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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 30 08 06:44 ET
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Practically no change in Gold's outlook. Consolidation from 684.6 is still in progress and continues to climb higher. While some more recovery cannot be ruled out, upside of the consolidation should be limited below 824.5 resistance and bring down trend resumption. Below 707 minor support will flip intraday bias back to the downside for retesting 684.60 low. Break will confirm recent decline has resumed for next target of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 30 08 06:39 ET
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Silver's rebound extends further to as high as 10.645 today. Break of 9.89 resistance as well as the trend line resistance indicates that a short term low is likely in place with bullish convergence conditions in 4 hours MACD and RSI. Further rally is now expected to 11.195 resistance first and bring will confirm this case and bring stronger rise towards 13.88. On the downside, however, below 9.450 will indicate that rebound from 8.4 has completed and will flip intraday bias back to the downside for this low.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Oct 29 08 06:37 ET
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Oil price rose today building on the rallies of US and Asian stock markets. Also, comments by OPEC member on another probable cut as well as IEA's forecast on annual production spurred buying. WTI crude oil for December delivery gained 2.7% in European morning to trade at 64.42. The benchmark contract traded at 66.71 the highest earlier. We believe the black gold's rebound from 61.3 is temporary as the main trend is still on the downside given world economy is yet to recover. $69/70 level should cap upside.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Oct 29 08 06:26 ET
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No change in Crude oil's outlook as consolidation continues. Further decline is still expected as long as 69.5 minor resistance holds, targeting 100% projection of 147.27 to 90.51 from 110.45 at 53.69. On the upside, considering mild bullish convergence condition in 4 hours MACD and RSI, above 69.15 will be the first alert that a short term bottom is formed. Further break of 84.83 will confirm this case and bring stronger rebound to retest trend line resistance at 93.78.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Oct 29 08 06:19 ET
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Natural ga's rebound from 5.99 extended further to as high as 6.62 today and break of 6.33 indicates that an intraday low is at least in place at 5.99. Outlook is turned neutral for the moment. Though, further fall is still in favor as long as 7.087 resistance remains intact. Below 5.99 again will indicate recent down trend has resumed. On the upside, however, considering mild bullish convergence condition in 4 hours MACD, break of 7.087 will indicate that a short term bottom is also in place and much stronger rebound should then be seen.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Oct 29 08 05:58 ET
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No change in Gold's outlook as consolidation from 684.6 is still in progress and is pressing mentioned 4 hours 55 EMA (now at 758.62). While some more recovery cannot be ruled out, upside of the consolidation should be limited below 824.5 resistance and bring down trend resumption. Below 707 minor support will flip intraday bias back to the downside for retesting 684.60 low. Break will confirm recent decline has resumed for next target of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Oct 29 08 05:56 ET
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Practically no change in Silver's outlook. Silver turned into sideway trading after hitting 8.48 medium term support. Though, intraday bias remains mildly on the downside as long as 9.295 minor resistance holds. Further fall could still be seen to 61.8% projection of 19.55 to 10.31 from 13.88 at 8.17. On the upside, though, above 9.295 will indicate that an intraday low is in place. Also, this will be the first alert that a short term bottom is formed. Stronger rebound should be seen in such case, break of 11.195 will confirm this case and bring rise towards 13.88 resistance.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Oct 28 08 06:31 ET
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Oil price's recent decline stabilized Tuesday and recovered by more than $2/bbl from 61.3. Rather that attributing to OPEC's production cut made on Oct 24, we believe the recovery was due to oversold condition after sharp selloffs these few days as well as advance in stock markets. Price was also supported by potential supply disruptions to the US from Mexico. Petroleos Mexicanos closed two of its oil export terminals in the Gulf of Mexico because of heavy rains and wind.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Oct 28 08 06:25 ET
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Crude oil continues to stay in tight range above 61.3 today. Outlook remains unchanged. intraday bias is still ont he downside as long as 69.5 minor resistance holds. Further fall should be seen to 100% projection of 147.27 to 90.51 from 110.45 at 53.69. On the upside, considering mild bullish convergence condition in 4 hours MACD and RSI, above 69.15 will be the first alert that a short term bottom formed. Further break of 84.83 will confirm this case and bring stronger rebound to retest trend line resistance at 93.78.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Oct 28 08 06:19 ET
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At this point, intraday of natural gas remains on the downside as long as 6.33 minor resistance holds. Further fall should be seen to 61.8% projection of 8.32 to 6.436 from 7.087 at 5.922 next. Break will target 5.192 medium term support. On the upside, above 6.6.33 will bring consolidation but short term outlook will remain bearish as long as 7.087 resistance remains intact.
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