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Oil N' Gold Focus Reports
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ONG Focus -
Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:12 ET
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Gold's fall fro 1145.8 resumed after brief consolidations and dropped further to as low as 1103.1 so far. At this point, intraday bias remains mildly on the downside and further decline could be seen towards 1088.5 support. However, note that rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1128.23 will flip intraday bias back to the upside for 1145.8 and then 1163 resistance next. Nevertheless, sustained break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:11 ET
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Silver edged higher to 17.66 but failed to sustain above 17.525 projection level and retreated sharply. Intraday bias remains neutral and we might see more consolidations first. Nevertheless, rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.66 will target 161.8% projection of 14.65 to 16.56 from 15.61 at 18.708. However, break of 15.61 support will indicate that rise from 14.65 has completed. The three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:10 ET
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Crude oil is still staying in tight range as consolidations continues. Upside momentum is clearly diminishing with bearish divergence condition in 4 hours MACD. But still, another rise is in favor as long as 80.16 minor support holds. Current rally might still extend further for retesting 83.95 high. However, break of 80.16 minor support will argue that a short term top is already formed. In such case, deeper pull back should be seen to 38.2% retracement of 69.50 to 83.03 at 77.86 and below.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Thu Mar 11 10 07:10 ET
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Intraday bias in Natural gas remains neutral for the moment and some more sideway trading might be seen. Nevertheless, another fall is still in favor as long as 4.79 minor resistance holds. Below 4.45 will bring more decline towards 4.157 key support next. On the upside, though, break of 4.79 will argue that whole correction from 6.108 has possibly completed already, on bullish convergence condition in 4 hours MACD. In such case, stronger rebound could be seen towards 5.06 resistance next.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:21 ET
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Gold dipped to as low as 1108.2 but drew support from the near term rising trend line and recovered. With 4 hours MACD crossed above signal line, retreat from 1145.8 might have completed. Bias is flipped back to the upside for retesting 1145.8 first. Break will bring rally resumption to 1163 resistance next. On the downside, below 1108.2 will delay the bullish case and bring another fall towards 1088.5 support instead. But still rise from 1044.5 is in favor to continue as long as 1088.5 support holds. However, break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:20 ET
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Silver recovers after drawing support from 4 hours 55 EMA but upside is still limited below 17.53 resistance. Intraday bias remains neutral and some more consolidations could still be seen. But after all, note that rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.53 will target 161.8% projection of 14.65 to 16.56 from 15.61 at 18.708. However, break of 15.61 support will indicate that rise from 14.65 has completed. The three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:20 ET
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Intraday bias in Crude oil remains neutral for the moment as consolidation from 82.41 continues. Another rise is still mildly in favor with 79.75 minor support intact and above 82.41 will target a retest on 83.95 high. However, considering bearish divergence condition in 4 hours MACD, break of 79.75 support will indicate that a short term top is formed and will bring deeper fall to 38.2% retracement of 69.50 to 82.41 at 77.48 next.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Wed Mar 10 10 07:19 ET
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Natural gas continues to stay in tight range today. While downside momentum is diminishing with 4 hours MACD staying above signal line, another fall could still be seen with 4.79 resistance intact. Current decline from 6.108 might still extend further towards 4.157 key support level. On the upside, however, above 4.79 will argue that a short term bottom is formed with bullish convergence condition in 4 hours MACD. In such case, stronger rebound could be seen towards 5.06 resistance next.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Tue Mar 09 10 07:32 ET
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Gold's fall from 1145.8 continues today and at this point, intraday bias remains mildly on the downside for deeper decline. However, note that rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1128.2 minor resistance will flip intraday bias back to the upside. Further break of 1145.8 will bring rally resumption to 1163 resistance next. However, break of 1088.5 will indicate that whole rise from 1044.5 is completed and will turn outlook bearish for another fall towards this low.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Tue Mar 09 10 07:31 ET
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As noted before, an intraday top is in place at 17.53 after silver hit 100% projection of 14.65 to 16.56 from 15.61 at 17.525. Bias is neutral for the moment and deeper decline could be seen. However, note that rise from 14.65 is still in favor to continue as long as 15.61 support holds. Sustained break of 17.525 will target 161.8% projection at 18.708. However, note that break of 15.61 will indicate that rise from 14.65 has completed. The three wave structure will revive that case that recent fall from 19.50 is still in progress for another low below 14.65.
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