun May 03 15 06:25 ET
The strong rebound and decisive break of 2.693 resistance indicated that a short term bottom is formed at 2.443, on bullish convergence condition in 4 hours MACD. Bias will stay on the upside for stronger rebound to 3.039 resistance. Break will target 38.2% retracement of 4.544 to 2.443 at 3.246. On the downside, below 2.612 minor support will dampen this bullish case and turn bias neutral first.
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Weekly Fundamentals - Crude Prices Supported by Moderation in Inventory Buildup. Brent Contango Narrowed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 03 15 04:58 ET
Smaller-than-expected increase in crude inventory, geopolitical tensions in Yemen and concerns over production outage continued to support oil prices. The front-month WTI contract gained +3.5% whilst Brent contract added +1.81% last week.
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Strong US Data Sent Crude Higher Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 30 15 23:31 ET
Crude oil price firmed as US labor and manufacturing data beat expectations. The front-month contract for WTI crude oil rose to a 4.5 month of 59.85 before settling at 59.63, up +1.79%, while the Brent crude contract jumped to as high as 66.93 before settling at 66.78, up +1.43%. In April, WTI and Brent contracts have gained +22.5% and +21.2% respectively.
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Crude Rallied as Stock Rose Less than Expected Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 30 15 00:54 ET
Crude oil prices rallied as US inventory increased much less than expected whilst Cushing stockpile fell for the first time since last November. The front-month WTI crude contract rose to as high as 59.33 before settling at 58.58, up +2.66%. The Brent crude contract rose to a new 2015 high of 66.72 before ending the day at 65.84, up +1.86%.
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Gold Rallied as USD Fell to 8-Week Low Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 28 15 23:21 ET
Gold rallied for another day as the US dollar slumped to the lowest level in 8 weeks. Disappointing US consumer sentiment damped speculations of Fed's tightening whilst investors stayed cautious ahead of the FOMC meeting. The benchmark Comex gold contract jumped to a 3-week high of 1214.9 before ending the day at 1213.9, up +0.89%.
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Gold and Silver Rallied on Short Squeeze Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 28 15 00:06 ET
Gold jumped, registering the biggest one-day rally since January with stops triggered by sizeable short squeeze and option expiry. The benchmark Comex contract jumped to a 5-day high of 1206.7, before settling at 1203.2, up +2.4%. Silver's jump was even stronger with the Comex contract surging to as high aas 16.445 before ending the day at 16.394, +4.85%.
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