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Written by Oil N' Gold |
Mon Mar 08 10 23:45 ET
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Crude oil rallied to an 8-week high of 82.41 earlier on the day as USD weakened and concerns over Greek debt crisis eased. However, price then pared gains as the dollar rebounded and China implemented further measures to curb lending. The front-month contract for WTI crude oil ended the day at 81.87, +0.45%.
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Technical
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Written by Oil N' Gold |
Mon Mar 08 10 16:10 ET
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Gold's pullback fro 1145.8 continues today and dropped further to as low as 1118.5 so far. Intraday bias is mildly on the downside for the moment and deeper fall might be seen. But still, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1138 minor resistance will flip intraday bias back to the upside. Further break of 1145.8 will bring rally resumption to 1163 resistance next. Also, note that whole correction from 1227.5 might have completed with three waves down to 1044.5 already. Break of 1163 will confirm this case and bring retest of 1227.5 high.
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Technical
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Written by Oil N' Gold |
Mon Mar 08 10 16:09 ET
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Silver edged higher to 17.53 earlier today but failed to sustain above 100% projection of 14.65 to 16.56 from 15.61 at 17.525 and retreated. With 4 hours MACD staying below signal line, intraday bias is turned neutral. Nevertheless, note that rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.525 will target 161.8% projection at 18.708. However, note that break of 15.61 will indicate that rise from 14.65 has completed. THe three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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Technical
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Written by Oil N' Gold |
Mon Mar 08 10 16:09 ET
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Crude oil edged higher to 82.41 earlier today but again, upside momentum remains quite unconvincing. Nevertheless, further rise is still in favor as long as 79.75 minor support holds, towards 83.95 high. However, break of 79.75 will argue that a short term top is already formed and should bring deeper pull back.
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Technical
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Written by Oil N' Gold |
Mon Mar 08 10 16:08 ET
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Short term outlook in natural gas remains bearish for the moment and the current decline from 6.108 might still extend further towards 4.157 key support level. On the upside, above 4.79 will turn intraday bias neutral and bring recovery. But break of 5.06 support turned resistance is needed to be the first signal to indicate that natural gas has bottomed. Otherwise, short term risk will remain on the downside.
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Insights
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Written by Oil N' Gold |
Mon Mar 08 10 08:04 ET
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The benchmark contract for platinum rallies +1.7% to 1606, the highest level in 6 weeks, while that for palladium makes a 2-year high at 481.95. Recovery in auto market continues to drive PGM investments.
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Insights
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Written by Oil N' Gold |
Mon Mar 08 10 01:05 ET
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Crude oil extends gains to 82 in Asian session today as upbeat macroeconomic prospects triggered speculations for strong energy demand. Currently trading at 81.95, the front-month contract for WTI crude oil rise has risen for 3 out of 4 weeks. Gold changes in little although the dollar weakens against the euro and commodity currencies.
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Technical
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Written by Oil N' Gold |
Sat Mar 06 10 16:50 ET
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Gold rose further to as high as 1145.8 last week but turned sideway since then. Initial bias is neutral this week and some more consolidations could be seen. But after all, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1145.8 will target 1163 resistance next. Also, note that whole correction from 1227.5 might have completed with three waves down to 1044.5 already. Break of 1163 will confirm this case and bring retest of 1227.5 high.
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Technical
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Written by Oil N' Gold |
Sat Mar 06 10 16:49 ET
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Silver's rebound from 14.65 extended further to as low as 17.515 last week, just inch below mentioned 100% projection of 14.65 to 16.56 from 15.61 at 17.525. Initial bias remains on the upside this week and further rise is still in favor. The strong break of 16.765 resistance last week argued that whole fall from 19.50 has completed with three waves down to 14.65 already. Further rise could now be seen towards 161.8% projection at 18.708. On the downside, below 17.055 minor support will turn intraday bias neutral and bring consolidations. But rise from 14.65 is still in favor to continue as long as 15.61 support holds.
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Technical
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Written by Oil N' Gold |
Sat Mar 06 10 16:49 ET
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Crude oil's rise from 69.50 extended further last week and managed to close above 80 level. Upside moment is still not too convincing yet. But after all, further rally is still expected as long as 77.05 support holds. Current rally is in favor to continue for a retest on 83.95 high next. On the downside, though, break of 77.05 support will indicate that rise from 69.05 is finished and will flip intraday bias back to the downside for this support.
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Page 4 of 269 |
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