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Oil N' Gold Focus Reports
Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:28 ET
A short term bottom should be in place at 37.75 in crude oil. Further rebound is expected in near term. However, strong resistance would likely be seen around 50 psychological level, which coincide with 50% retracement of 62.58 to 37.75 at 50.17, and 55 days EMA at 49.98. We'd still favor further down trend ahead.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:27 ET
No change in Natural gas's outlook as sideway consolidation continued last week. We'd still expect the consolidation pattern to extend further in near term. That is, downside attempt should be contained by 2.443 low. Meanwhile, upside attempts should be limited by 38.2% retracement of 4.544 to 2.443 at 3.246.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:27 ET
Gold faced resistance form the medium term falling trend line and outlook is turned neutral first. On the downside, break of 1108.5 support should confirm that rebound from 1072.3 has completed at 1169.8 and the larger down trend is resuming for new low. However, break of 1169.8 should confirm reversal and target 1232.0 resistance and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Aug 30 15 08:26 ET
Silver dropped to as low as 13.91 last week and breached 14.155 support but quickly recovered. Initial bias is neutral this week first. Below 13.91 again will now confirm medium term down trend resumption. Next near term target will be 61.8% projection of 17.775 to 14..33 from 15.71 at 13.56. Nonetheless, break of 15.71 will confirm near term reversal and will turn outlook bullish.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 22 15 10:43 ET
Crude oil's down trend continued last week and breached 40 before closing at 40.29. No clear support was seen from 42.03 low. Crude oil would indeed be extending the larger down trend. Near term outlook will stay bearish as long as 42.90 resistance holds. Sustained trading below 42.03 will target 50% projection of 107.73 to 42.03 from 62.58 at 29.73 next. On the upside, break of 42.90 will indicate short term bottoming. We'll assess the nature of subsequent rebound at a later stage.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 22 15 10:43 ET
No change in Natural gas's outlook as sideway consolidation continued last week. We'd still expect the consolidation pattern to extend further in near term. That is, downside attempt should be contained by 2.443 low. Meanwhile, upside attempts should be limited by 38.2% retracement of 4.544 to 2.443 at 3.246.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 22 15 10:41 ET
Gold's rebound continued last week and took out 55 days EMA. Further rise is still mildly in favor as long as 1135.4 support holds. But it should be noted that gold is facing trend line resistance at around 1170. Bounce back from the trend line, followed by break of 1135.4 will argue that larger down trend is resuming for a new low below 1117.9. Meanwhile, sustained trading above the trend line will pave the way to 1232.0 resistance and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 22 15 10:40 ET
Silver's rebound extended last week even though upside momentum was unconvincing. Nonetheless, rise from 14.33 is seen as the third leg of the sideway pattern from 14.155. Hence, near term outlook will stay bullish as long as 14.68 holds. Further rally would be seen ahead to 17.775/18.505 resistance zone. But, break of 14.68 will turn focus back to 14.33 and 14.155 low instead.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 15 15 11:05 ET
The break of 1117.9 resistance confirmed short term bottom at 1072.3. Stronger rebound would now be seen towards 55 days EMA (now at 1145.6). But we'd expect strong resistance around near term falling trend line (now at around 1175) to limit upside and bring another fall. At time, we'd still favor deeper decline to have a test on 1000 psychological level at least.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 15 15 11:05 ET
Silver's rebound suggests that a short term bottom was formed at 14.33, ahead of 14.155 key support level. Some resistance was seen from 55 days EMA on initial attempt. Hence, some consolidation would be seen first. But we'd expect another rise ahead. Rise from 14.33 was seen as the third leg of the sideway pattern from 14.155 and would target 17.775/18.505 resistance zone.
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