Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:42 ET

With 4 hours MACD crossed below signal line, Gold's recovery from 1329 should have completed at 1382.9 already. Intraday bias is now cautiously on the downside for 1315.8/1329 support zone. Decisive break there will complete a head and shoulder top reversal pattern and should turn outlook bearish for deeper fall. On the other hand, strong rebound from 1315.8/1329 will indicate that gold is merely in sideway consolidation and another would still be seen before topping.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally might still continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:40 ET

Natural gas' rally resumes after brief consolidation and reaches as high as 4.411 so far today. Intraday bias remains on the upside for further rally. Current rise from 3.255 should now be targeting next key resistance at 5.194. On the downside, below 4.115 minor support will turn intraday bias neutral again. But after all, we'd still favor another rise as long as 3.71 support holds, even in case of deep retreat.

In the bigger picture, break of the falling trend line from 6.108 add some credence to the case that decline from there is completed with three waves down to 3.22 already. That is, it's merely a correction to rebound from 2.409. Further rise should be seen to 5.194 resistance for confirmation and break will target another high above 6.108 in medium term.

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:40 ET

Natural gas' rally resumes after brief consolidation and reaches as high as 4.411 so far today. Intraday bias remains on the upside for further rally. Current rise from 3.255 should now be targeting next key resistance at 5.194. On the downside, below 4.115 minor support will turn intraday bias neutral again. But after all, we'd still favor another rise as long as 3.71 support holds, even in case of deep retreat.

In the bigger picture, break of the falling trend line from 6.108 add some credence to the case that decline from there is completed with three waves down to 3.22 already. That is, it's merely a correction to rebound from 2.409. Further rise should be seen to 5.194 resistance for confirmation and break will target another high above 6.108 in medium term.

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Nymex Natural Gas Continuous Contract Daily Chart

 

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Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Oct 20 10 07:09 ET

Crude oil's choppy fall from 84.43 is still in progress and breached 80 psychological level. With 78.04 support intact, there is no confirmation of reversal yet. But still, even in case of another rise to above 84.43, we'll continue to focus on reversal signal inside resistance zone of 82.97/87.15. On the downside, break of 78.04 support will indicate that rise from 70.76 is over and deeper decline should be seen to retest this support level first.

In the bigger picture, after all, we're still favoring the case that medium term rally from 33.2 is already completed at 87.15. Recovery from 64.23 is treated as a correction and should be near to completion, if not finished. Even in case of another rise, strong resistance should be seen as crude oil enters into resistance zone of 82.97/87.15 and bring reversal. We're still expecting another fall to 60 psychological level (50% retracement of 33.2 to 87.15 at 60.18). However, decisive break of 87.15 will put focus on long term fibo level at 50% retracement of 147.27 to 33.2 at 90.24.

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:42 ET

With 4 hours MACD crossed below signal line, Gold's recovery from 1329 should have completed at 1382.9 already. Intraday bias is now cautiously on the downside for 1315.8/1329 support zone. Decisive break there will complete a head and shoulder top reversal pattern and should turn outlook bearish for deeper fall. On the other hand, strong rebound from 1315.8/1329 will indicate that gold is merely in sideway consolidation and another would still be seen before topping.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally might still continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

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Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:41 ET

Crude oil jumped to as high as 84.53 but was limited by mentioned 85.42 resistance and weakens again. With 4 hours MACD crossed below signal line, intraday bias is turned neutral. As noted before, decline from 88.63 is still in favor to continue with 84.52 resistance intact. Break of 80.06 will target 61.8% retracement of 70.76 to 88.63 at 77.59 and below. Though, above 84.53 will now flip intraday bias back to the upside for retesting 88.63 high.

In the bigger picture, the steeper than expected fall from 88.63 is mixing up the outlook and argue that rise from 64.23 is possibly finished with three waves up to 88.63. In other words, it could be the second wave of consolidation from 87.17 and the third wave might have just started. We'll now slightly favor more decline as long as 88.63 resistance holds. Nevertheless, medium term rise from 33.2 is treated as the second wave of the consolidation pattern that started at 147.27. As long as 64.23 support holds, medium term rise from 33.2 is still in favor to extend to 50% retracement of 147.27 to 33.2 at 90.24 and possibly higher before completion.

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:42 ET

With 4 hours MACD crossed below signal line, Gold's recovery from 1329 should have completed at 1382.9 already. Intraday bias is now cautiously on the downside for 1315.8/1329 support zone. Decisive break there will complete a head and shoulder top reversal pattern and should turn outlook bearish for deeper fall. On the other hand, strong rebound from 1315.8/1329 will indicate that gold is merely in sideway consolidation and another would still be seen before topping.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally might still continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

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Comex Gold Continuous Contract Daily Chart

 

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:40 ET

Natural gas' rally resumes after brief consolidation and reaches as high as 4.411 so far today. Intraday bias remains on the upside for further rally. Current rise from 3.255 should now be targeting next key resistance at 5.194. On the downside, below 4.115 minor support will turn intraday bias neutral again. But after all, we'd still favor another rise as long as 3.71 support holds, even in case of deep retreat.

In the bigger picture, break of the falling trend line from 6.108 add some credence to the case that decline from there is completed with three waves down to 3.22 already. That is, it's merely a correction to rebound from 2.409. Further rise should be seen to 5.194 resistance for confirmation and break will target another high above 6.108 in medium term.

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Nymex Natural Gas Continuous Contract Daily Chart

 

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Thu Oct 21 10 07:11 ET

Intraday bias in natural gas remains neutral for the moment and more consolidations could be seen above 3.395 temporary low. Though, outlook remains bearish as long as 3.777 resistance holds and fall from 4.144 is still expected to continue. Below 3.395 will target 61.8% projection of 5.007 to 3.61 from 4.144 at 3.281 next. On the upside, however, above 3.777 will argue that fall from 4.144 is over and bring stronger rebound towards this resistance.

In the bigger picture, whole decline from 6.108 is still in progress and further fall should be seen to 100% projection of 6.108 to 3.81 from 5.194 at 2.896 next. More importantly, recent development revived the case that medium term rebound from 2.409 is completed at 6.108 already. Also, fall from 6.108 might indeed be resuming the long term down trend for a new low below 2.409. We'll pay attention to the structure of the current decline for more hints. On the upside, break of 4.144 resistance will be the first signal of reversal. Further break of 5.007/194 resistance zone will in turn argue that fall from 6.108 has finished.

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Fri Nov 26 10 07:40 ET

Natural gas' rally resumes after brief consolidation and reaches as high as 4.411 so far today. Intraday bias remains on the upside for further rally. Current rise from 3.255 should now be targeting next key resistance at 5.194. On the downside, below 4.115 minor support will turn intraday bias neutral again. But after all, we'd still favor another rise as long as 3.71 support holds, even in case of deep retreat.

In the bigger picture, break of the falling trend line from 6.108 add some credence to the case that decline from there is completed with three waves down to 3.22 already. That is, it's merely a correction to rebound from 2.409. Further rise should be seen to 5.194 resistance for confirmation and break will target another high above 6.108 in medium term.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart

 

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:09 ET

Gold's choppy recovery is still in progress and intraday bias is cautiously on the upside for further rise. However, note that break of 1424.3 is needed to confirm up trend resumption. Otherwise, we'd expect another fall to continue consolidations. On the downside, below 1347.9 minor support will flip intraday bias back to the downside. While it's a bit early, we'd like to point out that decisive break of 1315.8 will complete a head and shoulder top reversal pattern and should bring much deeper fall.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally is still expected to continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

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Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:07 ET

Crude oil is still staying in sideway trading in tight range for the moment and intraday bias remains neutral. Decline from 88.63 is still in favor to continue with 84.52 resistance intact. Break of 80.06 will target 61.8% retracement of 70.76 to 88.63 at 77.59 and below. Though, above 84.52 will flip intraday bias back to the upside for retesting 88.63 high.

In the bigger picture, the steeper than expected fall from 88.63 is mixing up the outlook and argue that rise from 64.23 is possibly finished with three waves up to 88.63. In other words, it could be the second wave of consolidation from 87.17 and the third wave might have just started. We'll now slightly favor more decline as long as 88.63 resistance holds. Nevertheless, medium term rise from 33.2 is treated as the second wave of the consolidation pattern that started at 147.27. As long as 64.23 support holds, medium term rise from 33.2 is still in favor to extend to 50% retracement of 147.27 to 33.2 at 90.24 and possibly higher before completion.

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:07 ET

Natural gas is losing some upside momentum but intraday bias remains mildly on the upside with 4.058 minor support intact. Current rise is still expected to continue towards falling trend line resistance (now at 4.4 level). On the downside, below 4.058 minor support will turn intraday bias neutral again. But after all, we'd still favor another rise as long as 3.71 support holds, even in case of deep retreat.

In the bigger picture, current development raises the possibility that fall from 6.108 has indeed finished with three waves down to 3.255. That is, it's merely a correction to rebound from 2.409. There is no confirmation of reversal yet and key focus will be on mentioned trend line resistance from 6.108, now at around 4.4 level. Sustained break there will likely pave the way the another high above 6.108 in medium term. Though, a break below 3.255 will turn focus back to 2.409 low instead.

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Silver Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:08 ET

Intraday bias in silver remains neutral for the moment. But still, we're slightly favoring the case that pull back from 29.34 is finished at 24.98 already. Rebound from there should resume sooner or later to retest 29.34 high. However, decisive break of 24.907 will argue that whole rise form 17.735 is finished and will bring deeper fall to 55 days EMA (now at 24.05) instead.

In the bigger picture, silver's up trend is still intact. Current rally from 8.4 is treated as resumption of the whole rise from 2001 low of 4.01. On resumption, silver should target next projection level of 261.8% projection of 14.65 to 19.845 from 17.735 at 31.34. On the downside, break of 20 psychological level is needed to signal medium term reversal. Otherwise, outlook will remain bullish.

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Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:07 ET

Crude oil is still staying in sideway trading in tight range for the moment and intraday bias remains neutral. Decline from 88.63 is still in favor to continue with 84.52 resistance intact. Break of 80.06 will target 61.8% retracement of 70.76 to 88.63 at 77.59 and below. Though, above 84.52 will flip intraday bias back to the upside for retesting 88.63 high.

In the bigger picture, the steeper than expected fall from 88.63 is mixing up the outlook and argue that rise from 64.23 is possibly finished with three waves up to 88.63. In other words, it could be the second wave of consolidation from 87.17 and the third wave might have just started. We'll now slightly favor more decline as long as 88.63 resistance holds. Nevertheless, medium term rise from 33.2 is treated as the second wave of the consolidation pattern that started at 147.27. As long as 64.23 support holds, medium term rise from 33.2 is still in favor to extend to 50% retracement of 147.27 to 33.2 at 90.24 and possibly higher before completion.

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 24 10 07:09 ET

Gold's choppy recovery is still in progress and intraday bias is cautiously on the upside for further rise. However, note that break of 1424.3 is needed to confirm up trend resumption. Otherwise, we'd expect another fall to continue consolidations. On the downside, below 1347.9 minor support will flip intraday bias back to the downside. While it's a bit early, we'd like to point out that decisive break of 1315.8 will complete a head and shoulder top reversal pattern and should bring much deeper fall.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally is still expected to continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

 

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Oct 20 10 07:10 ET

While gold's fall from 1388.1 was steep, it's still holding above 1325.6 support and hence, outlook remains unchanged. There is no confirmation of topping yet and recent rally is still in favor to continue to 1400 psychological level and then 161.8% projection of 1084.8 to 1266.5 from 1155.6 at 1449.6. However, note that break of 1325.6 will indicate that a short term top is at least formed and deeper fall should then be seen towards 55 days EMA (now at 1288.6).

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Recent acceleration suggests that current rally would probably extend further to 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally.

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Crude Oil Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Oct 20 10 07:09 ET

Crude oil's choppy fall from 84.43 is still in progress and breached 80 psychological level. With 78.04 support intact, there is no confirmation of reversal yet. But still, even in case of another rise to above 84.43, we'll continue to focus on reversal signal inside resistance zone of 82.97/87.15. On the downside, break of 78.04 support will indicate that rise from 70.76 is over and deeper decline should be seen to retest this support level first.

In the bigger picture, after all, we're still favoring the case that medium term rally from 33.2 is already completed at 87.15. Recovery from 64.23 is treated as a correction and should be near to completion, if not finished. Even in case of another rise, strong resistance should be seen as crude oil enters into resistance zone of 82.97/87.15 and bring reversal. We're still expecting another fall to 60 psychological level (50% retracement of 33.2 to 87.15 at 60.18). However, decisive break of 87.15 will put focus on long term fibo level at 50% retracement of 147.27 to 33.2 at 90.24.

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Natural Gas Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Thu Oct 21 10 07:11 ET

Intraday bias in natural gas remains neutral for the moment and more consolidations could be seen above 3.395 temporary low. Though, outlook remains bearish as long as 3.777 resistance holds and fall from 4.144 is still expected to continue. Below 3.395 will target 61.8% projection of 5.007 to 3.61 from 4.144 at 3.281 next. On the upside, however, above 3.777 will argue that fall from 4.144 is over and bring stronger rebound towards this resistance.

In the bigger picture, whole decline from 6.108 is still in progress and further fall should be seen to 100% projection of 6.108 to 3.81 from 5.194 at 2.896 next. More importantly, recent development revived the case that medium term rebound from 2.409 is completed at 6.108 already. Also, fall from 6.108 might indeed be resuming the long term down trend for a new low below 2.409. We'll pay attention to the structure of the current decline for more hints. On the upside, break of 4.144 resistance will be the first signal of reversal. Further break of 5.007/194 resistance zone will in turn argue that fall from 6.108 has finished.

Nymex Natural Gas Continuous Contract 4 Hours Chart

Nymex Natural Gas Continuous Contract Daily Chart

 

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Gold Daily Technical Outlook

ONG Focus | Technical | Written by Oil N' Gold | Wed Nov 17 10 07:13 ET

Gold's fall from 1424.3 might still be in progress but still we'd expect strong support at 1315.8, which is close to 38.2% retracement of 1155.6 to 1424.3 at 1321.7, to contained downside and bring rebound. Above 1359.3 will flip intraday bias back to the upside and bring strong recovery. However, decisive break of 1315.8 will argue that whole rise from 1155.6 is finished and deeper decline could then be seen towards 1266.5 resistance turned support instead.

In the bigger picture, rise from 1155.6 is treated as the fifth wave of the five wave sequence from 1044.5, which should also be fifth wave of the rally from 681 (2008 low). Such rally is still expected to continue towards 161.8% projection of 931.3 to 1227.5 from 1044.5 at 1449.6 before completion. Though, we're aware of long term projection target of 100% projection of 253 to 1033.9 from 681 at 1462 and we'd anticipate strong resistance from there to bring medium term correction finally. On the downside, however, break of 1315.8 support will be an early alert of medium term reversal and will turn focus back to 1155.6 support for confirmation.

Comex Gold Continuous Contract 4 Hours Chart

Comex Gold Continuous Contract Daily Chart

 

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