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Oil N' Gold Focus Reports
Investors Disappointed by Australian Inflation, Chinese PMI Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Apr 23 14 05:08 ET
Market sentiment was dampened as Chinese PMI and Australia's inflation data disappointed. In the commodity sector, crude oil prices were mixed with the WTI crude weakened further after Tuesday's selloff amid expectations of a huge increase in US inventory. Brent crude, however, remained steady as Ukraine called for renewed military forces against pro-Russian rebels. Gold recovered moderately after declining over the past 3 days.
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Sentiment Picked Up as US Data Surprised to the Upside Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 22 14 00:13 ET
Market sentiment firmed modestly after Easter holidays as US economic data surprised to the upside. This led to gains in the stock market with the DJIA and the S&P 500 indices gaining +0.25% and +0.38% respectively. In the commodity sector, the front-month contract for Brent crude gained +0.36% while the WTI crude contract closed largely flat.
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US Crude Inventory Saw Double Digit Increase Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 17 14 01:47 ET
Crude oil had a volatile trading day but made little change at the end. The front-month contract for WTI crude oil initially soared to a 6-week high of 104.99 before settling at 103.76, largely unchanged from the previous day. On oil inventory, the DOE/EIA reported that total crude oil and petroleum products stocks gained +14.461 mmb to 1026.92 mmb in the week ended April 11.
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Commodities Slumped on Profit-Taking; Yellen's Speech, BOC Meeting in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 15 14 22:48 ET
Commodities slumped, paring the gains previously made, as investors took profits after receiving mixed economic data. The front-month contract for WTI crude oil initially slipped to a 4-day low of 1029.1 before ending the day at 1037.5, down -0.29%. The Brent crude contract, however, climbed to as high as 109.75, a level not seen since March 4, before settling at 109.36, up +0.27%.
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China to Top World's Gold Consumption Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 15 14 05:16 ET
Gold slumped in European session as investors took profit after the yellow metal soared over the past weeks. The World Gold Council in its latest report forecast that China would become the world largest gold consumer, with India in the second place. It estimated that private sector demand for gold in China will rise to at least 1 350 metric tons by 2017, hinging on the rise in real income, an vast amount of private savings and the traditional allure of gold to Chinese people.
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Commodities Gained as Renewed Tensions in Ukraine Raised Concerns Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 14 14 23:45 ET
Commodities climbed higher as tensions in Ukraine escalated and the US restated that it is "fully prepared to impose additional sanctions on Russia as it continues to escalate the situation in Ukraine, including apparently through support to a concerted campaign by armed militants in eastern Ukraine" while the UK echoed by noting that "further sanctions have to be the response to Russia’s behavior".
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Euro Softer as QE Hopes Heightened Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 14 14 00:10 ET
Gold continued to climb higher in Asia on Monday as escalated tensions in Ukraine raised demand for safe haven assets. The euro fell as the ECB, though verbally, moved further towards the easing bias. President Draghi suggested that "the strengthening of the exchange rate would require, to make our monetary policy stance to remain equally accommodative, it would require further monetary policy accommodation… The strengthening of the exchange rate requires further monetary stimulus.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:04 ET
Gold rebound from 1277.4 short term bottom continued last week and hit 38.2% retracement of 1392.6 to 1277.4 at 1321.4. The structure of the rebound suggests that it's merely a correction. Thus, while further rise cannot be ruled out, we'd expect strong resistance from 61.8% retracement of 1348.6 to limit upside to complete the correction. Fall from 1392.6 is expected to resume later. Below 1301.1 minor support will bring retest of 1277.4 low first.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:04 ET
Silver's sideway consolidation pattern from 19.57 short term bottom continued and strong resistance was seen from 38.2% retracement of 21.79 to 19.57 at 20.42. Based on the corrective structure of price actions from 19.57, near term outlook stays bearish and we'd expect fall from 22.18 to resume later. Break of 19.57 will target 18.72 low. In that case, we'd look for bottoming signal from there. Meanwhile break of 20.42 would put focus back to 20.61 resistance. Break there will argue that the near term trend has reversed.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:03 ET
Crude oil's rebound from 97.37 extended to as high as 104.44 last week but started to lose momentum. The structure of the rebound argues that it's a corrective move. Thus, while further rise cannot be ruled out, we'd expect strong resistance from 105.22 to limit upside and bring reversal. Below 102.03 will turn bias to the downside for a test on 97.37 support and possibly further to 61.8% retracement of 91.24 to 105.22 at 96.58. Nonetheless, strong break of 105.22 will resume whole rise from 91.24 and should target 112.24 resistance next.
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