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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 30 12 00:49 ET
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Financial markets retreated in Asia Monday as driven by disappointing US GDP and Fitch's downgrades of credit ratings of several Eurozone countries including Italy and Spain. The situation in Greece remained uncertain. The EU/IMF/ECB troika was unsatisfied with Greece's progress in budget reduction and warned that further funding might be withheld should the country fail to improve efficiency. A FT report stated that Germany required Greece to give up control over its fiscal decision.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Jan 28 12 15:33 ET
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Gold's rally from 1523.9 extended further as expected and reached as high as 1739.8. As noted before, whole correction from 1923.7 might be finished with three waves down to 1523.9 already. Initial bias remains on the upside 1804.4 resistance first. Break will confirm this bullish case and target 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 |
Sat Jan 28 12 15:32 ET
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Silver's rally continued as expected and reached as high as 33.96 last week. As noted before, whole decline from 35.60 is finished after drawing support from 26.15. Now that 33.74 resistance is broken, further rise should be seen to 35.60 key resistance next. On the downside, break of 31.525 support is needed to signal short term topping. Otherwise, we'll stay bullish even in case of retreat.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Jan 28 12 15:32 ET
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Crude oil struggled in tight range around 100 psychological level last week. 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 |
Sat Jan 28 12 15:31 ET
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Natural gas drew strong support from medium term falling channel and formed a short term bottom at 2.231 and rebounded. Further rise will remain mildly in favor initially this week, possibly to 55 days EMA at 3.074. But upside is expected 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. Below 2.512 minor support will flip bias back to the downside for retesting 2.231 low first.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Jan 28 12 10:49 ET
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The precious metal complex glittered last week as the Fed announced to keep interest rates at exceptionally low levels until late 2014 and indicated further monetary easing is possible. The statement and the press conference held by Chairman Ben Bernanke were dovish enough to push the US dollar lower, helping the metals to climb higher.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Jan 27 12 00:30 ET
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Oil traded with great volatility, soaring earlier in the day but most of the gains were then pared after a survey suggested that the embargo on Iran would have little impact on oil prices. The front-month contract for WTI crude oil ended the day almost flat at 99.74 while the equivalent Brent crude contract settled at 110.79, up +0.89% , after rising to as high as 111.89. |
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 26 12 08:30 ET
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Commodities remained strong ahead of US opening. Indeed, the easing pledge from the Fed has boosted speculations of higher commodity demand. This has helped temporarily alleviate ongoing concerns over the sovereign debt crisis in the Eurozone. Oil prices strengthened with the front-month contract for WTI crude oil rising to a 4-day high of 100.46 earlier in the day while the equivalent Brent crude contract also soared to 111.40, also the highest in 4 days.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 26 12 07:17 ET
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Gold's rally continues as expected and rises to as high as 1719.8 so far. Intraday bias remains on the upside for 1767.1 resistance next. As noted before, Whole fall from 1923.7 might be finished with three waves down to 1523.9 already. Break of 1767.1 will affirm this case and target 18044 and above. However, break of 1605.7 will dampen this bullish view and flip bias back to the downside for another low below 1523.9 instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 26 12 07:17 ET
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Silver's rally extends further as expected and reaches as high as 33.59 so far. Intraday bias remains on the upside. As note before, whole decline from 35.60 is finished after drawing support from 26.15. Current rise should target 33.74 next and break will put 35.60 key resistance in to focus. On the downside, below 31.525 support is needed to indicate completion of such rebound or near term outlook will now remain cautiously bullish.
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