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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Oct 19 08 04:19 ET
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Gold's sharp decline and break of 793.60 support last week dampened the short term bullish view. Rebound from 739.8 should merely part of the correction from 1033.9 only and should have completed at 936.6 already. From a short term angle, initial bias is on the downside this week as long as 816.90 minor resistance holds and further fall is expected to retest 739.8 low first. On the upside, above 816.9 will turn intraday outlook neutral but recovery should be limited by 859.2 resistance and bring another fall.
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ONG Focus | Technical |
Written by Oil N' Gold |
Sun Oct 19 08 04:05 ET
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After brief recovery, Silver's down trend resumed and reached as low as 9.09 last week. From a short term angle, initial bias remains on the downside this week as long as 10.32 minor resistance holds. Further decline is still expected to medium term resistance turned support at 8.48 first and probably further to 61.8% projection of 19.55 to 10.31 from 13.88 at 8.17. On the upside, above 10.32 will indicate that an intraday low is in place. Further break of 11.195 resistance will argue that fall from 13.88 has completed and will bring stronger rebound.
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ONG Focus | Technical |
Written by Oil N' Gold |
Fri Oct 17 08 06:57 ET
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Crude oil turns sideway after diving to 68.57 and is trying to draw support from 55 month EMA at 70.95. But still, intraday bias remains on the downside as long as 76.62 minor resistance holds. The current fall from 110.45 is still in favor to extend further to 100% projection of 147.27 to 90.51 from 110.45 at 53.69 next. On the downside, above 76.62 will bring consolidation but break of 85.13 is needed to signal a short term bottom is formed. Otherwise, further decline is still expected after consolidation.
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ONG Focus | Technical |
Written by Oil N' Gold |
Fri Oct 17 08 06:48 ET
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Natural gas' fall was contained at 6.436 and rebounded strongly after meeting 100% projection of 8.88 to 7.028 from 8.32 at 6.468. Break of 6.837 resistance suggests that a short term bottom might be in place. Short term outlook is turned neutral for the moment and some consolidation could be seen. Nevertheless, recent down trend is still in force as long as 7.938 resistance holds. sustained trading below 6.436 will pave the wave to 161.8% projection at 5.323 next.
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ONG Focus | Technical |
Written by Oil N' Gold |
Fri Oct 17 08 06:41 ET
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Gold's sharp fall from 936.3 extended further to as low as 786.7 before turning sideway. Break of 793.60 support argues that rebound from 739.8 has totally completed. At this point, intraday bias remains on the downside as long as 816.9 minor resistance holds and further decline is expected to retest 739.8 low first. On the upside above 816.90 will turn intraday outlook neutral. But break of 859.2 is needed to indicate fall from 936.3 has completed. Otherwise, short term outlook remains bearish. |
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ONG Focus | Technical |
Written by Oil N' Gold |
Fri Oct 17 08 06:28 ET
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Silver's fall from 11.195 extended to as low as 9.25 before recovering. Break of 9.4 confirmed recent decline has resumed. At this point, intraday bias remains on the downside as long as 10.32 minor resistance holds and further decline is expected to 61.8% projection of 19.55 to 10.31 from 13.88 at 8.17. On the upside, above 10.32 will turn intraday outlook neutral first. But break of 11.195 is needed to signal a short term bottom is formed. Otherwise, further decline is still expected after consolidation.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 16 08 07:22 ET
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Crude oil's down trend resumed by taking out 77.09 low and reaches as low as 71.21 so far, taking out mentioned 61.8% projection of 147.27 to 90.51 from 110.45 at 75.37. At this point, intraday bias remains on the downside as long as 76.62 minor resistance holds. Further decline could still be seen to 55 month EMA at 70.32. Break will target 100% projection of 147.27 to 90.51 from 110.45 at 53.69 next. ON the upside, above 76.62 will turn intraday outlook neutral first. But a break of 85.13 resistance is needed to indicate a short term bottom is formed. Otherwise, further decline is still expected after brief consolidation.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 16 08 07:12 ET
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Break of 6.51 low indicates that recent decline has resumed and Natural is now pressing mentioned 100% projection of 8.88 to 7.028 from 8.32 at 6.468. At this point, intraday bias remains on the downside as long as 6.837 minor resistance holds. Break of 6.468 will encourage further fall to 161.8% projection at 5.323 next. On the upside, above 6.837 will indicate that a short term bottom is likely formed and bring stronger rebound.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 16 08 07:08 ET
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Gold continues to stay in tight range above 824.5 today even though it weakens mildly. Intraday bias remains mildly on the downside as long as 875 resistance holds. The fall from 936.3 could extend further to below 824.5. However, note that short term outlook remains unchanged. There are a few possible interpretations on price actions from 739.8 low. But, as long as 793.6 resistance turned support holds, favors is still on the case that Gold is merely in consolidation to rally from 739.8 and another rise should be seen after completing the consolidation. Above 875 will flip intraday bias back to the upside for retesting 936.3 resistance. However, break of 793.6 will dampen this case and indicate that rise from 739.8 has completely finished. Short term outlook will then turn bearish.
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ONG Focus | Technical |
Written by Oil N' Gold |
Thu Oct 16 08 07:05 ET
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Silver's break of 10.36 minor support indicates that rebound from 9.4 has completed at 11.195. Intraday bias is flipped back to the downside for retesting 9.4 low first. Break will bring down trend resumption to 61.8% projection of 19.55 to 10.31 from 13.88 at 8.17. On the upside, above 10.62 minor resistance will argue that correction from 9.4 is still in force and will probably bring further rebound to above 11.195. However, short term outlook will remain bearish as long as 12.355 resistance holds. Break of 12.355 is needed to signal a short term bottom is formed.
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