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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 26 12 07:16 ET
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With 102.06 minor resistance intact, pull back from 103.74 might continue further, towards 100% projection of 103.74 to 97.70 from 102.06 at 96.02 and below. However, 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 |
Thu Jan 26 12 07:15 ET
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The strong break of 2.584 resistance indicates that a short term bottom is formed at 2.231. Intraday bias is mildly on the upside for further rebound, possibly towards 55 days EMA (now at 3.092). But after all, 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 fall resumption. Below 2.594 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 |
Thu Jan 26 12 01:03 ET
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After a dip to 1649.2, gold rebounded sharply and settled at 1700.1, up +2.17%. The consecutive weekly gains over the past week suggest that the correction from 1923.7 in early September has probably ended at 1523.9 in December. A deliberate break above 1750 would give more evidence on the resumption, and likely the last leg, of the long-term uptrend. Gold's surge yesterday and the strength today have been driven by the dovish January FOMC statement.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Jan 21 12 12:44 ET
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Gold's upside momentum as a bit unconvincing as it spent last week struggling around 1650 level. Nonetheless, with 1605.7 support intact, the near term bullish outlook remains unchanged. That is , fall from 1804.4 should have completed at 1523.9 already. Whole fall from 1923.7 might be finished too. Further rise is expected to 1767.1 resistance. Break 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 |
Sat Jan 21 12 12:43 ET
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Silver rose further to as high as 32.21 last week as rebounded from 26.145 extended. Initial bias remains on the upside this week for further rally. 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 30.28 is needed to indicate completion of such rebound or near term outlook will now remain cautiously bullish.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Jan 21 12 12:43 ET
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Crude oil's recovery attempt was limited at 102.06 last week and weakened sharply since then. As noted before, consolidation pattern from 103.37 or 103.74 is still in progress. Initial bias is on the downside this week and break of 97.70 will target 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 21 12 12:42 ET
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Natural gas dropped further to as low as 2.283 last week and the strong break of 2.409 support confirms long term down trend resumption. Mentioned 200% projection of 3.987 to 3.285 from 3.689 at 2.303 was already met but there is no clear sign of bottoming yet. Further decline would be seen this week towards medium term projection level at 2.130 next. . On the upside, break of 2.584 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish even in case of recovery.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Jan 21 12 02:54 ET
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The IMF and the World Bank cut forecasts of global economic growth for this year and 2013 as the sovereign debt crisis in the Eurozone would have negative impacts across the board. The IMF forecasts that GDP will grow by +3.3% in 2012 and then by +4.0% in 2013. The estimates were down from previous projections of +3.3% and +4.5% respectively. Growth in the US will reach +1.8% this year, unchanged from the previous forecast, and +2.2% in 2013, down from +2.5% in previous projection. Eurozone GDP estimates revised down to -0.5% in 2012 and +0.8% in 2013.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Jan 20 12 00:12 ET
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Worries over the sovereign debt crisis in the Eurozone eased temporarily after the successful Spanish auction. Reports also showed that Ireland has passed its latest IMF/EU assessment. In Greece, there have been speculations that a PSI resolution would be reached soon. Market sentiment was also lifted by better-than-expected US jobless claims. Wall Street climbed higher with DJIA and S&P 500 gaining +0.37% and +0.49% respectively. In the commodity sector, oil slipped as US fuel demand reportedly dropped last week. Moreover, it appeared that the EU has not yet reached agreement on the Iran embargo.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 19 12 00:01 ET
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Oil prices had a volatile day on Wednesday, initially climbing higher but gains were than erased amid a report that the Keystone XL pipeline proposal was rejected by the government. The IEA's latest forecasts indicated a fall in oil demand in 2012. The front-month contract for WTI crude oil ended the day at 100.59, down -0.12%, while the equivalent Brent crude contract plunged -0.78% to settle at 110.66. On the macro front, the World Bank lower its global growth forecast to +2.5% for 2012, down from +3.6% projected 6 months ago.
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