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Oil N' Gold Focus Reports
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 28 15 08:30 ET
Gold gyrated in range of 1141.6/1232.0 without a clear direction. More sideway trading would be seen in near term While break of 1141.5 will bring deeper decline, ,we'd be cautious on strong support around 1130.4 to bring rebound. Meanwhile, above 1232.0 resistance will turn focus back to 1307.8 instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 28 15 08:29 ET
The decline from 17.755 is still in progress. The break of 15.54 support suggests that whole fall from 18.505 is resuming today. Deeper decline should be seen through 15.26 towards 14.155. At this point, we'd expect strong support around 14.155 to bring another rebound. On the upside, above 16.43 minor resistance will turn focus back to 17.775 instead.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 28 15 08:29 ET
The sideway consolidation from 62.58 extended further and outlook is unchanged. While another fall cannot be ruled out, downside attempts should be contained by 38.2% retracement of 42.03 to 62.58 at 54.73. Rise from 42.03 is expected to resume later and break of 62.58 will target 38.2% retracement of 107.73 to 42.03 at 67.13 next.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 28 15 08:28 ET
Natural gas extended the sideway pattern from 2.443 and spiraled around 55 days EMA. Overall, we'd 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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Weekly Fundamentals - Crude Supply Remains a Problem Despite Recent Inventory Decline Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jun 13 15 10:40 ET
Crude oil prices gained, with the front-month WTI and Brent contracts rising +1.4% and +0.88% last week. The strength was mainly driven by the huge decline in US crude stockpile which fell -6.81 mmb in the week ended June 5, the sixth consecutive weekly drop and the biggest fall since May.
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Sentiment Damped by Greek Uncertainty, World Bank's Downgrade of Growth Outlook Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jun 11 15 23:35 ET
Commodities fell as USD strengthened. Market sentiment was also dampened by renewed concerns over Greece's debt problem and World Bank's downgrade of global growth outlook. Crude oil fell for the first time in 3 days, pressured by Saudi Arabia's pledge to increase production for meeting demand.
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Crude Retreated on Profit-Taking, after Sharp Fall in US Stockpile Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jun 11 15 03:35 ET
Crude oil prices retreated in European morning, following the rally in the prior day. We believe the strength yesterday was mainly driven by USD weakness and the sharp decline in US inventory. The front-month WTI contract added +2.15% on Wednesday, following a +3.44% increase on Tuesday.
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Crude Oil Jumped Over +3% on Upgraded Demand Outlook and Inventory Decline Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jun 10 15 00:10 ET
Crude oil prices jumped more than +3% in the midst of mixed USD and rising bond yields. Investors turned more optimistic over the demand outlook following DOE/EIA's release of the Short-term Energy Outlook. Meanwhile, Saudi Arabia noted that rising supply was driven by demand. The front-month WTI crude contract rose +3.44% to settle at US$60.14 whilst the Brent contract added +3.49% to end the day at US$64.88.
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Crude Oil Under Pressure Despite USD Weakness Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jun 08 15 23:09 ET
Crude oil prices were pressured as China's May crude imports declined about -26% m/m, or -11% y/y. The front-month contract for WTI crude oil fell-1.67% whilst the Brent contract down -0.98%. Gold gained, after losing over the past 3 trading days, on USD weakness, with the benchmark Comex contract adding +0.46%.
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Fed Rate Hike Speculations Anchored Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jun 08 15 01:03 ET
US dollar remains firm as Friday's employment report intensified speculation of a rate hike in September. New York Fed president Dudley noted that "if the labour market continues to improve and inflation expectations remain well-anchored, then I would expect, in the absence of some dark cloud gathering over the growth outlook, to support a decision to begin normalizing monetary policy later this year".
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