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Oil N' Gold Focus Reports
Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:04 ET
Gold rebound from 1277.4 short term bottom continued last week and hit 38.2% retracement of 1392.6 to 1277.4 at 1321.4. The structure of the rebound suggests that it's merely a correction. Thus, while further rise cannot be ruled out, we'd expect strong resistance from 61.8% retracement of 1348.6 to limit upside to complete the correction. Fall from 1392.6 is expected to resume later. Below 1301.1 minor support will bring retest of 1277.4 low first.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:04 ET
Silver's sideway consolidation pattern from 19.57 short term bottom continued and strong resistance was seen from 38.2% retracement of 21.79 to 19.57 at 20.42. Based on the corrective structure of price actions from 19.57, near term outlook stays bearish and we'd expect fall from 22.18 to resume later. Break of 19.57 will target 18.72 low. In that case, we'd look for bottoming signal from there. Meanwhile break of 20.42 would put focus back to 20.61 resistance. Break there will argue that the near term trend has reversed.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:03 ET
Crude oil's rebound from 97.37 extended to as high as 104.44 last week but started to lose momentum. The structure of the rebound argues that it's a corrective move. Thus, while further rise cannot be ruled out, we'd expect strong resistance from 105.22 to limit upside and bring reversal. Below 102.03 will turn bias to the downside for a test on 97.37 support and possibly further to 61.8% retracement of 91.24 to 105.22 at 96.58. Nonetheless, strong break of 105.22 will resume whole rise from 91.24 and should target 112.24 resistance next.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Apr 12 14 09:02 ET
Current development indicates that a short term bottom is formed at 4.221 in natural gas already. And further rally is in favor in near term. The question is whether the corrective fall from 6.493 has completed and there is not enough evidence for it yet. Focus will be on 38.2% retracement of 6.493 to 4..21 at 5.089. As long as this resistance holds, another fall is mildly in favor. And, break of 4 hours 55 EMA (now at 4.52) will bring retest of 4.221. Meanwhile, break of 5.089 should at least bring further rebound back to 61.8% retracement at 5.625 and above.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 16 13 08:48 ET
Gold's rebound from 1251.0 was limited at 1361.8. But subsequent fall was contained above 1251.0 support so far. Near term outlook stays neutral first. Break of 1251.0 will indicate that decline from 1434 has resumed and would pave the way for a test on 1179.4 low. Above 1361.8 will turn focus back to 1434.0 again but in that case, we'd be cautious on strong resistance to bring reversal.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 16 13 08:48 ET
The rebound from 20.91 was limited at 23.095. Last week's break of 20.91 support indicates that whole decline from 25.12 has resumed. Near term outlook will stay bearish as long as 23.095 holds and deeper fall should be seen back to 18.185 low next.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 16 13 08:47 ET
Crude oil's fall from 112.24 extended lower last week. Oversold condition in daily RSI is limiting downside momentum. But there is no sign of bottoming as long as 98.82 resistance holds. Such decline is viewed as a falling leg inside the sideway pattern from 114.83 and would target 85.61 support next. Above 98.82 will indicate short term bottoming and bring some consolidations before another decline.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 16 13 08:47 ET
Natural's recovery from 3.379 extended higher last week but struggled to find decisive momentum to get rid of 55 days EMA. Near term outlook is neutral for the moment. on the downside, note that break of 3.379 support would complete a head and should pattern (ls: 3.82; h: 3.869; rs:?). That should send natural gas lower to 3.129 support and meet another head and shoulder neckline support. On the upside, above 3.869 will extend the rebound from 3.129 towards 4.444 resistance.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 20 13 07:56 ET
Gold's choppy decline from 1434.0 extended lower to 1251.0 and staged a strong rebound. Near term outlook is turned neutral first. The choppy structure of such decline argues that it's merely a corrective move. Even in case of another fall, we'd expect limited downside potential. Meanwhile, break of 1375.4 will confirm completion of such fall and should turn near term outlook bullish for 1434.0.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 20 13 07:55 ET
Silver's choppy decline from 25.12 extended to as low as 20.91 last week but it continued to lose downside momentum. Also, the structure of this fall suggests that it's merely a correction. Hence, while deeper decline cannot be ruled out, we'd expect loss to be limited and expect a rebound soon. Break of 23.445 resistance will indicate that pull back 25.12 has completed and will turn near term outlook bullish for this resistance.
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