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Oil N' Gold Focus Reports
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 08 17 09:55 ET
Gold's strong rebound confirms short term bottoming at 1124.3. Further rise is now expected to 55 day EMA (now at 1205.1) and above. Strong resistance could be seen at 38.2% retracement of 1377.5 to 1124.3 at 1221.0 to limit upside. Nonetheless, sustained break of 1221.0 will target 61.8% retracement at 1280.8 and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 08 17 09:55 ET
Silver dipped to 15.67 but quickly recovered after drawing support from 15.83. Bullish convergence condition also stays in daily MACD. Near term outlook is turned neutral first. At this point, we'd continue to expect strong support from 15.83 to contain downside and bring reversal. Break of 17.29 will confirm completion of fall from 21.22 and turn outlook bullish. However sustained break of 15.83 will extend the fall to retest 13.62 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 08 17 09:54 ET
Crude oil edged higher to 55.24 but lost momentum again. Upside momentum remains unconvincing with bearish divergence condition in 4 hours MACD. But near term outlook stays cautiously bullish as long as 49.94 support holds. Further rally should be sent to next fibonacci level at 57.27. However, break of 49.95 support will be an early sign of reversal and turn focus back to 42.40 support.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jan 08 17 09:53 ET
The sharp fall from 3.994 and break of 3.242 support confirmed short term topping on bearish divergence condition in daily MAD. The development also suggests that whole rise from 2.546 is completed at 3.944 too and lengthier consolidation would be seen. Further decline is in favor to 61.8% retracement of 2.546 to 3.994 at 3.099. Strong support should be seen above 2.546 to bring rebound. On the upside, above 3.506 minor resistance will turn bias back to the upside for retesting 3.994. But in that case, we don't expect a break there any time soon and natural gas should stay in consolidative mode for a while.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 17 16 12:04 ET
GBP/USD's decline from 1377.5 extended lower last week and near term outlook stays bearish. Current decline would now likely extend to retest 1045.4 low. At this point, we're not expecting a break there yet and thus, will be cautious on bottoming around 1045.4. Meanwhile, above 1168.0 will indicate short term bottoming and bring rebound.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 17 16 12:03 ET
Silver's choppy fall from 21.22 resumed last week by taking out 16.15. Focus now turns to 15.83 support level. Considering bullish convergence condition in daily MACD, we'd still expect strong support around 15.83 to contain downside and bring rebound. Break of 17.29 resistance will now confirm near term reversal. However sustained break of 15.83 will extend the fall to retest 13.62 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 17 16 12:03 ET
Crude oil surged to 54.51 last week but retreated sharply. Some consolidations could be seen in near term. But downside should be contained by 49.61 and bring rise resumption. Above 54.51 will target next fibonacci level at 57.27. However, break of 49.61 support will turn focus back to 44.82 and 42.20.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 17 16 12:01 ET
Natural gas turned into consolidation after forming a short term top in 3.777. Deeper retreat could be seen but downside should be contained by 55 days EMA (now at 3.096) and bring rise resumption. Break of 3.777 will pave the way to 100% projection of 1.611 to 3.366 from 2.546 at 4.301.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 10 16 10:38 ET
Crude oil is struggling to take out 51.93 key resistance firmly so far. But pull back was contained above 49.20 resistance turned support. Hence, near term outlook stays cautiously bullish. Decisive break above 51.93 will confirm resumption of whole rise from 26.05. In that case, crude oil will target next fibonacci level at 57.27. However, break of 49.20 resistance turned support will extend the consolidation pattern from 51.67 with another fall leg.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 10 16 10:37 ET
Natural gas' rally continued last week and took out 61.8% projection of 1.611 to 3.366 from 2.546 at 3.631. There is no clear sign of topping yet. Sustained trading above 3.631 will pave the way to 100% projection at 4.301. On the downside, break of 3.503 support is needed to confirm short term topping. Otherwise, outlook will remain bullish in case of retreat.
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