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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Jan 17 12 00:44 ET
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Financial markets traded quietly yesterday as US market was closed on Martin Luther King holiday. In the Eurozone, S&P has also downgraded the rating of EFSF by one notch to AA+ after downgrades of a number of Eurozone countries last week. Yet, the reduction of the rating of the EFSF was probably anticipated as Germany's Chancellor stated over the weekend that she was of the opinion that the EFSF necessarily has to be AAA ... AA+ is also not a bad rating'.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 16 12 00:28 ET
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Financial markets plummeted on Asian session Monday as massive downgrades of European credit ratings triggered selloff. S&P's downgrade of Italy's rating was particularly dramatic and the ECB pledged to do whatever it could to calm the market. The MSCI Asia Pacific Index slumped more than -1%. Last Friday, Wall Street lost with DJIA and S&P 500 falling -0.39% and -0.495 respectively. In the commodity sector, oil prices stabilized after the decline last week while gold recovered after prices slipped in tandem with the broad-based selloff on Friday.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Jan 15 12 09:35 ET
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Gold rose to 1662.9 last week but faced strong resistance from 55 days EMA and retreated. Initial bias is neutral this week for some consolidations. Though, note that prior break of 1643.7 resistance indicates completion of fall from 1804.4. Hence, as long as 1605.7 minor support holds, we'd continue to favor another rise. 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 |
Sun Jan 15 12 09:33 ET
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Silver edged higher to 30.675 last week before forming a temporary top there and retreated. Initial bias in neutral this week for some consolidations. Note that the break of 30.21 resistance indicate that whole fall fro m35.60 is already completed at 26.145 after drawing support from 26.15. Hence, as long as 28.55 minor support holds, we'd continue to favor further rally. Above 30.675 should target 33.74 resistance next. 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 |
Sun Jan 15 12 09:32 ET
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Crude oil's choppy fall from 103.74 continued last week and broke 98.30 minor support. Initial bias is mildly on the downside this week for 92.52 cluster support (38.2% retracement of 74.95 to 103.74 at 92.74). As long as this cluster support 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 |
Sun Jan 15 12 09:32 ET
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Natural gas' down trend continued last week and dived to as low as 2.621. Initial bias remains on the downside this week for mentioned 161.8% projection of 3.987 to 3.285 from 3.689 at 2.568. Break will put key support level at 2.409 into focus. At this point, we'd still expect strong support above 2.409 to finish the medium term fall and bring reversal. Though, break of 2.936 support turned resistance is needed to be the first signal of short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Jan 14 12 02:56 ET
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Geopolitical tensions have been directing the movement of oil prices since the start of the year. Sanctions against Iran in condemnation of its nuclear developments had sent oil prices higher. The US has imposed sanctions against Iran's central bank and it's highly likely that Japan and South Korea will reduce their imports of Iranian oil. The EU has in principle agreed ton an embargo on oil imports. However, an EU embargo on Iranian oil imports will likely be delayed for 6 months so that countries including Greece, Italy and Spain can find alternative supplies.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 12 12 23:58 ET
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Gains in oil prices were, however, reversed by the EU's delay of an embargo on Iran. The front-month contract for WTI crude oil initially rose to as high as 102.98 before plummeting to a 2-week low of 98.5 and settling at 99.1, down -1.75%. The equivalent Brent crude contract initially soared to 115.12, the highest level since November 9 before diving to as low as 110.31 and ending the day at 111.26, down -1.06%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 12 12 07:29 ET
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Financial markets climbed in European session after the success of the Spanish bond auction. Market sentiment was also lifted after data showed that Chinese inflation eased further in December. Moderation in general price level should pave the way for growth-stimulating accommodative measures. As the US strived to tighten sanctions on Iran, it won support from Japan while China rejected to limit oil import from the country.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 12 12 00:00 ET
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While awaiting the first ECB meeting of 2012, investors moved cautiously on Wednesday. The market was in a modestly risk-off tone amid concern over a downgrade of French credit rating and talks over the Greek PSI. The latest Fed Beige Book indicated economic activity in the US expanded at a 'modest to moderate pace' from late November to late December. As shown in the Beige Book prepared by the San Francisco Fed, 7 districts recorded 'modest' while 2 reported 'moderate' growth late November to late December.
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