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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Jan 08 12 08:41 ET
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Silver's rebound from 26.145 short term bottom continued last week to as high as 29.74 but lost momentum since then and turned sideway. Initial bias is neutral this week with focus on 30.21 resistance. Break there will confirm the choppy fall from 35.70 has finished after drawing support from 26.15, on bullish convergence condition in 4 hours MACD. In such case, stronger rebound should be seen back towards 35.70 resistance. Though, note again that sustained break of 26.15 will target next key fibonacci level at 24.22.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Jan 08 12 08:40 ET
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Crude oil rose further to as high as 103.74 last week but failed to sustain above 103.37 resistance and retreated. Initial bias remains neutral this week for some consolidations first. Nonetheless, 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 |
Sun Jan 08 12 08:40 ET
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After dipping to 2.936 last week, Natural gas turned sideway to consolidate recent decline. Initial bias remains neutral this week for some more consolidative trading. But near term outlook will remain bearish with 3.201 resistance intact. Recent fall is expected to resume sooner or later and below 2.936 will target 161.8% projection of 3.987 to 3.285 from 3.689 at 2.568 next. However, considering bullish convergence condition in 4 hours MACD, break of 3.201 will indicate short term bottoming and bring stronger rebound back towards near term falling trend line resistances (now at 3.58).
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Jan 07 12 09:57 ET
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Financial markets began the New Year with a positive note. While the sovereign debt crisis in the Eurozone remained worrisome, market sentiment was buoyant by improvement in the US. The dataflow in the US contained some pleasant surprises with the most eye-catching one being the employment report for December. The number of non-farm positions increased +200K in December, up from a downwardly revised 100K gain a month ago. The market had anticipated an addition of just +150K in December. The rise in payrolls lowered the jobless rate to 8.5% from 8.7% in November.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Jan 06 12 01:06 ET
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Oil prices fluctuated Thursday, driven by confirmation of European sanctions on Iran, renewed concerns over sovereign debt crisis in the Eurozone and better-than-expected US economic data. The front-month contract for WTI crude oil faltered below Wednesday's close of 103.74 and dropped to as low as 101.3 before settling at 101.81, down -1.37%, while the equivalent Brent crude contract initially spiking higher to 114.64 before ending the day at 102.74, down -0.08%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 05 12 12:35 ET
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The DOE/EIA reported that total crude oil and petroleum products stocks increased +3.40 mmb to 1044.32 mmb in the week ended December 30. Crude stockpile added +2.21 mmb to 329.69 mmb as stocks in climbed in 3 out of 5 PADDs. Cushing stock slipped -0.61 mmb to 29.30 mmb. Utilization rate increased +0.80% to 85.0%.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 05 12 06:43 ET
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Near term focus in gold remains on 1643.7 resistance. Break there will confirm short term bottoming on bullish convergence condition in 4 hours MACD. Also, that would also be the first signal of completion of whole correction from 1923.7 high. In that case, stronger rally should be seen back to 1804.4 resistance first. On the downside, though, below 1523.9 will bring another fall to 1500 psychological level and possibly below.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 05 12 06:42 ET
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Near term focus in silver remains on 30.21 resistance. Break there will confirm the choppy fall from 35.70 has finished after drawing support from 26.15, on bullish convergence condition in 4 hours MACD. In such case, stronger rebound should be seen back towards 35.70 resistance. Though, note again that sustained break of 26.15 will target next key fibonacci level at 24.22.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 05 12 06:42 ET
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Crude oil lost some upside momentum after breaching 103.37 resistance but retreat is so far shallow. Intraday bias remains on the upside and sustained break of 103.37 will confirm resumption of whole rise from 75.94 and should target 114.83 key resistance next. Meanwhile, break of 98.30 support is needed to signal topping. Otherwise, we'll stay cautiously bullish in crude oil even in case of deeper retreat.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Jan 05 12 06:41 ET
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Intraday bias in natural gas remains neutral for the moment and more consolidations could be seen above 2.936 temporary low. Though, outlook remains bearish with 3.201 resistance intact and recent decline is still expected to continue. Below 2.936 will target 161.8% projection of 3.987 to 3.285 from 3.689 at 2.568 next. However, considering bullish convergence condition in 4 hours MACD, break of 3.201 will indicate short term bottoming and bring stronger rebound back towards near term falling trend line resistances (now at 3.6).
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