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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Jan 18 12 10:48 ET
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Gold prices increased +28% to an annual average of $1572 in 2011 with investment demand being the key driver of gains. In the meantime, the robust jewelry sector, the surge in official sector buying and the retrained scrap supply also contributed to the price strength. Jewelry demand slid only -2% in 2011 despite the price spike. Demand was strong in India and China amid bullish gold price expectation and robust GDP growth in the 2 countries.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 18 12 02:49 ET
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The break of 1662.9 resistance suggests that rebound from 1523.9 has resumed and intraday bias is back on the upside. As noted before, fall from 1804.4 should have completed at 1523.9 already. The correction from 1923.7 high might be finished too. Further rise is now in favor to 1767.1 resistance first. break will affirm this case and target 1804.4 and above. Though, below 1605.7 support 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 |
Wed Jan 18 12 02:48 ET
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Intraday bias in Silver remains neutral as consolidation from 30.675 continues. Another fall cannot be ruled out but after all, with 28.55 support intact, rebound from 26.145 is expected to continue. As noted before, whole fall from 35.60 is already completed at 26.145 after drawing support from 26.15. Above 30.675 will bring another rise to 33.74 resistance first. Though, below 28.55 will dampen this bullish view and turn focus back to 26.145/150 support zone.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 18 12 02:48 ET
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Crude oil's recovery from 97.70 is still in progress and further rise might be seen. Near term outlook remains neutral as consolidation from 103.74, or even that from 103.37 are still in progress. Another decline cannot be ruled out. But after all, as long as 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74) holds, we'd still expect rebound fro 74.59 to continue. Above 103.74 will target a test on 114.83 key resistance. However, break of 92.52 will indicate that rise from 74.95 has likely completed and deeper decline could then be seen through 61.8% retracement at 85.95.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 18 12 02:47 ET
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Natural gas drops further to as low as 2.439 so far and intraday bias remains on the downside for 2.409 key support. At this point we'd still expect strong support from there to bring rebound. A break of 2.584 minor resistance will flip bias back to the upside for 4 hours 55 EMA (now at 2.732) first. Break of 3.12 resistance should confirm short term bottoming. However, before that, near term outlook will remain bearish and break of 2.49 will target 200% projection of 3.987 to 3.285 from 3.689 at 2.303.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Jan 18 12 00:09 ET
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Oil prices staged a strong rebound yesterday amid better-than-expected economic data from China, the US and Germany. Also sending prices higher were escalated tensions in Iran. The front-month contract for WTI crude oil soared to 101.01 before settling at 100.71, up +2.04%, while the equivalent Brent crude contract initially climbed to a 3-day high of 112.78 before ending the day at 111.53, up +0.17%. The BOC left the overnight rate unchanged at 1% but forecasting global economy would grow at a more modest pace
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Jan 17 12 02:12 ET
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With 1605.7 support intact, gold's rise from 1523.9 is expected to continue. As noted before, fall from 1804.4 should be finished at 1523.9 already. Above 1662.9 will target a test on 1804.4 next. Though, 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 |
Tue Jan 17 12 02:11 ET
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With 28.55 support intact, rebound from 26.145 is expected to continue. As noted before, whole fall from 35.60 is already completed at 26.145 after drawing support from 26.15. Above 30.675 will bring another rise to 33.74 resistance first. Though, below 28.55 will dampen this bullish view and turn focus back to 26.145/150 support zone.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Jan 17 12 02:11 ET
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Crude oil recovers after dipping to 97.70 and is back above 100 psychological level. Note that near term outlook remains neutral first as consolidation from 103.74, or even that from 103.37 are still in progress. Another decline cannot be ruled out. But after all, as long as 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74) holds, we'd still expect rebound fro 74.59 to continue. Above 103.74 will target a test on 114.83 key resistance. However, break of 92.52 will indicate that rise from 74.95 has likely completed and deeper decline could then be seen through 61.8% retracement at 85.95.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Jan 17 12 02:10 ET
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Natural gas's decline is still in progress and met mentioned target of 161.8% projection of 3.987 to 3.285 from 3.689 at 2.568 already. While downside momentum is diminishing with 4 hours MACD crossed above signal line, there is no sign of bottoming yet. Further fall is still expected towards 2.409 low. At this point, we'd still expect strong support above 2.409 to finish the medium term fall and bring reversal. On the upside, above 2.711 minor resistance will flip bias back to the upside for recovery. Also, note that break of 3.120 resistance will indicate short term reversal and should bring stronger rebound.
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