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Oil N' Gold Focus Reports
Equities Firmed as Italy Plans to Nationalize Banks. Investors Shrugged Off Italian Referendum Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 07 16 00:39 ET
Stock markets rallied ahead of ECB meeting. Led by the +4.4% rally in the banking sector, European shares rose with the broad Stoxx 600 index up +1%. Italian bank shares jumped +9%, lifting the country's FTSEMib index by +4.15% at close.
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Weak Sentiment Contained as Investors Move to ECB from Italian Referendum Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 06 16 00:41 ET
Negative sentiment as a result of a "no" vote in the Italian referendum was rather contained. Both European and US' stocks recovered after initial selloff. Europe's Stoxx 600 index gained +0.56% for the day.
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Geopolitical Uncertainty in Europe Dampens Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 05 16 01:24 ET
Political events dominate financial markets on Monday. First, the Italian referendum is completed with voters REJECTING to implement the senate reform. Prime Minister Matteo Renzi announced he would resign, as promised.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Dec 04 16 04:52 ET
Gold' decline from 1377.5 continued last week and breached 61.8% retracement of 1045.4 to 1377.5 at 1172.3. At this point, we'd still expect strong support around 1172.3 to bring rebound. Break of 1197.2 should confirm short term bottoming on bullish convergence condition in 4 hours MACD. In that case, gold should target a test on 1243.2 support turned resistance first. Firm break there will target 1338.3 and above. However, sustained break of 1172.3 will bring retest of 1045.4 low
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Dec 04 16 04:52 ET
Silver continued to struggle in range around 16.525 fibonacci level last week and outlook is unchanged. Further decline could be seen with 17.235 minor resistance intact. But we'd expect strong support around 15.83 to contain downside and break rebound. Break of 17.235 minor resistance will turn bias back to the upside for 19.00 resistance. Break there will confirm completion of corrective decline from 21.225. However, firm break of 15.83 will now extend the fall to retest 13.62 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Dec 04 16 04:52 ET
Crude oil's rise from 42.20 resumed last week and reached as high as 51.80. Focus will now be on 51.93 resistance. Decisive break there will confirm resumption of whole rise from 26.05. In that case, crude oil will target next fibonacci level at 57.27. Meanwhile, break of 49.20 resistance turned support will extend the consolidation pattern from 51.67 with another fall leg.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Dec 04 16 04:51 ET
Natural gas surged to as high as 3.568 last week. The strong break of 3.366 resistance confirmed resumption of whole rise from 1.611. Further rise is now expected to 61.8% projection of 1.611 to 3.366 from 2.546 at 3.631 first. Firm break there will target 100% projection at 4.301. On the downside, break of 3.277 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
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Weekly Fundamentals - Both OPEC and US Payrolls Sent Pleasant Surprises Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Dec 04 16 04:15 ET
As we mentioned in the beginning of the week, the two critical events of the week were OPEC's meeting and US employment report. Both surprised the market to the upside. For the former, OPEC announced after the meeting in Vienna that it targets to cut production to 32.5M bpd, representing a -1.2M bpd, or -3.7%, reduction from October levels.
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Inflationary Pressure due to Higher Oil Prices Weighed on Equities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 02 16 00:05 ET
OPEC's deal to cut output continues to drive oil prices higher, sending both crude oil benchmarks above US$50/bbl. Energy shares also strengthened, but the broader stock indices were mixed. US dollar remained firmed and Treasury yields climbed further higher.
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Oil Prices Jump as OPEC Agrees to Cut Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 01 16 00:29 ET
Oil prices rallied sharply as OPEC agreed to cut. The organization announced that it targets to cut production to 32.5M bpd, the lower end of the range indicated the "Algiers Accord" in September. It also represents a -1.2M bpd, or -3.7%, reduction from October levels. Meanwhile, OPEC noted that non-OPEC countries have also agreed to cut output by -0.6M bpd with half of the contribution coming from Russia.
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