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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:15 ET
Gold dropped sharply to as low as 1072.3 last week as the larger down trend resumed. Further decline is now expected to 100% projection of 1307.8 to 1141.6 from 1232.0 at 1065.8, and then 1000 psychological level. On the up side, above 1117.9 will bring consolidations first before staging another fall.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:14 ET
Silver's decline continued last week but lost momentum ahead of 14.155 low, as seen in bullish convergence condition in 4 hours MACD. At this point, we're not expecting down trend resumption yet. And fall from 18.505 so far is possibly just the second leg of the medium term consolidation pattern. Hence, we'll stay cautious on strong support around 14.155 to bring near term reversal. Above 14.98 will indicate short term bottoming and bring rebound back to 55 days EMA (now at 16.01).
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:13 ET
Crude oil dropped further to as low as 47.72 last week and broke 61.8% retracement of 42.03 to 62.58 at 49.88. Deeper fall is still expected as long as 51.26 minor resistance holds. However, at this point, there is no clear sign of down trend resumption yet. Hence, we'll be cautious on strong support around 42.03 to bring rebound. Above 51.26 will turn bias back to the upside for 55 days EMA (now at 57.19).
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 25 15 12:12 ET
No change in natural gas' outlook as sideway consolidation continued around 55 days EMA. We'd still expect the pattern to extend further in near term. That is, downside attempt should be contained by 2.443 low. Meanwhile, upside attempts should be limited by 38.2% retracement of 4.544 to 2.443 at 3.246.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 18 15 11:03 ET
Gold's fall from 1232.0 continued last week and took out 1141.6 support. Deeper decline could still be seen. But at this point, we'd still favor strong support around 1130.4 to contain downside and bring rebound to extend recent sideway pattern. Break of 1162.1 will indicate near term reversal and turn focus back to 1232.0.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 18 15 11:02 ET
Current development suggests that fall from 17.775 and that from 18.505 isn't finished yet. Deeper decline could still be seen. But then, we're viewing price actions from 14.155 as a sideway pattern. Thus, strong support should be seen around 14.155 to contain downside and bring rebound. Meanwhile, break of 15.90 resistance will bring stronger rise back to 17.775/18.505 resistance zone.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 18 15 11:01 ET
Crude oil edged lower last week but downside momentum was unconvincing. Further fall could still be seen as long as 53.89 resistance holds. But again, there is no clear sign of down trend resumption yet. Hence, we'll be cautious on strong support around 42.03 to bring rebound. A break above 5389 support turned resistance would probably extend the rebound from 42.03 through 62.58. But in that case, strong resistance should be seen around 38.2% retracement of 107.73 to 42.03 at 67.13 to limit upside.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Jul 18 15 11:01 ET
No change in natural gas' outlook as sideway consolidation continued around 55 days EMA. We'd still expect the pattern to extend further in near term. That is, downside attempt should be contained by 2.443 low. Meanwhile, upside attempts should be limited by 38.2% retracement of 4.544 to 2.443 at 3.246.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 12 15 06:44 ET
The choppy decline from 1232.0 extended lower with relatively weak momentum. Further fall could be seen and break of 1141.6 support cannot be ruled out. But based on current momentum, strong support would likely be seen from 1130.4 low to bring rebound. ON the upside, above 1205.7 will turn focus back to 1232.0 resistance instead.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Jul 12 15 06:43 ET
Silver dipped to as low as 14.62 but quickly rebounded. Bias is neutral this week first. We're viewing price actions from 14.155 as a sideway pattern. Thus, even in case of another fall, strong support should be seen around 14.155 to contain downside and bring rebound. Meanwhile, break of 15.82 resistance will bring stronger rise back to 17.775/18.505 resistance zone.
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