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Oil N' Gold Focus Reports
Commodities Slumped as Upbeat GDP Report Lifted USD Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 30 14 23:50 ET
Commodities slumped on USD's strength, which was supported by upbeat US GDP report and the Fed's confirmation of the end of QE. The front-month contract for WTI crude oil fell -1.31% while the Brent crude contract slipped -1.01%. The benchmark Comex gold contract plummeted to as low as 1195.5, a level not seen since October 6, before ending the day at 1198.6, down -2.15%.
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Sentiment Lifted by Strong US Confidence Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 28 14 23:18 ET
Market sentiment was lifted as US economic data exceeded expectations. Wall Street climbed higher with the DJIA and the S&P 500 indices gaining +1.12% and +1.19% respectively. The US dollar slipped on equities’ strength. Commodities also rose on better sentiment. The front-month contract for WTI crude oil gained +0.52% while that for Brent added +0.23%.
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Disappointing Economic Data Weighed On Commodities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 27 14 22:58 ET
Crude oil continued to decline further amidst oversupply concerns. Disappointing economic data weighing on sentiment also added more pressure. However, weakness in the US dollar lent support and both benchmark contracts only ended the day modestly lower.
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Disappointing Economic Data Weighed On Commodities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 27 14 22:58 ET
Crude oil continued to decline further amidst oversupply concerns. Disappointing economic data weighing on sentiment also added more pressure. However, weakness in the US dollar lent support and both benchmark contracts only ended the day modestly lower.
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Commodities Trade Narrowly ahead of a Busy Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 27 14 01:15 ET
Commodities moved sideways with soft downward bias on Monday. Over the weekend, ECB announced that 25 European banks failed the stress test. As mentioned in the statement "the comprehensive assessment—which consisted of the asset quality review (AQR) and a forward-looking stress test of the banks—found a capital shortfall of 25B euro at 25 banks.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 26 14 07:14 ET
Gold's recovery from 1183.3 lost momentum after hitting 1255.6 and weakened. With 38.2% retracement of 1392.6 to 1183.3 at 1263.3 intact, outlook stays cautiously. Nonetheless, we'd prefer to see decisive break of key support zone of 1179.4/1181.4 to confirm downside momentum. Meanwhile, sustained break of 1263.3 will bring stronger rebound to 61.8% retracement at 1312.6 and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 26 14 07:13 ET
Silver's consolidation from 16.64 continued last week and outlook is unchanged More sideway trading could be seen in near term. But outlook stays bearish as long as 18.61 resistance holds. Current fall is part of the larger down trend from 49.82 and should target 15.80 key trend line support level. Firm break there will target 14.65.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 26 14 07:13 ET
Crude oil stayed in consolidation above 79.78 last week and outlook remains bearish with 86.29 resistance intact. Current decline is expected to continue to 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75 next. Break of 86.29 will indicate short term bottoming and bring consolidations. But upside should be limited by 94.90 resistance and bring fall resumption.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 26 14 07:12 ET
Natural gas' decline continued last week and has now firmly taken out 3.727 support. Such development confirmed down trend resumption. Deeper decline would be seen to 61.8% projection of 4.886 to 3.727 from 4.184 at 3.468 first. Break will target 100% projection at 3.026 next. On the upside, above 3.718 resistance will indicate near term bottoming and bring consolidations. But upside would be limited well below 4.178 and bring another fall.
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Weekly Fundamentals - Saudi's Exports on Refined Products Reached Record High, Showing No Intention to Rescue Oil Price Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 25 14 03:28 ET
Crude oil was under pressure for most of the week, despite a rebound on Thursday after the news about Saudi's cut in supply. The recent sell off has mainly been driven by supply-side issue with the Kingdom reluctant to cut production while Libyan production on the rise. The widening spread between Arab Light crude and the DME Oman average indicated the Kingdom has accepted lower price for regaining market share.
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