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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 26 16 10:51 ET
Gold's rally continued last week and briefly touched mentioned target of 61.8% projection of 1045.4 to 1306.0 from 1199.0 at 1360.1. As it's now close to long term fibonacci level at 1380.98, we'll be cautious on topping at current level. Break of 1252.8 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 Jun 26 16 10:51 ET
Silver's break of 18.06 resistance last week suggests that medium term rise from 13.62 is resuming. Initial bias will be on the upside this week. Current rally would target 100% projection of 14.785 to 18.06 from 15.83 at 19.10 next. On the downside, break of 17.105 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 26 16 10:50 ET
Crude oil stayed in range of 45.83/51.67 last week and outlook is unchanged. A short term top should be in place on bearish divergence condition in 4 hours MACD. Deeper fall is still in favor and break of 45.83 will target 38.2 retracement of 26.05 to 51.67 at 41.88, which is close to 41.90 resistance turned support. However, considering that crude oil stays inside a near term channel, break of 51.67 will extend the rebound from 26.05 instead.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jun 26 16 10:50 ET
Natural gas edged higher last week but lost momentum ahead of 161.8% projection of 1.611 to 2.195 from 1.909 at 2.854. Further rise could still be seen. But considering bearish divergence condition in 4 hours MACD, upside should be limited by 2.854 and bring correction. Below 2.535 support will indciate short term topping and bring bring pull back.
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Brexit Materializes... Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jun 24 16 01:01 ET
With 99% of votes counted, it is almost certain that Britain decides to leave EU. Financial markets slumped as uncertainty after Brexit dampened sentiment. British pound got dumped with GBPUSD plunging -10% and EURGBP jumping +7.49% at the time of writing this article. EURUSD also fell -3.21%.
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Caution ahead of EU Referendum Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jun 23 16 00:43 ET
Investors were cautious ahead of the EU referendum on June 23. Wall Street slipped with DJIA and S&P 500 indices losing -0.27% and -0.17% respectively. European shares remained firmed with the Stoxx600 index rising for a 4th straight day, up +0.38%, while UK's FTSE adding +0.56%. Markets in Asia Pacific were mixed. While stock indices in Hong Kong, Japan and Australia have climbed modestly higher,...
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Inventory Decline Triggered Rebound in Crude Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jun 22 16 01:41 ET
Crude oil reversed losses after US market closed as API data showed that US inventory fell more than expected. Both benchmark contracts hovered above US$50/bbl in Asia Wednesday. Market sentiment today, as well as in the US session Tuesday, was relatively upbeat as more EU referendum polls showed that support for the "remain" camp outweighed that for the "leave" camp.
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Sentiment Improved as "Remain" Camp Gains Support Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jun 21 16 01:30 ET
British pound extended rally against US dollar and the euro Monday, as ORB's EU referendum poll showed 53% support on "remain” and 46% support on "leave”. Polls of polls by both Financial Times and whatukthinks.org revealed a neck-and-neck race. Investors were less nervous than last week when major polls showed that the "leave” camp was leading.
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Bremain or Brexit? Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jun 20 16 01:32 ET
Markets show a bit more risk on mode on Monday as concerns over the UK leaving the EU eased slightly. Undoubtedly, the focus of the week is the Brexit referendum to be held on June 23. The latest polling results suggest that support for the "leave" camp diminished after the death of the pro-EU PM Jo Cox. Nonetheless, uncertainty remains high on whether Britons would decide to leave or to stay in the EU.
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Weekly Fundamentals - Oil Prices Rebounded as Brexit Concerns Eased a Bit Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jun 19 16 06:18 ET
Similar to others in the financial market, movement of energy prices over the past week was driven by Brexit concerns. Both the front-month WTI and Brent crude contracts weakened most of the time last week as polls showed that supports for "leaving" EU was leading. Things began to reverse as pro-EU British MP Jo Cox was shot to death.
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