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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 17 10 07:27 ET
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Silver's rebound from 17.795 extends further today and the development indicates that rise from 17.325 is indeed still in progress. Above 18.70 will target a test on 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 |
Tue Aug 17 10 07:26 ET
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With 4 hours MACD crossed above signal line, a temporary low is in place in crude oil at 74.86 and bias is turned neutral. Some recovery might be seen, possibly to 4 hours 55 EMA (now at 77.76) but upside should be limited well below 82.97 resistance and bring another fall. As note4d before, rebound from 64.23 is finished at 82.97 already. Below 74.86 will target 71.09 support first. Break there will confirm this bearish case and bring deeper fall towards 64.23 support.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 17 10 07:25 ET
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Natural gas' fall resumes by taking out 4.257 and drops to as low as 4.182 so far. Intraday bias is back to the upside whole decline from 5.196 is expected to target a test 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 |
Tue Aug 17 10 05:57 ET
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Despite a rebound, oil trading is thin as investors remain cautious about economic outlook and oil demand. Currently trading at 76.2, WTI crude oil price continues hovering around the lowest level in a month. The market is awaiting a series of economic data from the US and API’s oil inventory report. Gold remains firm and soars for a 4th consecutive day.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Aug 17 10 00:49 ET
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Gold and Treasury glittered while stocks and commodities (except for precious metals) fluctuated between gains and losses as further evidence of US slowdown reduced risk appetite but the weakness may trigger the Fed to implement more stimulus measures. Overall market sentiment remains vulnerable.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 16 10 08:02 ET
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Intraday bias in Crude oil remains on the downside with 77.40 minor resistance intact and further decline is still expected. As noted before, the break of near term rising trend line suggests that rebound from 64.23 is finished at 82.97 already. Break of 71.09 support will confirm this bearish case and bring deeper fall towards 64.23 support. On the upside, above 77.40 minor resistance will turn intraday bias neutral and bring recovery. But 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 |
Mon Aug 16 10 08:01 ET
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Another is mildly in favor in silver towards 17.325 support. However, we're not too bearish yet as silver is still bounded in choppy trading inside recent converging range. On the upside, above 18.7 will target upper trend line resistance instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 16 10 08:01 ET
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As noted before, gold's rebound from 1155.6 could still continue as long as 1192 support holds. But we'd maintain the view that rebound from 1155.6 is merely a correction in the larger decline from 1266.5. Hence, we'd focus on reversal signal as gold enters into 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 |
Mon Aug 16 10 08:00 ET
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Intraday bias in Natural gas remains neutral for the moment and some more consolidations could still be seen above 4.257. Nevertheless upside is expected to be limited by 4.556 resistance and bring another fall. Below 4.257 will resume whole decline from 5.196 and target a test on 3.81 key support level next. On the upside, though, above 4.556 will mix up the outlook and turn focus back to 5.007 resistance instead.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 16 10 07:48 ET
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Gold extends gain to 1226 in European session as investors' concerns on global economic slowdown intensified after Japan's GDP growth in 2Q10 missed expectations. Market sentiment turns bearish and demand for risky assets diminishes. Although WTI crude oil rebounds after plummeting to as low as 75.05, price continues to trade below 76 and downside risks remain high.
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