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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 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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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 19 14 09:42 ET
Crude oil dipped to 99.01 initially last week but staged a strong rebound from there. Break of 103.00 minor resistance suggests that a short term bottom is formed. Further rebound would likely be seen in near term. Nonetheless, we're holding on to the view that whole rally fro 91.24 has completed at 107.73 already. Thus, we'd expect upside of current rebound to be limited below 107.73. Below 101.60 support will turn bias back to the downside for 99.01 and then 61.8% retracement of 91.24 to 107.73 at 97.54.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 19 14 09:41 ET
Natural gas' fall continued last week as expected and broke 4.0 psychological level as expected. Initial bias remains on the downside this week. Current fall is part of the larger decline from 6.493 and should target next key long term fibonacci level at 3.656. On the upside, break of 4.146 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 12 14 07:44 ET
Gold's rally continued as expected as reached as high as 134.8. Rise from 1240.2 is viewed as a leg inside the pattern from 1179.4. Near term outlook will stay bullish as long as 1309.4 support holds. Current rally will extend to 1392.6 resistance and above. We'll be cautious on reversal as it approaches 1434.0 key resistance.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 12 14 07:43 ET
Silver's rally continued as expected and reached as high as 21.63 last week. Rise from 18.61 is viewed as at the same degree as the fall from 22.18 to 18.61. Near term outlook will stay bullish as long as 20.765 support holds. Current rally would target 22.18 resistance and above. Nonetheless, we'll look for reversal signal again above 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 Jul 12 14 07:43 ET
As noted before, the near term trend in crude oil could have reversed on bearish divergence condition in daily MACD. Last week's break of 101.60 support confirmed this bearish case. Near term outlook will now stay bearish for cluster support level at 61.8% retracement of 91.24 to 107.73 at 97.54. On the upside, above 103.00 minor resistance will bring some consolidations first before staging another fall.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 12 14 07:42 ET
Natural dropped to as low as 4.106 last week and took out 4.211 key support level. The larger down trend has just resumed and near term outlook will stay bearish for 4.0 psychological level first. Decisive break there will pave the way to next key long term fibonacci level at 3.656. On the upside, break of 4.329 minor resistance will indicate short term bottoming and bring consolidation before another fall.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 05 14 09:09 ET
While Gold lost some upside momentum, there is no change in the near term bullish outlook with 1285.1 support intact. Current rally from 1240.2 is expected to extend to 1392.6 resistance. However, break of 1285.1 will dampen out bullish view and turn focus back to 1240.2 support instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 05 14 09:07 ET
Silver lost much upside momentum and was basically stuck in sideway trading last week. But after all, recent development suggests that the near term has reversed already. And, as long as 20.00 support holds, near term outlook stays bullish for further rally to 22.18 resistance next. Though, break of 20.00 will turn focus back to 18.61 support instead.
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