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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Mar 27 12 23:06 ET
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Bullish sentiment brought about by speeches from Merkel and Bernanke proved to be short-lived as the focus returned to deficit problems in the Eurozone. Uncertainties were seen in Spain, Greece and Ireland. The OECD urged the EU finance ministers to increase the firepower to combat the crisis, saying member states need to deliver "the mother of all firewalls' to impress the financial markets. The comment is echoed by the Eurogroup Chairman Junker. Wall Street slipped with the DJIA and the S&P 500 slipping -0.33% and -0.28% respectively. In the commodity sector, gold retreated after failing to test 1700 despite the Bernanke bounce with the Comex contract closing largely flat during that day.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Mar 27 12 04:58 ET
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The break of 1670.1 resistance indicates short term bottoming at 1627.5 on bullish convergence condition in 4 hours MACD. Intraday bias is back on the upside for 1717.4 resistance and above. On the downside, below 1655.1 minor support will flip bias back to the downside for 1627.5 instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Mar 27 12 04:58 ET
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Rebound from 31.09 extended further and is now pressing 33.09 resistance. Break there will confirm short term bottoming, on bullish convergence condition in 4 hours MACD. In such case, stronger rally should be seen back to 34.45 resistance and above. On the downside, below 32.02 minor support will turn bias back to the downside for 31.09 support instead.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Mar 27 12 04:57 ET
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Intraday bias in crude oil remains neutral as sideway consolidation from 110.55 continues. More consolidative trading could be seen in range of 103.78/110.55 in near term. Nonetheless, we're staying bullish in crude oil and expect another rise through 110.55 sooner or later and target 114.83. Meanwhile, another downside attempt should be contained by 61.8% retracement of 95.44 to 110.55 at 101.21 and bring rebound.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Mar 27 12 04:57 ET
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The break of 2.204 support indicates resumption of recent down trend. intraday bias is back on the downside for next projection target at 2.13. On the upside, break of 2.393 resistance, however, will argue that a short term bottom is at least formed, likely with bullish convergence condition in daily MACD. In such case, stronger rebound should be see back to 2.844 resistance and possibly above.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Mar 27 12 04:41 ET
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Gold hovered at a 2-week high below 1700 in European morning. Comments from the Fed Chairman Ben Bernanke’s that easing monetary bias would continue revived hopes of QE3 and sent gold higher. Yet, whether upward momentum of the yellow metal would be maintained depends on the follow-through other actions by the Fed or other central banks. In our opinion, gold would remain in consolidative mode although more meaningful should be seen later in the year.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Mar 27 12 04:41 ET
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Gold hovered at a 2-week high below 1700 in European morning. Comments from the Fed Chairman Ben Bernanke’s that easing monetary bias would continue revived hopes of QE3 and sent gold higher. Yet, whether upward momentum of the yellow metal would be maintained depends on the follow-through other actions by the Fed or other central banks. In our opinion, gold would remain in consolidative mode although more meaningful should be seen later in the year.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Mar 26 12 23:08 ET
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Gold prices jumped to the highest level in 2 weeks after dovish comments by the Fed Chairman Ben Bernanke. The stance to maintaining loosening monetary policy sent the US dollar, helping the rise in the yellow metal. Market sentiment was also driven up by Germany’s Chancellor Angela Merkel’s indications that the biggest economy in the Eurozone would allow an increase in the firewall for the debt crisis. Wall Street gained with the DJIA and the S&P 500 indices adding +1.23% and +1.39% respectively.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Mar 26 12 08:20 ET
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Financial markets moved with a narrow trading range ahead of US open As the news flow is light, the focus is once again on the sovereign debt crisis in the Eurozone. The commodity sector was also quiet with crude oil and gold moved sideways. The front-month WTI crude contract, after rebounding on Friday, retreated modestly today, while the equivalent Brent contract edged higher from Friday’s close of 125.13.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sat Mar 24 12 14:04 ET
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Gold dipped to 1627.5 last week but recovered since then. Near term outlook remains bearish as long as 1670.1 resistance holds and we'd expect another decline. Below 1627.5 will target 1600 psychological level and below. However, considering bullish convergence condition in 4 hours MACD, above 1670.1 resistance will indicate short term bottoming and should flip bias to the upside for 1717.4 resistance and above.
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