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Oil N' Gold Focus Reports
Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:28 ET
A short term bottom should be in place at 37.75 in crude oil. Further rebound is expected in near term. However, strong resistance would likely be seen around 50 psychological level, which coincide with 50% retracement of 62.58 to 37.75 at 50.17, and 55 days EMA at 49.98. We'd still favor further down trend ahead.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:27 ET
No change in Natural gas's outlook as sideway consolidation continued last week. We'd still expect the consolidation 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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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:27 ET
Gold faced resistance form the medium term falling trend line and outlook is turned neutral first. On the downside, break of 1108.5 support should confirm that rebound from 1072.3 has completed at 1169.8 and the larger down trend is resuming for new low. However, break of 1169.8 should confirm reversal and target 1232.0 resistance and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:26 ET
Silver dropped to as low as 13.91 last week and breached 14.155 support but quickly recovered. Initial bias is neutral this week first. Below 13.91 again will now confirm medium term down trend resumption. Next near term target will be 61.8% projection of 17.775 to 14..33 from 15.71 at 13.56. Nonetheless, break of 15.71 will confirm near term reversal and will turn outlook bullish.
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Weekly Fundamentals - Commodities Experienced High Volatility on Chinese Economic Outlook, Fed Rate Hike Schedule Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Aug 30 15 05:30 ET
Financial markets experienced record-high volatility last week. Driven by rollercoaster ups and downs in the equity markets amidst concerns over China, as well as Fed's rate hike speculations, commodities also had a dramatic week. Crude oil began the week lower as oversupply worries were exacerbated by China's pessimistic growth outlook and the broadly based fragile sentiment.
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Crude Prices Jumped +10%, Biggest since 2008 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Aug 28 15 00:32 ET
Market sentiment continued to be lifted by upbeat US data (GDP growth) and Fed members' dovish comments. Wall Street jumped with DJIA and S&P 500 indices gaining +2.27% and +2.43% respectively. Crude oil recorded double-digit rally with the front-month WTI contract jumping +10.26% to close at 42.56 whist the Brent crude contract up +10.25% to settle at 47.56.
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Strong Dataflow but Diminished Rate Hike Hopes Buoyed US Market Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 27 15 00:13 ET
Wall Street rallied for the first time in a week whilst US dollar rose against major currencies on upbeat economic indicators. Meanwhile, recent volatility in the financial markets is expected to delay Fed's rate hike schedule. DJIA jumped+3.95% and S&P 500 index gained +3.9% at close. Elsewhere, the focus remained in China.
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Sentiment Improved Temporarily as PBOC Announced Easing Measures Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Aug 26 15 00:26 ET
Market sentiment got a temporary boost as PBOC lower the benchmark interest rates by -25 bps and the RRR by -50 bps for city commercial banks and non-county level rural commercial banks. Wall Street opened higher but all gains were erased later in the day on disappointing dataflow. DJIA ended the day -1.29% lower while S&P 500 was down -1.35%.
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China Shares Plummeted Over -10% in Two Days Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 25 15 00:38 ET
***PBOC announces to cut RRR by 50bps and Interest rate by 25 bps. (GMT 1035) The slump of global financial markets, triggered by concerns over Chinese economic slowdown, has shown no signs of moderation. In the US, DJIA opened down more than -1000 points before eventually ending the day down -588 points, or -3.57%. S&P 500 index plummeted -3.94% at close. Chinese shares remained under pressure in Asia.
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Equities Dive on China Concerns Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 24 15 01:40 ET
Asian stock slumped, leading by Chinese shares amidst concerns over China's rapid moderation in growth. China's CSI300 index divided -8.66%, Hong Kong's Hang Seng Index plunged -4.6% and Japan's Nikkei 225 Index down -3.4%. In addition to July's weak macroeconomic data, the flash Caixin manufacturing PMI for China dropped -0.7% points to 47.1, the lowest level in 6 years, in August.
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