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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 02 12 04:06 ET
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Gold remained firm in European session with the benchmark Comex contract hovering around 1750. Given the turmoil in the Eurozone, Swiss franc has once again become a safe haven. Speculations have fueled that the SNB may resume intervention as the franc has risen against both the US dollar and the Euro in recent day. From the lesson in September last year, the fall in Swiss franc would trigger selloff in gold. While history may repeat should the SNB intervene in coming days, this should only be temporary. Given the reaction of the gold price to the January FOMC statement, the precious metal should glitter in the low-rate environment.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 02 12 00:17 ET
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Market sentiment was lifted by encouraging PMI data in February. Moreover, rumors of an agreement on Greek PSI and Fitch's comment on Portugal also sent risk appetite higher. Wall Street soared with DJIA and S&P 500 gaining +0.66% and +0.89% respectively. In the commodity sector, oil's performance was mixed. While Brent crude climbed higher on improved manufacturing data and tensions over Iraq, WTI crude erased all gains made earlier in the day after the DOE/EIA reported a sharp increase in crude inventory and a fall in gasoline demand.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 01 12 12:20 ET
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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks rose +8.41 mmb to 1055.83 mmb in the week ended January 27. Crude stockpile increased +4.18 mmb to 338.94 mmb as stocks gained in 4 out of 5 PADDs. Cushing stock added +1.48 mmb to 30.12 mmb. Utilization rate slipped -0.4% to 81.8%.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Feb 01 12 05:43 ET
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Gold's rally from 1523.9 is still in progress. and further rise should be seen towards 1804.1 resistance first. Break will confirm our bullish view that whole correction from 1923.7 has completed with three waves down to 1523.9. In such case, stronger rise should be seen to retest 1923.7 and above. On the downside, break of 1649.2 support is needed to signal short term topping. Otherwise, near term outlook will remain cautiously bullish even in case of retreat.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Feb 01 12 05:41 ET
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Some sideway trading could still be seen in silver. But note against that another rise is in favor as long as 31.525 minor support holds. Whole decline from 35.60 is likely completed after drawing support from 26.15. Break of 35.60 key resistance will confirm this case. However, break of 31.525 will flip bias back to the downside and turn focus back to 26.15 support instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Feb 01 12 05:41 ET
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Intraday bias in crude oil remains neutral as it continues to struggle around 100 psychological level, revolving around 4 hours 55 EMA. With 102.06 resistance intact, deeper decline is still mildly in favor to 100% projection of 103.74 to 97.70 from 102.06 at 96.02 and below. Though, we'd expect strong support from 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74) to contain downside and bring rebound. On the upside, above 102.06 will bring retest of 103.74 resistance.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Feb 01 12 05:39 ET
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The break of 2.512 minor support indicates that recovery from 2.231 short term bottom is finished at 2.844. Intraday bias is flipped back to the downside for retesting this support. Break will confirm resumption of larger down trend for 2.130 projection level. In case of another rise, we'd expect upside to be limited by 3.12 cluster resistance (61.8% retracement of 3.689 to 2.231 at 3.132) and bring down trend resumption.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 01 12 00:17 ET
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Oil prices moved with high volatility but ended with little change yesterday as investors were torn between anticipation of a Greek debt deal and disappointing US data. WTI crude oil prices for March delivery soared to as high as 101.29 earlier in the day before slipping to 98.48 at close while the equivalent Brent crude contract jumped to a 3-week high of 113.9 before ending the day at 110.98. Gold climbed higher despite a stronger US dollar.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Jan 31 12 05:00 ET
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Commodity prices rebounded in tandem with stock markets today as Greek debt talks appeared to have made good progress and Japanese production data surprised to the upside. WTI crude oil prices rose for the first time in 4 days while Brent crude soared after the plunge yesterday. Although Saudi Arabia assured that it would cover the shortfall of Iranian oil, China's oil demand this year may contribute to price increases.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 30 12 23:21 ET
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Financial markets were a tad lower as the EU summit delivered no surprises to tackle the problems haunting the Eurozone. Wall Street dropped with DJIA and S&P 500 slipping -0.05% and -0.25% respectively. In the commodity sector, oil prices fell with the front-month contract for WTI crude oil dipping to a 3-day low of 98.43 before settling at 98.78, down -0.78%, while the equivalent Brent crude contract ending the day at 110.75, down -0.62%.
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