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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 25 10 11:21 ET
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Total crude oil and petroleum products stocks surged +8.92 mmb to 1139.31 mmb in the week ended August 20. This is the biggest increase in 4 weeks. Crude oil inventory rose for the first time in 4 weeks, by +4.11 mmb, to 358.28 mmb and was mainly driven by the build in the Gulf Coast. Although Cushing stock dropped -0.78 mmb, to 36.26 mmb, it fails to provide any boost to the sentiment. Utilization rate slipped to 87.7%, the lowest level since May 28.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 25 10 07:13 ET
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Gold's fall from 1239.5 was contained at 1211.7 and rebounded strongly since then. The break of 1239.5 indicates that whole rise from 1155.6 is still in progress and would probably extend further towards 1266.5 high. However, there is no change in our view that such rise is merely part of the whole medium term consolidation pattern that started at 1266.5. Hence, we'll continue to look for reversal signal. On the downside, break of 1211.7 support will now indicate that rise from 1155.6 is finished and turn bias back to the downside for 1155.6 and below.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 25 10 07:12 ET
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Despite dipping to 17.735, silver staged a strong rebound and is back trading above 18.6 level. After all, it's still bounded inside recent converging range and outlook remains mixed. Price actions would remain choppy before a break of 17.325 support or 19.48 resistance. On the downside, break of 17.325 will affirm the case that whole rise from 16.65 is completed and will target medium term trend line (now at 16 level). On the upside, break of 19.48 will suggest that silver will make another high above 19.845 before topping.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 25 10 07:11 ET
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Crude oil's from 82.97 is still in progress and reaches as low as 71.32 so far. Intraday bias remains on the downside and further decline should be seen. As noted 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. On the upside, above 74.48 minor resistance will turn intraday bias neutral and bring consolidations before staging another fall.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 25 10 07:11 ET
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Natural gas is losing some downside momentum for the moment but still, intraday bias remains on the downside for further fall. Current decline from 5.007 is part of the whole fall from 5.196 and should target a test on 3.81 support next. On the upside, above 4.184 minor resistance will turn intraday bias back to the upside for recovery.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 25 10 05:20 ET
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Commodities rebound as some market participants find recent selloffs offer opportunities for bargain-hunting. The front-month contract for WTI crude oil price recovers to 72 after plunging to as low as 71.32 yesterday. Prices for heating oil and gasoline also climb higher. Copper price rebounds from a 1-month low while gold extends strength to above 1240, the highest level since July 1. While we expect prolonged global economic uncertainty and resurface of sovereign crisis woes in peripheral European economies should support gold’s rally, the energy and base metal complex may undergo further pressure in coming months as economic conditions deteriorate further.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 25 10 00:25 ET
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The broad-based selloff yesterday began in Asia yesterday and accelerated in European and US sessions as economic data released was disappointing and policymakers’ comments about outlook were bearish. Wall Street tumbled with DJIA and S&P 500 Indices plunging -1.32% and -1.45% respectively. Treasuries rallied, sending yields to new lows. In the commodity sector, crude oil and base metals slumped with the front-month WTI contract sliding -2.44% to close at 71.63 and the LME metal index, a normalized average of future prices for the 6 metals (Aluminum, Copper, Nickel, Zinc, Tin and Lead) over 3 maturities, losing -1.56% to 3250.5. Precious metals initially declined but then pared losses and ended with modest gains amid safe-haven demand.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Aug 24 10 07:34 ET
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Commodity prices decline across the board as fears about global economic slowdown prompt selling. Decline in crude oil accelerates as driven by weakness in stock markets. The front-month WTI contract plummeted to as low as 72.02 amid speculations of weak US housing data and huge oil supplies. Gold also weakens and the benchmark contract drops below 1220. Despite the pullback, we remain bullish towards gold’s long-term outlook as high deficits, low bond yields and loss of confidence towards fiat currencies should drive investors to the yellow metal.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 24 10 07:00 ET
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Gold's break of near term rising trend line as well as the 4 hours 55 EMA suggests that recovery from 1155.6 has completed with three waves up to 1239.5. Intraday bias is flipped back to the downside and further fall should be seen to 1192 support next. Break will confirm this bearish view and target a test on 1155.6. On the upside, above 1239.5 will bring another rise but we'll continue to focus on reversal sign even in such case.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 24 10 06:59 ET
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Near term outlook in silver remains mixed as it's still bounded inside recent converging range. Price actions would remain choppy before a break of 17.325 support or 19.48 resistance. On the downside, break of 17.325 will affirm the case that whole rise from 16.65 is completed and will target medium term trend line (now at 16 level). On the upside, break of 19.48 will suggest that silver will make another high above 19.845 before topping.
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