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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Jan 05 12 00:33 ET
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Financial markets consolidated earlier gains due to the ongoing fragile global economic conditions as the New Year begins. Sentiment weakened yesterday after Italy's Unicredit announced 43% discount on rights offer and news that the Spanish government helped the Valencia region make an overdue payment to Deutsche Bank. On a positive note, US' General Motors, Ford and Chrysler reported better-than-estimated vehicle sales in December. Factory orders in the US also came in line with expectations.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Jan 04 12 07:20 ET
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Oil prices eased in European session but stayed at multi-month highs as tensions over Iran remained elevated. Some investors worried that the situation in Iran would replicate that of Libya last year. In 2011, WTI and Brent crude gained +6% and +12% respectively despite the sovereign debt crisis in the Eurozone because tensions in the MENA region resulted in oil supply disruption. Among the countries facing vigorous protests, the civil war in Libya probably has caused the most serious aftermath in the oil market.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 04 12 06:12 ET
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Gold rebounded after dropping to 1523.9 and is now back trading above 4 hours 55 EMA. Considering bullish convergence condition in 4 hours MACD, a short term bottom should at least be formed. Focus is back to 1643.7 resistance. Break there will confirm completion of decline from 1804.4. 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 he 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 |
Wed Jan 04 12 06:12 ET
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After dipping to 26.145, silver drew strong support from 26.15 low and rebounded. It's back back trading above 4 hours 55 EMA, argue that fall from 35.70 has completed already, on bullish convergence condition in 4 hours MACD. Focus is back on 30.21 resistance. Break will affirm this case and bring stronger rally back towards 35.70 resistance. Though, note again that sustained break of 26.15 will target 100% projection of 33.74 to 28.12 from 30.21 at 24.59.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 04 12 06:11 ET
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The retreat from 101.77 was relatively brief and crude oil got strong support from 4 hours 55 EMA. Subsequent rally sent crude oil back to 103.18 so far. Intraday bias is back on the upside for 103.37 resistance. Break there will confirm that rise from 74.95 has resumed and should target 114.83 resistance next. On the downside, below 98.30 minor support will dampen this immediate bullish view and flip bias back to the downside to extend the consolidation from 103.37 instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Wed Jan 04 12 06:10 ET
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Natural gas dropped to as low as 2.936, meeting mentioned target of 100% projection of 3.987 to 3.285 from 3.689 at 2.996, before forming a temporary low there and turned sideway. Intraday bias is turned neutral for the moment and some consolidations could be seen. But upside of recovery should be limited by 3.201 resistance and bring fall resumption. Below 2.936 will target 161.8% projection 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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ONG Focus | Insights |
Written by Yan |
Wed Jan 04 12 01:02 ET
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Commodities rallied as driven by strong US economic data and escalated tensions between Iran and the West. The front-month contract for WTI crude oil jumped to 103.16, the highest level since May 2011, before settling at 102.96, up +4.18%. The equivalent Brent crude contract also soared +4.42% to end the day a 112.13. Gold rose further as the US dollar weakened and geopolitical tensions intensified. The benchmark Comex contract climbed to a 4-day high of 1608.7 before closing at 1600.5, up +2.15%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Jan 03 12 06:57 ET
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Oil buyers remained sensitive after threatened to close the Strait of Hormuz, the world's most important oil transit chokepoint, should the US and its allies impose sanctions on Iranian oil exports. Benchmark oil prices gained with the benchmark WTI crude contract rising to a 3-day high of 101.1 and the equivalent Brent crude contract soaring to as high as 110.1. Stronger-than-expected European economic data also added further supports to oil prices.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 02 12 23:37 ET
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Investors were bolstered by stronger-than-expected PMI data from China and India. Stocks advanced with the MSCI Asia Pacific ex-Japan Index gaining more than +1%. In the commodity sector, oil and gold rose as driven by improved market sentiment. Currently trading at 100.25, the front-month contract for WTI crude oil climbed above 100 again in Asian session today after plunging to as low as 98.61 Monday while the equivalent Brent crude contract rebounded to 108.5. Gold price rose for a second day amid geopolitical concerns. The nuclear project in Iran has raised fears in the market.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Dec 29 11 13:12 ET
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Gold's strong break of 1562.5 support confirmed resumption of recent decline from 1804.4. Intraday bias is back on the downside and further fall should be seen to 1500 psychological level and below. On the upside, break of 1643.7 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish even in case of rebound.
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