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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Jan 11 12 12:03 ET
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The DOE/EIA reported that total crude oil and petroleum products stocks increased +9.44 mmb to 1053.76 mmb in the week ended January 6. Crude stockpile added +4.96 mmb to 334.65 mmb as stocks in rose in 3 out of 5 PADDs. Cushing stock slipped -0.19 mmb to 29.11 mmb. Utilization rate increased +0.60% to 85.6%.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 11 12 04:16 ET
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Crude oil continues to be bounded in sideway trading from 103.74 and intraday bias remains neutral for the moment. After all, near term outlook will remain bullish as long as 98.30 minor support holds. We'd expect rise form 74.95 to resume sooner or later. Above 103.74 will target 114.83 key resistance next. Though, break of 98.30 will dampen this bullish view and turn bias back to the downside for 92.52 support instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 11 12 04:15 ET
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Natural gas's fall resumed after brief consolidation and reached as low as 2.870 so far. At this point, intraday bias remains on the downside and current fall should now target 161.8% projection of 3.987 to 3.285 from 3.689 at 2.568 next. On the upside, break of 3.045 will indicate that a short term bottom is likely formed and should bring stronger rebound back towards upper channel resistance (now at 3.33).
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 11 12 04:15 ET
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Silver's rebound from 26.145 resumed after brief consolidation and is now pressing 30.21 resistance as well as the near term falling channel line. Further rise will be expected as long as 28.55 minor support holds. Sustained treading above 30.21 and the channel resistance will confirm completion of fall from 35.70, after drawing support from 26.15. In that case, stronger rebound should be seen back towards this resistance. On the downside, though, below 28.55 will flip bias back to the downside and turn focus back to 26.145 support instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 11 12 04:14 ET
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Gold's rebound from 1523.9 resumed after brief consolidation and is now pressing 1643.7 support. Further rise is expected as long as 1605.7 minor support holds. Sustained trading above 1643.7 will confirm completion of fall from 1804.4. Also, this will be the first signal of completion of whole consolidation from 1923.7. In such cases, stronger rebound should be seen to 1804.4 resistance first. On the downside, though, below 1605.7 minor support will flip bias back to the downside with focus on 1523.9 low instead.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Jan 11 12 00:32 ET
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Market sentiment was bolstered amid speculations that China will step up its monetary easing policy, encouraging sales and guidance from Alcoa and stronger-than-expected US economic data. Wall Street climbed with DJIA and S&P 500 gaining +0.56% and +0.89% respectively. In the commodity sector, the front-month contract for WTI crude oil added +0.92% to settle at 102.24 while the equivalent Brent crude contract bounced +0.74% to end the day at 113.28. Oil prices were supported as the EU and Japan moved closer to embargoing Iranian oil and protests in Nigeria escalated.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Jan 10 12 07:07 ET
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Oil prices soared in European session amid news the US is prepared to force to stop Iran's nuclear development. Concerns over oil supply were exacerbated as Venezuela indicated that the OPEC should do nothing to offset the loss, if any, of oil output from the cartel member. China released its preliminary trade data for December. On the whole, import growth missed expectations as driven by earlier Chinese New year, slowdown in external demand which affected processing import growth and the sharp decline in commodity prices.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 09 12 22:59 ET
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Financial markets struggled as sovereign debt problems in the Eurozone returned to the centre stage. European bourses slid although Germany and France suggested that the fiscal compact may be completed by the end of January. Wall Street edged higher but the outlook was not too bullish. In the commodity sector, the front-month contract for WTI crude oil initially to slipped to 4-day low of 100.1 before recovering to 101.31 at close while the equivalent Brent crude contract settled at 112.45 after plunging to as low as 111.8. Both contracts recorded losses during the day.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 09 12 00:38 ET
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Financial markets eased a tad in Asian session on Monday. While the US data released last week contained pleasant surprises, sovereign debt problems in the Eurozone remained worrisome. As the US calendar will be light this week, the focus will once again be on Europe. German Chancellor Merkel and French President Sarkozy will have their first meeting in 2012 today, discussing about new policies about fiscal discipline negotiated in early December.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Jan 08 12 08:42 ET
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Gold rebounded further to as high as 1632.3 last week but lost some momentum ahead of 1643.7 resistance. Initial bias is neutral this week and some sideway trading would be seen. Focus remains on 1643.7. Break there will indicate fall from 1804.4 should be finished with bullish convergence condition in 4 hours MACD. Also, this will be the first signal of completion of whole consolidation from 1923.7. In such cases, stronger rebound should be seen to 1804.4 resistance first. On the downside though, below 1563.2 minor support will flip bias back to the downside for another low below 1523.9 instead.
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