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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 30 10 23:58 ET
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Investors turned risk averse again after the US data showed that personal income grew less than expected. Moreover, the market was disappointed as President Obama’s speech in the Rose Garden yesterday failed to outline concrete measures to boost the recovery. Wall Street opened lowered and continued heading south throughout the day with DJIA and S&P 500 losing -1.39% and -1.47% respectively. For the commodity complex, crude oil dropped, for the first time in 4 day, after climbing to 75.58, the highest level in more than a week, amid worries over demand outlook. Gold price traded sideways with price settling 1239.2, up +0.11%.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 30 10 07:13 ET
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Gold's rebound from 1155.6 is possibly still in progress and another rise cannot be ruled out. But after all, upside momentum is clearly diminishing as seen in 4 hours MACD. We'd expect strong resistance ahead of 1266.5 high to conclude the rebound from 1155.6 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 |
Mon Aug 30 10 07:12 ET
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With a temporary top in place at 19.34, intraday bias in silver remains neutral and some consolidations could be seen first. Deeper retreat could be seen to 4 hours 55 EMA (now at 18.62. But 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 |
Mon Aug 30 10 07:11 ET
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As discussed before, a short term bottom is in place in crude oil at 70.76 and more consolidations could be seen above there in near term. 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 |
Mon Aug 30 10 07:11 ET
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Intraday bias in natural gas remains on the downside with 3.86 minor resistance intact. Current decline is expected to continue further towards 161.8% projection of 5.196 to 4.288 from 4.007 at 3.538 first. On the upside, above 3.86 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 4.288 resistance and bring another fall.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 30 10 07:06 ET
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Currently trading at 74.8, WTI crude oil falls in European session after price edged higher to 75.58. The 3-day rally last week triggered profit-taking while strength in USD also weakened demand for commodities. Gold continues trading sideways around 1240. Recovery in market sentiment has lowered demand for gold over the past few days. Yet, the market remains bullish towards the metal in the long-term.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sun Aug 29 10 23:24 ET
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Crude oil changes little in Asia Monday after last Friday’s rally. The front-month WTI contract trades narrowly around 75.5 as the market digests the dramatic price action in the prior week. Strength in stock markets continues to support oil prices. In Japan, the Nikkei 225 Stock Average jumped +3.05% to 9265.4 as the BOJ called for an emergency meeting today. The MSCI Asia Pacific Index added more than +1%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Aug 28 10 11:56 ET
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US’ economic data and Bernanke’s speech boosted market confidence and reversed the commodity sector. With the exception of natural gas and nickel, price returns for commodities were positive last week. However, as current economic outlook remains weak and upcoming indicators have high chances of downside surprises, we are wary that the late-week rally may be short-lived.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 28 10 02:34 ET
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Gold's retreat was contained at 1211.7 and recent rebound from 1155.6 resumed by climbing to as high as 1246 last week. In spite of the further rally, upside momentum is clearly diminishing, as seen in bearish divergence condition in 4 hours MACD. We'd continue to expect strong resistance ahead of 1266.5 high to conclude the rebound from 1155.6 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 |
Sat Aug 28 10 02:34 ET
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Silver jumped to as high as 19.34 last week and the break of the upper rising trend line resistance argues that recent consolidation from 19.845 is finished already. Though, some resistance was seen ahead of 19.48 and with 4 hours MACD crossed below signal line, a temporary top should be formed. Initial bias is neutral this week and we might seen some retreat to 4 hours 55 EMA first. Though, 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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