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Oil N' Gold Focus Reports
Crude Prices Mixed ahead of FOMC Meeting, Surge in Distillate Inventory Exacerbated Bearishness Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 29 15 00:05 ET
Commodity prices were mixed. The front-month contract for WTI crude oil climbed higher for the first time in 5 days, gaining +1.25% to settle at 47.98, whilst the Brent contract declined further, dropping -0.32%, to close at 53.3. In the precious metal complex, gold slipped -0.02% whilst silver added +0.25% during the day.
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Renewed Selling in Chinese Equities Roiled Global Markets Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 28 15 01:04 ET
Global stock market declined as driven by the resumed selloff in China. China's CSI 300 Index plummeted -8.5%, triggered by weaker-than-expected industrial profits which dropped -0.3% y/y in June after gaining +0.6% y/y in May, and surprisingly low. The benchmark index for the Eurozone fell more than -2%, although macroeconomic data came in better than expected. In the same vein, Wall Street dropped with DJIA and S&P 500 indices losing -0.73% and -0.58% respectively.
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Market Sentiment Dampened on Concerns over Chinese and US Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 27 15 01:33 ET
Weak market sentiment on Friday was carried forward to Asian session today, sending Hong Kong's Hang Seng Index -2.32% and Japan's Nikkei -0.98% lower. China's CSI300 Index has dropped -2.55% at the time of writing. The first issue dampening confidence was China's newly renamed Caixin PMI which fell -1.2 points to 48.2 in July, the lowest reading in 15 months. The disappointment was followed by the Fed's release of confidential staff economic projections prepared for its June meeting.
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Weekly Fundamentals - WTI Crude Broke US$50/bbl on Oversupply Concerns Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 26 15 05:25 ET
Crude oil prices extended the decline last week, as investors worried that a comeback of Iran's oil production, following lift-off of sanctions, would exacerbate the oversupplied environment. The front-month contract for WTI crude oil plunged -5.4% last week to settle at 48.14, while the Brent crude contract dropped -4.34% to 54.62 at close.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:15 ET
Gold dropped sharply to as low as 1072.3 last week as the larger down trend resumed. Further decline is now expected to 100% projection of 1307.8 to 1141.6 from 1232.0 at 1065.8, and then 1000 psychological level. On the up side, above 1117.9 will bring consolidations first before staging another fall.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:14 ET
Silver's decline continued last week but lost momentum ahead of 14.155 low, as seen in bullish convergence condition in 4 hours MACD. At this point, we're not expecting down trend resumption yet. And fall from 18.505 so far is possibly just the second leg of the medium term consolidation pattern. Hence, we'll stay cautious on strong support around 14.155 to bring near term reversal. Above 14.98 will indicate short term bottoming and bring rebound back to 55 days EMA (now at 16.01).
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:13 ET
Crude oil dropped further to as low as 47.72 last week and broke 61.8% retracement of 42.03 to 62.58 at 49.88. Deeper fall is still expected as long as 51.26 minor resistance holds. However, at this point, there is no clear sign of down trend resumption yet. Hence, we'll be cautious on strong support around 42.03 to bring rebound. Above 51.26 will turn bias back to the upside for 55 days EMA (now at 57.19).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:12 ET
No change in natural gas' outlook as sideway consolidation continued around 55 days EMA. We'd still expect the pattern to extend further in near term. That is, downside attempt should be contained by 2.443 low. Meanwhile, upside attempts should be limited by 38.2% retracement of 4.544 to 2.443 at 3.246.
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Crude Fell Further amidst Concerns over Iran's Oil Storage Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 24 15 01:19 ET
Despite weaker US dollar, crude oil prices fell for a second consecutive day amidst concerns over Iranian supply. The front-month WTI contract fell to as low as 48.21 before ending the day at 48.45, down -1.5% whilst the Brent contract dropped -1.53% to settle at 55.27. In response to questions over the type of oil in Iran's floating storage, the government noted that it is condensate and fuel oil, not crude.
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Crude Price Declined as Inventory Surprisingly Increased, Exacerbating Oversupply Concerns Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jul 23 15 01:12 ET
Crude oil declined as US inventory surprisingly increased. This upstaged the unexpected drop in gasoline stockpile on higher demand. The front-month contract for WTI fell -2.32% while the Brent crude contract dropped -1.6%. Gold extended the recent decline, falling to a fresh 5-year low as long-term bulls continued to liquidate their positions and as US dollar strengthened.
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