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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 09 14 11:58 ET
Gold got some support from 61.8% retracement of 1240.2 to 1346.8 at 1280.9 as expected and rebounded. Pull back from 1346.8 could have completed at 1280.6. Further rise would likely be seen in near term back to 1346.8. Break will resume the whole rally from 1240.2. towards 1392.6 and above. In that case, we'd look for reversal signal as gold approaches 1430.4 key resistance. Nonetheless, sustained trading below 1280.9 will pave the way for retest on 1240.2 instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 09 14 11:57 ET
Silver dropped further last week and the deeper than expected decline argued that rebound from 18.61 is already finished at 21.63. Near term outlook will now stays bearish as long as 20.84 resistance holds. Break of 61.8% retracement of 18.61 to 21.63 at 19.76 will pave the way for a retest on 18.18.72 key support zone. Though, break of 20.84 will turn near term outlook bullish for 22.18 resistance and above.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 09 14 11:57 ET
Crude oil dropped to as low as 96.55 last week, just missed target of 100% projection of 107.73 to 99.01 from 105.25 at 96.53. Some consolidations might be seen first. But near term outlook stays bearish with 100.37 resistance intact. Break of 96.53 will target 161.8% projection at 91.14, which is close to 91.24 low. Meanwhile, above 100.37 resistance will dampen the immediate bearish view and turn outlook neutral first.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 09 14 11:56 ET
Natural gas consolidated above 3.724 as expected last week and more consolidations could be seen. There is no clear sign of reversal yet and another fall cannot be ruled out. But we'd continue to expect strong support around 3.656 fibonacci level to contain downside and bring reversal. Above 4.081 resistance will confirm short term bottoming and bring sustainable rebound.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 02 14 11:39 ET
We'd maintain our view that strong support should be seen from 61.8% retracement of 1240.2 to 1346.8 at 1280.9 to complete the pull back from 1346.8 and bring rise resumption. Above 1312.1 will target a test on 1346.8 first. Break will extend the rally from 1240.2 towards 1392.6 and above. In that case, we'd look for reversal signal as gold approaches 1430.4 key resistance. Nonetheless, sustained trading below 1280.9 will pave the way for retest on 1240.2 instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 02 14 11:39 ET
Silver's correction from 21.63 extended lower and breached 38.2% retracement of 18.61 to 21.63 at 20.476. While it might spiral further lower, we'd expect downside to be contained by 50% retracement at 20.12 and resume the rally from 18.61. Above 20.84 minor resistance will turn bias back to the upside for 21.63. Break will target 61.8% retracement of 25.12 to 18.61 at 22.63.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 02 14 11:38 ET
Crude oil's rebound from 99.01 was limited at 105.25 and the fall from 107.73 then resumed by breaking 61.8% retracement of 91.24 to 107.73 at 97.54. We're holding on to the view that rally from 91.24 has completed at 107.73 already. Near term outlook stays bearish for 100% projection of 107.73 to 99.01 from 105.25 at 96.53. Break will pave the way for 161.8% projection at 91.14, which is close to 91.24 low. Meanwhile, above 100.37 resistance will dampen the immediate bearish view and turn outlook neutral first.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 02 14 11:37 ET
Natural gas lost some downside momentum ahead of long term fibonacci level at 3.656. With daily MACD crossed above signal line, some sideway trading could be seen in near term. Deeper fall cannot be ruled out yet. But we'd continue to expect strong support around 3.365 to contain downside and bring reversal. Above 4.081 will confirm short term bottoming and bring sustainable rebound.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 19 14 09:43 ET
The break of 1309.4 support indicates short term topping at 1346.8 on bearish divergence condition in 4 hours MACD. Near term outlook is turned neutral for consolidations. While another fall might be seen as the consolidation continues, we'd expect strong support from 61.8% retracement of 1240.2 to 1346.8 to contain downside. Rise from 1240.2 is still expected to continue to 1392.6 and possibly above. In that case, we'd look for reversal signal as gold approaches 1430.4 key resistance.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 19 14 09:43 ET
The breach on 20.765 support last week indicates that a short term top is formed at 21.63 on bearish divergence condition in 4 hours MACD. Near term outlook is turned neutral for some consolidation. We might seen another fall to 38.2% retracement of 18.61 to 21.63 at 20.476. But downside should be contained by 50% retracement at 20.12 and bring another rise. Rebound from 18.61 is expected extend through 22.18 to 61.8% retracement of 25.12 to 18.61 at 22.63 before reversing.
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