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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 Mar 08 15 10:11 ET
Gold dropped sharply to as low as 1162.9 last week. Break of 1167.3 support confirmed completion of rebound from 1130.4 and should now pave the way to retest 1130.4 first. Above 1223.0 resistance is needed to confirm near term reversal. Otherwise, outlook will stay bearish in case of recovery.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 08 15 10:10 ET
The choppy decline from 18.505 continued last week and extended lower. At this point, the structure of such fall is still indicating that it's a correction. Thus, strong support would be see from 15.51 to contain downside and bring rebound. Above, 16.86 resistance will suggest that fall from 18.505 is finished and bring retest of this resistance first. However, break of 15.51 will confirm near term bearish outlook for 14.155 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 08 15 10:10 ET
Crude oil stays in range below 54.24 last week and outlook is unchanged. Overall, the situation is mildly favoring that 43.58 was a medium term bottom and rebound from there should resume sooner or later. Break of 54.24 will target 68.09/69.54 cluster resistance zone, 38.2% retracement of 107.73 to 43.58 at 69.54, where it should face real strong resistance.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 08 15 10:08 ET
Natural gas engaged in range trading last week. It's staying well below 55 days EMA and maintained a bearish outlook. That is, larger down trend is in favor to resume later. Break of 2.567 support target 1.902 long term bottom. However, break of 3.039 resistance will complete a head and shoulder bottom formation (ls: 2.783, h: 2.567, rs: 2.641). In that case near term outlook will turn bullish for stronger rebound back towards 3.541 support turned resistance.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:23 ET
Gold's decline from 1307.8 continued last week again. Deeper fall is in favor as long as 1236.7 resistance holds, to 1167.3 support. Break will pave the way for a test on 1130.4 low. Nonetheless, break of 1236.7 will dampen this bearish case and turn bias back to the upside for 1307.8.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:23 ET
The choppy decline from 18.505 extended further lower but lost momentum ahead after hitting 16.04. Again, the structure of such decline argues that it's merely a correction. That is, rise from 14.155 might not be over yet. Above 17.43 resistance will likely send silver through key resistance zone of 61.8% retracement of 21.63 to 14.155 at 18.775 and 100% projection of 14.155 to 17.355 from 15.51 at 18.71, as well as 18.61. Meanwhile, break of 15.51 will confirm near term bearish outlook for 14.155 low.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:22 ET
Crude oil's consolidation from 43.58 continued last week. It face some resistance from 55 days MACD and it spiraled downwards after hitting 54.24. Overall, the situation is mildly favoring that 43.58 was a medium term bottom and rebound from there should resume sooner or later. Break of 54.24 will target 68.09/69.54 cluster resistance zone, 38.2% retracement of 107.73 to 43.58 at 69.54, where it should face real strong resistance.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Mar 01 15 06:21 ET
The recovery from 2.567 lost momentum after hitting 3.039 and natural gas reversed. With 3.352 resistance intact, near term outlook stays bearish and deeper decline is still expected. Also, the bearish outlook is supported by the rejection from 55 days EMA. Break of 2.567 resistance will resume the larger down trend towards 1.902 long term bottom.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Feb 14 15 23:53 ET
Gold's pull back from 1307.8 extended further last week and is now pressing 55 days EMA. The development continues to suggest that rebound from 1130.4 has completed at 1239.0 already. Deeper decline will remain in favor as long as 1251.0 resistance holds. Current fall would target 1167.3 support first. Break will pave the way for a test on 1130.4 low. Nonetheless, break of 1251.0 will dampen this bearish case and turn bias back to the upside for 1307.8.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Feb 14 15 23:52 ET
Silver's pull back from 18.505 was contained at 16.54 and recovered. The structure of such decline now argues that it's possibly only a correction. That is, rise from 14.155 might not be over yet. Also, Silver was supported well by the 55 days EMA. Thus, near term focus is now turned back to 17.75 resistance. Break will likely send silver through key resistance zone of 61.8% retracement of 21.63 to 14.155 at 18.775 and 100% projection of 14.155 to 17.355 from 15.51 at 18.71, as well as 18.61. Meanwhile, below 16.54 will target 15.51 support again.
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