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Oil N' Gold Focus Reports
Decline in Crude Oil Prices Led Equities Lower Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 26 16 01:07 ET
Market sentiment dampened ahead of FOMC and BOJ meetings. Decline in energy prices also pressured stocks in the energy sector, which in turn pressured both US and European benchmark indices. Crude oil prices extended weakness amidst oversupply concerns. Market intelligence firm Genscape estimated that Cushing stocks rose +1.1 mmb in the week ended July 22.
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FOMC and BOJ under the Spotlight Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 25 16 00:58 ET
The focus of the week lies on the two-day FOMC meeting on July 26-27 and BOJ meeting on July 28. For the former, it is widely anticipated that no change in the monetary policy would be announced. Indeed, the market has priced in only 3.6% chance of rate hike at the meeting. Policymakers would keep the door open for a move in September but should refrain from sending a signal of it.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 24 16 07:25 ET
Gold stayed in consolidative trading last week and outlook is unchanged. Further rise cannot be ruled out with 1308.2 support intact. But we'll be cautious on topping around long term fibonacci level at 1380.98. Break of 1308.2 support will be the first sign of trend reversal and will turn focus back to 1199.0 support
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 24 16 07:25 ET
Silver stayed in sideway consolidation last week and outlook is unchanged. With 19.10 support intact, further rise is still expected. Sustained trading above 161.8% projection of 14.785 to 18.06 from 15.83 at 21.12 will target 261.8% projection at 24.39. Though, break of 19.10 will confirm near term topping and bring consolidations first.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 24 16 07:24 ET
Crude oil's choppy decline from 51.67 short term top extended last week. Downside momentum is unconvincing. But we're still favoring the case that rise from 26.05 has completed at 51.67 already. Further fall should be seen to 41.88/90 cluster support (38.2% retracement of 26.05 to 51.67 at 41.88). Decisive break there will likely bring deeper fall to 35.24 support and below. Though, strong rebound from there will maintain medium term bullishness for another rise. Also, above 46.93 minor resistance will turn focus back to 51.67 high.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 24 16 07:24 ET
Natural gas' consolidation from 2.998 continued last week and outlook is unchanged. Such consolidation might extend in near term but downside should be be contained by 38.2% retracement of 1.909 to 2.998 at 2.582 to bring rally resumption. Above 2.998 will target long term fibonacci level at 3.476.
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Weekly Fundamentals: Renewed Oversupply Concerns Pressure Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 24 16 06:55 ET
Energy prices declined last week on renewed oversupply concerns of late. The front-month WTI crude contract dropped -3.83% last week, settling at 44.19, the lowest close in 2 months. Similarly, the Brent crude contract finished the week at 45.69, the lowest close in 2 months and down over -4%. Although US crude inventory dropped -2.34 mmb in the week ended July 15...
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Stock Markets Modestly Risk-off as ECB Fails to Unveil Monetary Policy Outlook Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 22 16 00:57 ET
Equity markets suggest that investors are in modestly "risk-off" mode. Wall Street dropped with DJIA and S&P losing -0.42% and -0.36% respectively. European shares were mixed with Germany's DAX adding +0.4%, UK's FTSE slipped -0.4%. Shares in Lufthansa slumped -6% after issuing a profit warning. Bank stocks rallied after ECB President Mario Draghi indicated that backstop is a "very useful" way to handle non-performing loans (NPLs).
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Crude Oil Gained Despite USD Strength. US Inventories Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jul 21 16 00:38 ET
US dollar strengthened against major currencies, except British pound. USD index rose to a 4-month high of 97.32 before retreat. GBPUSD firmed as UK's unemployment rate unexpectedly fell below 5% in June. Meanwhile, BOE's business conditions report suggested that economic activity has not shown signaled contraction following the EU referendum.
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Commodities Mixed on Uncertain Outlook Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 20 16 01:16 ET
Crude oil prices fell for a second consecutive day on a stronger US dollar and the "mixed" market sentiment. The front-month WTI contract dropped to a 1-week low of 44.53 before ending the day at 44.65, down -1.3%. The Brent crude contract initially slipped to 46.53 before settling at 46.66, down -0.64%. The decline was limited as the market anticipated withdrawal in US inventory last week.
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