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Oil N' Gold Focus Reports
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Technical
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Written by Oil N' Gold |
Sat Mar 06 10 16:48 ET
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Natural gas dropped further to as low as 4.54 last week and remains weak. Fall from 6.108 is still underway and initial bias remains on the downside this week for 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 |
Sat Mar 06 10 11:04 ET
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Movement in commodity prices was directed by macroeconomic development last week. Overall, investors have turned more confident about recovery in the US and less concerned about sovereign crisis in Greece.
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Written by Oil N' Gold |
Fri Mar 05 10 08:01 ET
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Despite narrow trading, crude oil manages to stay above 80 in European session. Others in the energy complex also make little change from yesterday's close. Trading is thin as the market awaits US' employment report.
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Technical
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Written by Oil N' Gold |
Fri Mar 05 10 07:33 ET
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Intraday bias in gold remains neutral for the moment and retreat from 1145.8 might continue towards 4 hours 55 EMA (now at 1122.3). Nevertheless, rise from 1044.5 is still expected to continue as long as 1088.5 support holds. As noted before, current development suggests that whole correction from 1227.5 has completed with three waves down to 1044.5 already. Focus is now on 1163 resistance for confirmation and break will bring retest of 1227.5 high next.
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Technical
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Written by Oil N' Gold |
Fri Mar 05 10 07:32 ET
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With 4 hours MACD dropped below signal line, intraday bias in silver is turned neutral and some retreat might be seen. Nevertheless, as noted before, hole decline from 18.925 might have completed with three waves down to 14.65 already. Further rise is still in favor to 100% projection of 14.65 to 16.56 from 15.61 at 17.525 next and break will target 161.8% projection at 18.708. On the downside, break of 15.61 support is needed to indicate that rise from 14.65 is finished. Otherwise, we'd expect more rally for a retest of 18.925/19.50 resistance zone eventually.
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Technical
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Written by Oil N' Gold |
Fri Mar 05 10 07:32 ET
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While upside momentum in crude oil remains a bit unconvincing, further rise is still in favor as long as 77.05 support holds. Current rise from 69.50 might continue for a retest on 83.95 high next. On the downside, though, break of 77.05 will argue that rebound from 69.50 is completed. In such case, focus will be shifted back to 69.50 support instead.
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Technical
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Written by Oil N' Gold |
Fri Mar 05 10 07:31 ET
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Natural gas' decline extended further to as low as 4.54 and the break of 100% projection of 6.108 to 5.06 from 5.68 at 4.632 indicates that deeper decline is underway. Intraday bias will remain on the downside as long as 4.79 minor resistance holds and further fall could be seen to 4.157 support. 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 |
Fri Mar 05 10 00:02 ET
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Crude oil price, which has been macro-driven recently, plunged Thursday as US data showed mixed economic development. Although price had briefly broken below 80 (intra-day low 79.7), the front-month contract managed to close 80.21, down -0.8%. Gold also plunged, in tandem with other commodities, as USD strengthened.
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Technical
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Written by Oil N' Gold |
Thu Mar 04 10 06:45 ET
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Gold retreats mildly after rising to 1145.8 and with 4 hours MACD crossed below signal line, some consolidations could probably be seen first. Nevertheless, rise from 1044.5 is still expected to continue as long as 1088.5 support holds. As noted before, current development suggests that whole correction from 1227.5 has completed with three waves down to 1044.5 already. Focus is now on 1163 resistance for confirmation and break will bring retest of 1227.5 high next.
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Technical
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Written by Oil N' Gold |
Thu Mar 04 10 06:44 ET
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At this point, intraday bias in Silver remains on the upside and further rise should be seen to 100% projection of 14.65 to 16.56 from 15.61 at 17.525 next. As noted before, whole decline from 18.925 might have completed with three waves down to 14.65 already. ABove 17.525 will set the stage for stronger rally towards 161.8% projection at 18.708. On the downside, below 16.88 minor support will turn intraday bias neutral and bring retreat. But break of 15.61 support is needed to indicate that rise from 14.65 is finished. Otherwise, we'd expect more rally for a retest of 18.925/19.50 resistance zone eventually.
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Page 5 of 269 |
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