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Oil N' Gold Focus Reports
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Technical
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Written by Oil N' Gold |
Mon Mar 01 10 06:52 ET
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Crude oil's break of 80.51 suggests that rise from 69.50 has resumed and intraday bias is on the upside for 83.95 high next. On the downside, however, below 77.05 support will argue that rebound from 69.50 is completed, possibly with bearish divergence conditions. In such case, focus will be shifted back to 69.50 support instead.
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Technical
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Written by Oil N' Gold |
Mon Mar 01 10 06:51 ET
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Intraday bias in Natural Gas remains neutral for the moment as it's still bounded in very tight range. Note again that price actions from 6.108 are treated as correction in the larger rally only. Hence, even in case of another fall, we'd expect strong support from 100% projection of 6.108 to 5.06 from 5.68 at 4.632, which is close to 38.2% retracement of 2.409 to 61.08 at 4.695, to conclude the correction and bring another rally. One the upside, break of 5.204 support turned resistance will now be an early sign that correction from 6.108 has completed and will flip intraday bias back to the upside for 5.680 resistance for confirmation.
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Insights
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Written by Oil N' Gold |
Mon Mar 01 10 01:34 ET
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Extending Friday's rally, crude oil surges above 80 dollar in Asian morning. Currently trading at 80.15, price is boosted by escalated tensions between Iran and western countries. While event risks may lift oil price higher in the near-term, fundamental outlook does not warrant current price level.
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Insights
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Written by Oil N' Gold |
Sat Feb 27 10 12:33 ET
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Weak US economic data and potential downgrade in Greece's credit rating were pressuring commodities last week. However, stronger-than-expected US GDP (released Friday) boosted market sentiment and lifted prices again.
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Technical
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Written by Oil N' Gold |
Sat Feb 27 10 01:46 ET
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Despite dipping to as low as 1088.5, gold's strong rebound from there suggests that retreat from 1131.5 is completed and turned bias neutral. Focus now turns back to 1131.5 resistance. Break there will indicate that rise from 1044.5 is resuming and will also strongly suggest that whole correction from 1227.5 is finished with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, however, below 1088.5 support will shift favors back to the case that another low below 1044.5 would be seen before correction from 1227.5 concludes.
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Technical
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Written by Oil N' Gold |
Sat Feb 27 10 01:46 ET
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Silver retreated to as low as 15.60 last week but rebounded strongly since then. The strength of the rebound dampened our bearish view that choppy recovery from 14.65 is finished. Nevertheless, note that at this point, we're still treating price actions from 14.65 as a correction to fall fro 18.925 only. Hence, even in case of further rise, upside should be limited by 16.95 resistance and bring fall resumption. Below 15.60 will flip intraday bias back to the downside for a retest of 14.65 low first. However, strong break of 16.95 resistance will indicate that fall from 18.925, as well as that from 19.50, has completed and will turn outlook bullish for retesting 18.925/19.50 resistance zone.
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Technical
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Written by Oil N' Gold |
Sat Feb 27 10 01:45 ET
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Crude oil turned into consolidation after edging high to 80.51 initially last week and turned and dipped to as low as 77.05. Nevertheless, with 75.69 resistance turned support intact, rise from 69.05 should still be in progress. Indeed, Friday's strong rebound indicates that consolidation from 80.51 might have completed already. Initial bias is cautiously on the upside this week. Break of 80.51 will confirm rise resumption and should target a retest on 83.95 high next. On the downside, in case of another fall, outlook will remain bullish as long as 75.69 support holds. However, break of 75.69 will argue that rebound from 69.50 has completed and will turn focus back to this low.
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Technical
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Written by Oil N' Gold |
Sat Feb 27 10 01:45 ET
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Natural gas dropped further as expected and reached as low as 4.739 last week but stabilized there and turned sideway. Initial bias remains neutral this week and some more consolidations could be seen. Note again that price actions from 6.108 are treated as correction in the larger rally only. Hence, even in case of another fall, we'd expect strong support from 100% projection of 6.108 to 5.06 from 5.68 at 4.632, which is close to 38.2% retracement of 2.409 to 61.08 at 4.695, to conclude the correction and bring another rally. One the upside, break of 5.204 support turned resistance will now be an early sign that correction from 6.108 has completed and will flip intraday bias back to the upside for 5.680 resistance for confirmation
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Insights
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Written by Oil N' Gold |
Fri Feb 26 10 07:59 ET
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While S&P and Moody's potential downgrades of Greece's credit rating has renewed market worries about sovereign default risk, USD also declines as the chance of an early Fed rate hike reduces. These factor help support gold prices in the near-term. The benchmark contract for gold surges for the second day to 1110.5 (intra-day high 1114.5).
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Technical
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Written by Oil N' Gold |
Fri Feb 26 10 06:53 ET
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Stronger than expected recovery from 1088.5 sent gold above 1108.8 minor resistance nd turns intraday bias neutral again. Focus remains on whether choppy recovery from 1044.5 is finished at 1131.5 already. Below 1088.5 will affirm this case and indicate that whole correction from 1227.5 is still in progress for another low below 1044.5 before completion. On the upside, however, break of 1131.5 resistance should now confirm that fall from 1227.5 has completed with three waves down to 1044.5 and should bring retest of this high.
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Page 8 of 269 |
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