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Oil N' Gold Focus Reports
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Insights
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Written by Oil N' Gold |
Tue Mar 02 10 07:37 ET
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Crude oil continues trading sideways around 79 in European session. Firmness in USD and lack of upside surprises in economic data hinder investors from adding long positions in commodities today. Supply disruption caused by an earthquake in Chile might tighten oil fundamentals but the actual impact will likely be limited.
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Technical
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Written by Oil N' Gold |
Tue Mar 02 10 06:50 ET
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Intraday bias in gold remains neutral for the moment and focus is on 1131.5 resistance. Break there will indicate that rise from 1044.5 is resuming and will also strongly suggest that whole correction from 1227.5 is finished with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, however, below 1088.5 support will shift favors back to the case that another low below 1044.5 would be seen before correction from 1227.5 concludes.
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Technical
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Written by Oil N' Gold |
Tue Mar 02 10 06:49 ET
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With 4 hours MACD crossed below signal line, intraday bias in silver is turned neutral again. Outlook remains unchanged. While further rise cannot be ruled out, upside should be limited by 16.95 resistance to conclude the corrective rise form 14.65. Below 15.60 will flip intraday bias back to the downside for a retest of 14.65 low first. However, strong break of 16.95 resistance will indicate that fall from 18.925, as well as that from 19.50, has completed and will turn outlook bullish for retesting 18.925/19.50 resistance zone.
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Technical
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Written by Oil N' Gold |
Tue Mar 02 10 06:49 ET
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Crude oil's sharp retreat from 80.61 argues that rebound from 69.50 is not ready to resume yet and turned intraday bias neutral again. More sideway trading might be seen. But after all, outlook remains bullish as long as 77.05 support holds. Break of 80.61 will indicate rally resumption and should target 83.95 high next. However, note that below 77.05 support will argue that rebound from 69.50 is completed with a double top. 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 |
Tue Mar 02 10 06:48 ET
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Natural gas' decline resumed and dropped to as low as 4.667 so far. While further decline would still be seen, we'd continue to expect strong support at 100% projection of 6.108 to 5.06 from 5.68 at 4.632, which is close to 38.2% retracement of 2.409 to 61.08 at 4.695 to conclude the correction from 6.108 and bring strong rebound. Above 4.894 minor resistance will flip intraday bias back to the upside for 5.68 resistance. However, sustained trading below 4.632 projection level will dampen our view and turn focus to 4.157 support instead.
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Insights
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Written by Oil N' Gold |
Tue Mar 02 10 00:38 ET
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After gaining +9.3% in February, the front-month contract for WTI crude oil slid -1.2% on the first day of March amid USD's strength and disappointing China and US PMI data. The black gold surged to as high as 80.62 Monday before closing at 78.7. While stronger-than-expected personal spending boosted equities, it failed to support commodities.
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Insights
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Written by Oil N' Gold |
Mon Mar 01 10 07:35 ET
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Crude oil price remains strong in European session. Currently trading at 80.4, traders are increasing long positions in the black gold on strong US economic outlook and Iranian tension.
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Technical
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Written by Oil N' Gold |
Mon Mar 01 10 06:53 ET
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Intraday bias in gold remains neutral for the moment and focus is on 1131.5 resistance. Break there will indicate that rise from 1044.5 is resuming and will also strongly suggest that whole correction from 1227.5 is finished with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, however, below 1088.5 support will shift favors back to the case that another low below 1044.5 would be seen before correction from 1227.5 concludes.
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Technical
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Written by Oil N' Gold |
Mon Mar 01 10 06:53 ET
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Silver's rise from 15.60 extends further today and at this point, intraday bias remains on the upside. Nevertheless, note that we're still treating price actions from 14.65 as a correction to fall from 18.925 only. Hence, even in case of further rise, upside should be limited by 16.95 resistance and bring fall resumption. Below 15.60 will flip intraday bias back to the downside for a retest of 14.65 low first. However, strong break of 16.95 resistance will indicate that fall from 18.925, as well as that from 19.50, has completed and will turn outlook bullish for retesting 18.925/19.50 resistance zone.
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Technical
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Written by Oil N' Gold |
Mon Mar 01 10 06:52 ET
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Crude oil's break of 80.51 suggests that rise from 69.50 has resumed and intraday bias is on the upside for 83.95 high next. On the downside, however, below 77.05 support will argue that rebound from 69.50 is completed, possibly with bearish divergence conditions. In such case, focus will be shifted back to 69.50 support instead.
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Page 6 of 268 |
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