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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Sep 01 10 06:37 ET
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Silver's really resumes after brief retreat and climbs to as high as 19.45 so far today. Intraday bias is on the upside for further rally. Sustained trading above 19.48 resistance will indicate that medium term rally is likely resuming for another high above 19.845. On the downside, below 88.83 will argue that a short term top is formed and bring retreat. But downside should be contained above 17.735 support and bring another rise.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Sep 01 10 06:37 ET
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Intraday bias in crude oil remains neutral as it's staying in range of 70.76/75.58. Consolidations from 70.76 might continue but even in case of another rise, upside should be limited by 61.8% retracement at 78.31 and bring fall resumption. As discussed before, decisive break of 71.09 support will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Sep 01 10 06:35 ET
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With a temporary low in place at 3.61, intraday bias in natural gas remains neutral and more sideway consolidations could be seen. But still, upside should be limited below 4.288 support turned resistance and bring another fall. Below 3.61 will target 161.8% projection of 5.196 to 4.288 from 4.007 at 3.538 first and then 100% projection 6.108 to 3.81 from 5.194 at 2.896 next.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 05:47 ET
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Gold climbs higher to 1253.4 in European session after soaring +0.90% yesterday. Among the various reasons triggering the metal’s rally after several days of consolidation last week, we believe slump in bond yields and FOMC minutes were the most prominent ones. While we are bullish for gold in the long-term, its performance in non-USD terms has not been as outstanding as in USD-terms. This suggests this round’s rally is not as broadly-based as the one earlier this year.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 01:33 ET
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Wall Street began the day with a soft as driven by weakness in Asian and European bourses. However, prices rebounded as economic data released appeared stronger than expected. DJIA and S&P 500 Indices ended the day flat. In the commodity sector, crude oil price tumbled as Chicago PMI missed consensus. Slowdown in the manufacturing sector could dampen oil demand. Moreover, surprising increase in crude inventory also triggered the selloff. Gold rallied to a 2-month high after a few days of consolidation. Surge in Treasuries helped support the yellow metal. Today in Asia, stocks and oil prices were lifted higher as China’s PMI accelerated in August.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Aug 31 10 07:56 ET
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Investors continue to offload the long positions taken late last week as macroeconomic economic outlook remains uncertain. WTI crude oil price falls for a second day amid concerns that slowdown in US recovery will curb demand. Currently trading at 73.6, the font-month contract will probably record the first decline in 2 months. Oil products also weaken in tandem with gasoline tumbling almost -10% while distillate losing around -3%.
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ONG Focus | Technical |
Written by Administrator |
Tue Aug 31 10 07:36 ET
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No change in gold's outlook. Even though rebound from 1155.6 could still extend further, upside momentum is clearly diminishing as seen in 4 hours MACD and we'd expect strong resistance ahead of 1266.5 high to conclude the rebound and bring reversal. Break of 1211.7 will flip bias back to the downside for retesting 1155.6.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 31 10 07:35 ET
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Silver's retreat from 19.34 is still in progress and further fall could be seen, possibly to 4 hours 55 EMA (now at 18.697). But still, downside is expected to be contained well above 17.735 support and bring another rise. Decisive break of 19.845 will indicate that medium term rally is likely resuming for another high above 19.845.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 31 10 07:35 ET
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Crude oil's retreat from 75.58 continues today but downside is still contained above 70.76. Consolidation from there might continue and another rise cannot be ruled out. But after all, upside should be limited by 61.8% retracement at 78.31 and bring fall resumption. As discussed before, decisive break of 71.09 support will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 31 10 07:34 ET
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Touching of 3.86 minor resistance suggests that a temporary low is in place at 3.61 and intraday bias in natural gas is turned neutral for the moment. Some consolidations could be seen. But after all upside should be limited below 4.288 support turned resistance and bring another fall. Below 3.61 will target 161.8% projection of 5.196 to 4.288 from 4.007 at 3.538 firs and then 100% projection 6.108 to 3.81 from 5.194 at 2.896 next.
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