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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 21 10 01:05 ET
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Gold continued to climb further last week but momentum was clearly diminishing, as seen in 4 hours MACD. No change in our view that rebound from 1155.6 is merely a correction to fall from 1266.5. Hence, even though another rise cannot be ruled out, we'll continue to focus on reversal signal inside 1224.1/1266.5 resistance zone. sustained trading below 4 hours 55 EMA (now at 1220.1) will be an important signal of topping and will turn bias back to the downside for 1192 support for confirmation. Break will target another low below 1155.6.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 21 10 01:04 ET
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Silver attempted to break through 18.70 resistance last week but failed and dropped sharply towards the end of the week. After all, silver is still bounded inside recent converging range. Price actions would remain choppy before a break of 17.325 support or 19.48 resistance. On the downside, break of 17.325 will affirm the case that whole rise from 16.65 is completed and will target medium term trend line (now at 16 level). On the upside, break of 19.48 will suggest that silver will make another high above 19.845 before topping.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 21 10 01:03 ET
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Crude oil's decline from 82.97 extended further as expected last week and continued to sustain below the short term rising trend line. Initial bias remains on the downside this week for 71.09 support next. As discussed before, whole rebound from 64.23 should be finished at 82.97 already. Break of 71.09 will confirm this case and target another low below 64.23. On the upside, above 76.63 resistance will suggest that a short term bottom is in place, possibly with bullish convergence condition in 4 hours MACD. Stronger recovery would be seen in this case. But after all, risk will now remain on the downside as long as 82.97 resistance holds.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 21 10 01:03 ET
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Natural gas's fall from 5.007 extended further last week and the break of 4.288 support confirms that whole decline from 5.196 has resumed. Initial bias remains on the downside this week and deeper fall should be seen towards 3.81 key support level. On the upside, above 4.375 will turn intraday bias neutral and bring recovery. But after all, another fall will remain in favor as long as 5.007 resistance holds.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Aug 20 10 08:03 ET
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Decline in crude oil price accelerated in European session after ECB council member Axel Weber signaled that the central bank will need to provide liquidity to banks through the end of the year. The duration may have exceeded some market participants had anticipated and fuels worries about the Eurozone's outlook. The single currency plunged to a 5-week low of 1.27 against the dollar. The front-month contract for WTI crude oil slumped to as low as 73.24 amid demand concerns. Relative strength in USD also lowered demand for commodities. Currently trading at 1231, the benchmark contract for gold pulls back after soaring to a 7-week high of1239.5 yesterday.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Aug 20 10 00:28 ET
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Ugly initial jobless claims and Philly Fed survey ruined sentiment which had improved modestly after encouraging UK data. Commodities, stocks and other risky assets tumbled while USD, JPY and the treasury soared in the NY session. Gold, recently regained its safe-haven appeal, rallied to a 7-week high as global economic uncertainty increased. WTI crude oil plummeted after rebounding to 76.1 in European session and eventually settled at 74.43, down -1.31%. Gold price, on the contrary, extended rally for a 6th day to a 7-week high of 1239.5 before settling at 1235.4, up +0.32%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Aug 19 10 07:53 ET
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Crude oil rebounds after the Bundesbank raised it forecasts on Germany’s economic growth. European bourses also open higher following the upgrade and stronger-than-expected retail sales in the UK. The dollar strengthens against the euro and the yen amid Greece concerns and intervention talks. Gold remains firm, trading at around 1230. Renewed worries over Greece’s financial system may lift price higher.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 19 10 07:39 ET
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Gold rises again again brief retreat. Whole rebound from 1155.6 might still extend further. But after all, we'd maintain our view that such rebound is merely a correction in the larger decline from 1266.5. Hence, we'd focus on reversal signal as gold is now in 1224.1/1266.5 resistance zone. On the downside, break of 1192 will suggest that rebound from 1155.6 is completed and will flip bias back to the downside to resume the fall from 1266.5.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 19 10 07:39 ET
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Outlook in silver remains unchanged as consolidation continues inside converging range. Stronger rise could be seen for upper trend line resistance (now at 18.90). Sustained break there will argue that recent consolidation has finished and turn focus to 19.48 resistance for more evidence. On the downside, though, below 17.795 will turn focus back to 17.08 support instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 19 10 07:38 ET
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Despite dipping to as low as 73.83, downside momentum in crude oil continues to diminish. Nevertheless, intraday bias remains mildly on the downside with 76.63 minor resistance intact. Current fall from 82.97 is still expected to continue to 71.09 support first. Break there will confirm that whole rebound from 64.23 has finished at 82.97 already and will bring deeper fall to retest this low. On the upside, above 76.63 will bring stronger recovery. But still, we'd expect upside to be limited well below 82.97 and bring another fall.
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