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Oil N' Gold Focus Reports
Crude Jumps as Huge Fire Disrupts Production in Canada Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 05 16 20:53 ET
Crude oil had a highly volatile day with both benchmarks jumped following news that wild fire was disrupting production in Canada. The front-month WTI contract initially dropped to 43.96 on the buildup of US inventory. Price then reversed and ended the day at 44.32, up +1.23%. in a similar vein, the Brent contract initially fell to as low as 44.65 before rebounding to a 3-day high of 46.77...
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Oil Prices Mixed on Inventory Build. Dataflow Shows More Signs of Global Growth Slowdown Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed May 04 16 22:03 ET
Crude oil prices mixed after US inventory rose more than expected last week. Although the front-month WTI contract initially slipped further to as low as 43.22, it recovered and ended the day modestly higher at 43.78, up +0.3%. The Brent contract, however, fell for 4 days in a row, slipping -0.78% to 44.62 at close.
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Sentiment Weighed Down by China and UK PMIs Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 03 16 22:31 ET
Market sentiment softened a tad as Chinese PMI data surprised to the downside while UK's PMI unexpectedly shows manufacturing activities slipped to contraction in April. In the commodity sector, oil prices fell amidst concerns of weaker demand as global growth moderates.
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Brent Crude Plunged -4% as OPEC Output Soared in April Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 02 16 23:01 ET
Market sentiment improved modestly although trading volume in most of Europe was light due to holiday. Wall Street gained with DJIA and S&P 500 indices adding +0.66% and +0.78% respectively. In Asia today, Chinese equities soared despite weak manufacturing data. The CSI 300 index has risen to a 2-week high of 3206, up almost +1.6%, at the time of writing. Hong Kong's Hang Seng Index, however, has dropped to a 3-week low of 20 759.
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Risk Appetite Diminished on Yen's Strength Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 01 16 23:48 ET
Japanese yen's strength that had damped risk appetite late week continues to haunt Asian markets on Monday. Although some markets (e.g. Hong Kong, China) are closed on Labor Day holiday today, Japanese shares extend last week's slump. At the time of writing this report, the Nikkei 225 index is trading at a 3-week low of 16 062, down -3.62%, following a -5.16% decline last week.
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Weekly Fundamentals - Soft Greenback, Driven by uneventful Fed and BOJ, Pushed Commodities Higher Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 01 16 04:14 ET
Commodities rose across the board last week as US dollar plunged against major currencies. The USD index tumbled to as low as 93, a level not seen since August 15, last Friday. The Fed kept its powder dry in April and the conviction of a rate hike in June has not strengthened after the meeting.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 30 16 12:28 ET
Gold's break of 1287.8 last week indicates resumption of whole rally from 1045.4. Further rise should now be seen to 61.8% projection of 1045.4 to 1287.8 from 1228.5 at 1378.3 next. We'll look for topping signal around there. On the downside, break of 1228.5 support is needed to indicate near term reversal. Otherwise, outlook will stay bullish in case of retreat.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Administrator | Sat Apr 30 16 12:28 ET
Silver's rally continued last week and near term outlook stays bullish for 18.50 resistance. Break will target 161.8% projection of 13.62 to 16.17 from 14.785 at 18.91 next. On the downside, break of 16.835 support is need 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 | Sat Apr 30 16 12:27 ET
Crude oil's rise from 26.05 extended last week and broke mentioned target of 61.8% projection of 26.05 to 41.90 from 35.24 at 45.04. There is loss of momentum as seen is bearish divergence in 4 hours MACD. But there is no sign of topping yet. Further rally would be seen to 61.8% retracement of 62.58 to 26.05 at 48.63 next. Nonetheless, break of 42.50 support will indicate short term topping and bring lengthier consolidations.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 30 16 12:27 ET
Natural gas' choppy rebound from 1.611 continued last week and took out 61.8% retracement of 2.495 to 1.611 at 2.157. We'd now stay cautious on further loss of upside momentum and topping. Break of 1.950 support will now indicate near term reversal and turn outlook bearish for retest on 1.611 low.
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