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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 19 10 07:37 ET
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Downside momentum is diminishing a bit in Natural gas, but still, intraday bias remains mildly on the downside with 4.35 minor resistance intact. Current fall from 5.196 is expected to extend further for retesting 3.81 key support level next. On the upside, above 4.35 minor resistance will turn intraday bias neutral and bring recovery. But another fall would remain in favor as long as 5.007 resistance holds.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Aug 19 10 00:28 ET
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Crude oil initially plummeted to a 6-week low of 73.83 after the US Energy Department reported the crude oil and petroleum product inventories surged to a record high in the week ended August 13. Crude stockpile dropped for a third consecutive week but the pace obviously slowed down. Gasoline inventory slid for the first time in 8 weeks.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 18 10 11:21 ET
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Total crude oil and petroleum products stocks jumped +5.34 mmb to 1130.39 mmb in the week ended August 16. The increase was huge compared with a mere +0.14 mmb increase last week. Crude oil inventory slid -0.82 mmb to 354.17 mmb. Draws in the East Coast, the Midwest and the Gulf Coast were partly offset by builds in Rocky Mountain and the West Coast. Cushing stock dropped for a second consecutive, by -0.68 mmb, to 37.04 mmb. Utilization rate rose to 90 after plunging to 88.1%, the lowest level since June 11, in the prior week.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 18 10 06:44 ET
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With 4 hours MACD crossed below signal line, intraday bias in gold is turned neutral first. While another rise cannot be ruled out, 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 |
Wed Aug 18 10 06:43 ET
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No change in silver's outlook as it's basically still bounded in sideway consolidations in 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 |
Wed Aug 18 10 06:43 ET
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Intraday bias in crude oil remains neutral and consolidations from 74.86 might continue. But after all, upside should be limited by 77.87 resistance and bring another fall. Below 74.86 will target 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.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Aug 18 10 06:42 ET
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Intraday bias in natural gas remains on the downside with 4.35 minor resistance. CUrrent fall from 5.196 is still expected to continue for a retest on 3.81 key support level next. On the upside, above 4.35 minor resistance will turn intraday bias neutral and bring recovery. But another fall would remain in favor as long as 5.007 resistance holds.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 18 10 05:42 ET
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Commodities ease in European session in synchronization with equities. WTI crude oil price drops below 75 after faltering below 76. The market is concerned about today’s inventory report which has risks to disappoint. Gold price slides for the first time in 5 days as rally to a 6-week high spurred profit-taking. European bourses open lower as Vestas, the world’s biggest wind-turbine maker, downgraded its earnings forecasts.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Aug 18 10 00:45 ET
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Market sentiment improved modestly as solid earnings reports in the US retail sector, success in peripheral European bond auctions and stronger-than-expected US industrial production upstaged weakness in the housing market. Stock markets rose with DJIA and S&P 500 gaining +1.01% and +1.22% respectively while Stoxx600 climbed +1.1%. USD and JPY eased amid rise in risk appetite. In the commodity sector, oil price rebounded after declining for 5 days with the front-month WTI contract edging +0.50% to 75.77 at close. The contract soared to as high as 76.63 at one point. Heating oil and gasoline also advanced, rising +1.87% and +1.50% respectively. Gold was a tad higher but gains was limited.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 17 10 07:27 ET
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Intraday bias in gold remains on the upside for the moment and rebound form 1155.6 would extend further. Nevertheless, 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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