Oil N' Gold Focus

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 18 May 2013 07:09:21 PDT

Gold's fall from 1487.2 extended lower last week and the break of 1404 suggests that rebound from 1321.5 has already finished. Deeper decline would be seen back to retest 1321.5 support first. Break will extend larger decline and should target 150% projection of 1923.7 to 1523.9 from 1798.1 at 1198.4 next, which is close to 1200 psychological level. On the upside, above 1418.5 minor resistance though will bring another recovery to extend the consolidation from 1321.5. After all, outlook will stay bearish as long as 1526.7 holds.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 18 May 2013 07:08:49 PDT

Current development suggests that recovery from 22.00 has completed at 24.795 already. Further decline is expected to be seen back to 22.00 first. Break will confirm larger decline and target 20 psychological level next. On the upside, though, above 23.21 minor resistance will bring another rally to extend the consolidation instead. But after all, outlook will stay bearish as long as 26.575 resistance holds and a downside breakout is expected.

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 18 May 2013 07:08:16 PDT

Despite a dip to 92.13 initially last week, crude oil quickly recovered. Near term bullish outlook is retained. Break of 97.17 will extend the rebound from 85.61. As noted before, price actions from 100.42 are a three wave consolidation pattern that's completed at 85.61. Break of 98.23 will likely resume whole rally from 77.28 and target key resistance level at 114.83 next. Meanwhile below 92.13 will bring another decline to extend the sideway trading from 100.42.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 18 May 2013 07:07:38 PDT

Natural gas continued to consolidate above 3.883 last week and recovered. Further rise might be seen initially this week but we'd be cautious on reversal below 4.444 resistance. Consolidation from there might extend with another fall. Below 3.883 will target 61.8% retracement of 3.125 to 4.444 at 3.629. In the end, we'd still anticipate an upside breakout after the consolidative price actions complete.

Soft US Data Dampened Sentiment

contact@oilngold.com (Oil N' Gold) — Thu, 16 May 2013 21:14:21 PDT

US economic data turned out to be rather soft, sending financial markets lower. Wall Street slipped with the DJIA and the S&P 500 indices losing -0.28% and -0.5% respectively. In the commodity sector, crude oil surprisingly climbed higher in spite of the set of weak data.

Crude Oil Recovered after Sharp Fall on Mixed Inventory Report

contact@oilngold.com (Oil N' Gold) — Wed, 15 May 2013 22:37:20 PDT

In the commodity sector, crude oil prices initially plunged but then recovered after the oil inventory report. The WTI contract for June delivery initially slumped to a 2-week low of 92.13, before settling at 94.3, up +0.1% while the Brent crude contract rebounded to 102.6 after slipping to as low as 101.2 earlier in the day.

Oil Dropped as Demand/Supply Outlook Well-Balanced

contact@oilngold.com (Oil N' Gold) — Tue, 14 May 2013 20:49:45 PDT

Oil prices dropped on weaker global oil demand outlook. While the IEA raised its global oil demand forecast, it suggested that the supply side would comfortably meet the demand. Meanwhile, the OPEC raised concerns over the growth in Chinese oil demand.

Commodities Pressured by Strong US Dollar

contact@oilngold.com (Oil N' Gold) — Mon, 13 May 2013 19:51:16 PDT

Wall Street changed little on profit taking despite encouraging retail sales data in the US. Strength in US dollar sent commodities lower. Chinese economic data was mixed with IP rising faster while retail sales and FAI inline with expectations. Crude oil prices slipped with the front-month contract for WTI crude oil losing -0.91% and the Brent crude contract down -1.05%.

USD Surges as G-7 Accepts Yen's Weakness

contact@oilngold.com (Oil N' Gold) — Sun, 12 May 2013 20:23:57 PDT

Strength in USD sent commodities lower. The G-7 meeting over the weekend appeared to justify further weakness in the Japanese yen while Fed Chairman Bernanke warned that “important risks remain in the short-term wholesale funding markets”. Commodities were mixed last week.

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 11 May 2013 04:14:35 PDT

Gold's consolidation extended last week and despite a dip, it's staying above 1404.0 minor support. Thus, such consolidation could continue and another rise cannot be ruled out. But after all, as long as 1526.7, outlook stays bearish. Below 1404 will indicate that such recovery is completed and will bring deeper fall back to 1321.5 low. Break will target 150% projection of 1923.7 to 1523.9 from 1798.1 at 1198.4 next, which is close to 1200 psychological level.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 11 May 2013 04:14:04 PDT

The consolidation from 22.00 continued last week and might extend further. Outlook is unchanged as there is no sign of reversal. Near term outlook stays bearish 26.575 resistance intact. Current decline should resume sooner or later and below 22.00 will target 20 psychological level next.

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 11 May 2013 04:13:30 PDT

Crude oil faced some resistance from the upper trend line and retreated sharply last week but recovered to close at 95.97. There was no change in the near term bullish view. That is, price actions from 100.42 are a three wave consolidation pattern that's completed at 85.61. Further rise should be seen to 98.24 and break will resume whole rally from 77.28 and target key resistance level at 114.83 next. Though below 93.37 minor support will mix up the near term outlook and turn bias neutral first.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 11 May 2013 04:12:58 PDT

Natural gas consolidated around 38.2% retracement of 3.125 to 4.444 at 3.94 but there was no sign of recovery yet. Deeper decline would still be seen as correction from 4.444 extends. And another fall will target 61.8% retracement at 3.629. Though, above 4.070 minor resistance will turn bias back to the upside for retesting 4.444.

Better-than-expected Jobless Claims Raised Speculations of Tapering QE

contact@oilngold.com (Oil N' Gold) — Thu, 09 May 2013 20:52:11 PDT

Wall Street slipped, following 5 days of record closing, despite strong than expect jobless claims report in the US. The encouraging data raised speculations that the Fed would taper QE measures earlier than expected. Comments from Fed officials delivered mixed message on the issue.

Sentiment Firmed amid Strong Economic Data

contact@oilngold.com (Oil N' Gold) — Wed, 08 May 2013 21:04:19 PDT

Encouraging Chinese trade data, German industrial production and dovish comments from ECB official held up sentiment. In the equity market, Wall Street gained with the DJIA and the S&P 500 indices adding +0.32% and +0.41% respectively. European Stoxx600 and Japan’s Nikkei soared to the highest levels in 5 years and 4.5 years respectively.

Financial Markets Remain Firm Despite Mixed Economic Data

contact@oilngold.com (Oil N' Gold) — Tue, 07 May 2013 19:59:25 PDT

Sentiment remained firm despite mixed economic data. Japanese market soared after closing for 2 days as investors reacted to ECB’s rate cut and US employment report last week. In the Eurozone, German factory orders strengthened while French IP came in worse than expected.

Financial Markets Firmed Modestly on Mixed Headlines

contact@oilngold.com (Oil N' Gold) — Mon, 06 May 2013 21:43:41 PDT

Financial markets firmed modestly as the US released more encouraging economic data following last week’s employment report. In the Eurozone, dovish comments from ECB President Draghi sent the euro lower. Wall Street mixed with the S&P 500 index soared to a new record high, ending the day +0.19% higher while the DJIA fell -0.03% during the day.

Sentiment Lifted by Improved US Job Market

contact@oilngold.com (Oil N' Gold) — Sun, 05 May 2013 21:19:14 PDT

Financial markets soared in Asian session on Monday as driven by better-than-expected US employment report which immediately upstaged the disappointing work week data. Wall Street climbed higher with the DJIA and the S&P 500 indices gaining +0.96% and +1.05% respectively. Shares in Asia today are generally higher.

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 04 May 2013 08:48:18 PDT

The recovery from 1321.5 extended higher last week but showed sign of loss of momentum. After all, such recovery is still viewed as a correction only. And as long as 1526.7, outlook stays bearish. Below 1404 will indicate that such recovery is completed and will bring deeper fall back to 1321.5 low. Break will target 150% projection of 1923.7 to 1523.9 from 1798.1 at 1198.4 next, which is close to 1200 psychological level.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 04 May 2013 08:47:48 PDT

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 04 May 2013 08:47:14 PDT

After retreating to 90.11, crude oil regained strength and jumped sharply to close at 95.61. Rise from 85.61 is still in progress and further upside should be see back towards 98.24 resistance. As noted before, price actions from 100.42 are a three wave consolidation pattern that's completed at 85.61. Break of 98.24 should resume whole rally from 77.28 and target key resistance level at 114.83 next. Though below 90.11 minor support will mix up the near term outlook and turn bias neutral first.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 04 May 2013 08:46:44 PDT

Despite edging higher to 4.444, natural gas dropped sharply since then as it formed a short term top there. We'd expect more consolidative trading in near term. Some support could be seen at 38.2% retracement of 3.125 to 4.444 at 3.94 and bring recovery. But upside should be limited below 4.444 and bring another fall to extend the consolidation pattern. Though, sustained break of 4.444 will resume recent rally to 100% projection of 1.902 to 3.933 from 3.125 at 5.156.

Sentiment Lifted as ECB Resume Easing

contact@oilngold.com (Oil N' Gold) — Thu, 02 May 2013 23:18:44 PDT

ECB’s rate cut and indications for further easing lifted the stock and commodity markets. Wall Street gained with the DJIA and S&P 500 indices adding +0.89% and +0.94% respectively. Asian shares also climbed higher today.

Sentiment Weakened on Dovish FOMC Statement

contact@oilngold.com (Oil N' Gold) — Wed, 01 May 2013 22:11:26 PDT

Financial markets slipped on weaker-than-expected US economic data and a more dovish Fed. Wall Street retreated with the DJIA and the S&P 500 indices losing -0.94% and -0.93% respectively. In the commodity sector, crude oil prices slumped as US inventory surprisingly increased.

Cautiously Awaiting FOMC, ECB

contact@oilngold.com (Oil N' Gold) — Tue, 30 Apr 2013 23:52:53 PDT

Investors hold their breath ahead of the FOMC meeting. Indeed, trading was cautious amid mixed economic data from the US, the Eurozone and China. For the commodity sector, the front-month contract for WTI contract fell -1.10% after rising to a 3-week high the day before while the Brent crude contract edged higher to 104 and then retreated to 102.37, down -1.39%, at close.

Financial Markets Gained Ground on Easing Bias

contact@oilngold.com (Oil N' Gold) — Mon, 29 Apr 2013 20:46:51 PDT

Financial markets soared with the S&P 500 index rising to record high on benign inflation figures and speculations that the ECB would ease further. Wall Street gained with each of the DJIA and the S&P 500 indices rising +0.72%. Asian shares also rose today, heading for highest levels since 2008.

Investors Cautious ahead of Busy Week

contact@oilngold.com (Oil N' Gold) — Sun, 28 Apr 2013 21:41:13 PDT

Asian shares are mixed as the week begins with investors cautiously awaiting the FOMC and the ECB meetings later this week. Sentiment is dampened by the disappointing US GDP data released last Friday. In the commodity sector, crude oil prices drop further after Friday’s weakness.

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 27 Apr 2013 04:28:41 PDT

Gold consolidated above 1321.5 short term bottom last week and recovered strongly. But after all, there is no sign of reversal yet and as long as 1526.7, outlook stays bearish. Recent decline is still expected to continue. Below 140 minor support will turn bias to the downside for 1321.5. Break will target 150% projection of 1923.7 to 1523.9 from 1798.1 at 1198.4 next, which is close to 1200 psychological level.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 27 Apr 2013 04:28:13 PDT

Silver continued to consolidate above 22.00 short term bottom last week and recovered further. But there is no sign of reversal yet and outlook stays bearish with 26.575 resistance intact. Current decline should resume sooner or later and below 22.00 will target 20 psychological level next.

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 27 Apr 2013 04:26:59 PDT

Crude oil's rebound form 85.61 extended further last week and the break of 91.91 resistance indicates that fall from 97.80 has completed already. More importantly, the current development argues that price actions from 100.42 are a three wave consolidation pattern that's completed at 85.61. Further rise is now in favor to 98.24 first. Break will resume whole rally from 77.28 and target key resistance level at 114.83 next. Though below 89.32 minor support will mix up the near term outlook and turn bias neutral first.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 27 Apr 2013 04:26:28 PDT

The breach of 4.084 minor support last week indicates that a short term top was formed at 4.429. Initial bias is mildly on the downside this week for pull back to 38.2% retracement of 3.125 to 4.429 at 3.931 and below. Though downside should be contained by 61.8% retracement at 3.623 and bring rally resumption. Above 4.429 will target 100% projection of 1.902 to 3.933 from 3.125 at 5.156.

Weekly Fundamentals - Commodities Recovered after Massive Selloff

contact@oilngold.com (Oil N' Gold) — Sat, 27 Apr 2013 00:34:50 PDT

Commodities recovered across the board last week amid bargain hunting and short covering after the sharp selloff in the prior week. The bullishness appear temporary and further rallies from the current price levels are less likely as market fundamentals remain generally weak.

Markets Buoyed by US Job Data, Geopolitical Tensions in Syria

contact@oilngold.com (Oil N' Gold) — Thu, 25 Apr 2013 22:25:13 PDT

Financial markets climbed higher with encouraging US jobless claims data. Wall Street gained with the DJIA and the S&P 500 indices rising +0.17% and +0.40% respectively. In the commodity sector, crude oil prices firmed as driven by the stock markets. The front-month contract for WTI crude oil jumped +2.42% to finished the day at 93.64 while the Brent crude contract soared +1.65% to settle at 103.41.

Sentiment Lifted as UK Averts Recession

contact@oilngold.com (Oil N' Gold) — Thu, 25 Apr 2013 04:21:04 PDT

Commodities remained firm in European session with higher than expected GDP growth in the UK lifting market sentiment. Concerning crude oil, the front-month WTI contract climbed further to 91.98 while the Brent crude contract soared to 102.22 earlier in the day.

Commodities Jumped on Bargain Hunting

contact@oilngold.com (Oil N' Gold) — Wed, 24 Apr 2013 21:04:19 PDT

Gold soared to the highest level in 8 days in Asian session on central bank buying. The benchmark contract for Comex gold rose to as high as 1446.5 after gaining +1.06% yesterday. Concerning crude oil prices, the front-month contract for WTI contract jumped +2.52% while the Brent contract added +1.42% yesterday. Wall Street was mixed with the DJIA losing -0.29% and the S&P 500 index staying flat.

Optimism Remains as Supported by Encouraging US Data

contact@oilngold.com (Oil N' Gold) — Tue, 23 Apr 2013 22:06:52 PDT

Wall Street rebounded swiftly after an abrupt selloff amidst a tweet about an explosion in the White House. US housing data was encouraging, upstaging the manufacturing PMI and the Richmond Fed survey. The DJIA and the S&P 500 indices gained +1.05% and +1.04% respectively.

Asian Shares Dropped on Disappointing Chinese PMI

contact@oilngold.com (Oil N' Gold) — Mon, 22 Apr 2013 21:36:21 PDT

Asian shares slipped after flash Chinese PMI weakened from a month ago. Overnight, US and European stocks strengthened further with Italian election lifted optimism. Wall Street gained with the DJIA and the S&P 500 rising +0.14% and +0.47% respectively. In the commodity sector, crude oil prices recovered with the front-month WTI contract adding +0.85% while the Brent crude contract gaining +0.74%.

Japanese Yen Weakens Further after G-20 Meeting

contact@oilngold.com (Oil N' Gold) — Sun, 21 Apr 2013 20:29:26 PDT

Asian stocks generally gained as led by Japanese shares. The G-20 group on Friday acknowledged that the BOJ’s monetary stimulus was aimed at defeating deflation, not at weakening the yen. Japanese yen slumped, with USD/JPY hovering at 100 level. In the commodity sector, the front-month contract for WTI crude oil recovered modestly to 87.9/88.5 after the sharp decline last week, while the Brent crude contract steadied at 99.3/100.18 after slumping to as low as 96.75 last Thursday.

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 20 Apr 2013 07:42:47 PDT

Gold dropped to as low as 1321.5 last week before recovering. Long 1400 psychological level was broken but there is not sign of reversal. A long as 1526.7 resistance holds, deeper decline is still expected and current down trend would now target 150% projection of 1923.7 to 1523.9 from 1798.1 at 1198.4 next, which is close to 1200 psychological level.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 20 Apr 2013 07:42:13 PDT

Silver dropped further to as low as 22.00 last week and broken long term fibo level of 24.22. While a temporary bottom is formed, there is no signal of reversal. Deeper decline is still expected as long as 26.575 resistance holds and current decline should target 20 psychological level next.

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 20 Apr 2013 07:41:42 PDT

Crude oil dropped further to as low as 85.61 last week before recovering mildly. Some consolidations could be seen initially this week but near term outlook will stays bearish at 91.91 resistance holds. The strong break of 89.33 support carries some near term bearish implications and fall from 97.80, which is part of the whole decline from 98.24, would target 84.05 support next.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sat, 20 Apr 2013 07:41:06 PDT

Natural gas' up trend extended further last week and met mentioned target of 61.8% projection of 1.902 to 3.933 from 3.125 at 4.38 already. There s no sign of topping yet and initial bias remains on the upside. Current rally would now extend further to 4.983 resistance and probably further to 100% projection at 5.156. On the downside, below 4.084 will bring consolidations first before stage another rally.

Financial Markets Tumbled on Boston Marathon Explosions

contact@oilngold.com (Oil N' Gold) — Mon, 15 Apr 2013 20:36:51 PDT

Market sentiment was dampened after an act of terrorism in Boston together with weaker than expected US economic data. Wall Street slumped with the DJIA and the S&P 500 indices losing -1.79% and -2.30% respectively. Commodities also tumbled. The front-month contract for WTI crude oil prices plunged to as low as 86.06 before recovering to 86.06 at close, down -2.99% for the day.

Chinese GDP Grew Less than Expected

contact@oilngold.com (Oil N' Gold) — Sun, 14 Apr 2013 21:00:22 PDT

Risk-off sentiment was carried on in Asian session Monday after disappointing US data released last week. China released weaker than expected GDP growth in 1Q13. This raised concerns that recovery the world’s second largest economy might have lost momentum. Asian shares slipped with the MSCI Asia Pacific index losing more than -0.5% in the morning session.

Gold Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sun, 14 Apr 2013 04:56:31 PDT

Gold decline accelerated sharply last week through 1500 psychological to close at 1476.1, even below 1478.3 medium term support. Outlook is not looking good. Initial bias will stay on the downside this week and deeper fall could now be seen to next key support level at 1400, which is close to long term projection level at 1398.3. On the upside, break of 1539.4 resistance is needed to signal short term bottoming or outlook will stay bearish in gold.

Silver Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sun, 14 Apr 2013 04:55:22 PDT

Silver's fall accelerated sharply to close at 25.76 last week below 26.105 key medium term support. The development indicates that the larger down trend has just resumed. Initial bias remains on the downside this week and next target will be long term fibonacci level at 24.22. On the upside, break of 28.02 is needed to signal short term bottoming. Otherwise, outlook will stay bearish even in case of recovery.

Crude Oil Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sun, 14 Apr 2013 04:54:29 PDT

Crude oil dropped sharply last week and is back pressing 90 but it's somewhat still staying in recent converging range. Outlook stays neutral first. Key near term focus is now on 89.33 support and 97.80 resistance. We'd still favor that recent price actions are in triangle pattern and thus, would expect any downside attempt to be contained above 89.33. Meanwhile, sustained break of 97.80 will be an important sign of upside strength and should at least send crude oil for a take on 100 psychological level.

Natural Gas Weekly Technical Outlook

contact@oilngold.com (Oil N' Gold) — Sun, 14 Apr 2013 04:53:43 PDT

Natural gas's up trend continued last week and had a strong close at 4.26. Initial bias remains on the upside this week for target 61.8% projection of 1.902 to 3.933 from 3.125 at 4.38. Decisive break there will likely send it through 4.983 resistance to 100% projection at 5.156. Below 3.861 minor support will bring consolidations. But outlook will stay bullish as long as 3.125 support holds and recent rise from 1.902 is expected to continue higher.

Weekly Fundamentals - Gold Broke Below 1500 on Fed Minutes and Cyprus Gold Sales

contact@oilngold.com (Oil N' Gold) — Sat, 13 Apr 2013 00:01:53 PDT

The Fed minutes for the March meeting raised expectations that the central bank might taper QE measures later this year, though no details have yet been released. Gold prices were dampened amid loss of safe haven status. Added to the selloff was news that Cyprus would consider selling gold to finance its bailout package. Oil weakened with investors concerned about the reduction in global oil demand as 2 out of 3 oil agencies revised lower their forecasts.

US and Chinese Data Support Financial Markets Further

contact@oilngold.com (Oil N' Gold) — Thu, 11 Apr 2013 20:58:08 PDT

Financial markets got another good day as driven by positive data from the US and China. Wall Street soared with the DJIA and the S&P 500 indices gaining +0.42% and +0.36% respectively. Commodities were, however, not as bullish with the front-month contract for WTI crude oil losing -1.19% and the Brent crude contract plunging for a second consecutive day, by -1.44%, for the day.