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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 |
Sat Mar 13 10 12:26 ET
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Gold's correction from 1145.8 extended further to as low as 1097.3 last week. Initial bias remains on the downside this week and further decline could still be seen. But after all, rise from 1044.5 is in favor to continue as long as 1088.5 support holds. Above 1119.5 minor resistance will flip intraday back to the upside for retesting 1145.8. Break will target 1163 resistance next. However, 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 |
Sat Mar 13 10 12:25 ET
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Silver edged higher to 17.665 last week but failed to sustain above 100% projection of 14.65 to 16.56 from 15.61 at 17.52 and turned sideway. Initial bias is neutral this week and we'd expect some more consolidations, possibly with pull back to trend line support (now at 16.38). However, note that rise from 14.65 is still expected to continue as long as 15.61 support holds. Above 17.665 will target 161.8% projection at 18.708. However, note that firm 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 |
Sat Mar 13 10 12:25 ET
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Crude oil edged higher to 83.16 last week but upside was again limited by loss of momentum. Nevertheless, there is no confirmation of topping yet with 80.16 minor support intact and current rally from 69.50 could still continue to retest 83.95 high. On the downside, however, note that break of 80.16 will indicate that a short term top is already in place and deeper fall should then be seen to 38.2% retracement of 69.50 to 83.16 at 77.94 next.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Sat Mar 13 10 12:24 ET
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Natural gas's fall extended further to as low was 4.377 last week even though downside momentum has diminished a bit. Further decline is still expected as low as 4.603 minor resistance holds. Correction from 6.108 is targeting 4.157 support. Nevertheless, we're expecting strong resistance from 4.157 to conclude the correction and bring another strong rise. Above 4.603 minor resistance will flip intraday bias back to the upside. Further break of 5.06 support support turned resistance will argue that fall fro 6.108 is finished and will bring retest of this high.
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ONG Focus -
Technical
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Written by Oil N' Gold |
Fri Mar 12 10 07:24 ET
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Gold recovers after dipping to 1100.5 but still, correction from 1145.8 might still continue. However, downside should be contained by 1088.5 support and bring rally resumption. Above 1128.3 will flip intraday bias back to the upside. Further break of 1145.8 will target 1163 resistance next. However, 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 |
Fri Mar 12 10 07:24 ET
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Intraday bias in silver remains neutral for the moment and some more consolidations could be seen. 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 |
Fri Mar 12 10 07:23 ET
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While upside moment is diminishing in crude oil, further rise is still in favor with 80.16 minor support index. Current rally from 69.50 could extend further to retest 83.95 high. Nevertheless, break of 80.16 will indicate that a short term top is already in place and 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 |
Fri Mar 12 10 07:22 ET
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No change in Natural gas' outlook. Further fall is still mildly in favor with 4.79 minor resistance intact. However, as we're treating current fall from 6.108 as a correction in the larger rally, downside is expected to be contained by 4.157 support and bring strong rebound. Above 4.79 will argue that natural gas has bottomed out and will flip intraday bias back to the upside for 5.06 resistance first.
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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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