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Crude Oil Weekly Technical Outlook + MORE

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On Monday, gold rallied to test the $1300 level, and silver $18.00.
Given the sharpness of the move up in the last week of April, it was hardly surprising that some consolidation was in order. Underlying this performance was the recent weakness of the dollar, which had a mini-bounce aided by a weaker yen, the yen having been rising strongly against the dollar this year so far…

Continue Reading On .goldmoney.com »

Crude oil had a highly volatile day with both benchmarks jumped following news that wild fire was disrupting production in Canada. The front-month WTI contract initially dropped to 43.96 on the buildup of US inventory. Price then reversed and ended the day at 44.32, up +1.23%. in a similar vein, the Brent contract initially fell to as low as 44…

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Gold retreated mildly last week but drew support from 4 hours 55 EMA and bounded. Near term outlook remains bullish with 1228.5 support intact. Current rise from 1045.4 is expected to target 61.8% projection of 1045.4 to 1287.8 from 1228.5 at 1378.3 next. We’ll look for topping signal around there.

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T-TIP: Salvation or trash-tip?

– .goldmoney.com

President Obama weighed into the Brexit debate on his recent visit to the UK, saying that if Britain left the EU, she would be at the back of the queue when it comes to a free trade agreement.
If this was intended to scare voters into voting Remain, the tactic seems to have failed, with the subsequent swing in the polls favouring Brexit…

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Crude oil continued to lose upside momentum last week as it turned sideway. But it’s held above 42.50 support so far and outlook remains bullish. Further rise is still in favor to 61.8% retracement of 62.58 to 26.05 at 48.63 next. Nonetheless, break of 42.50 support will indicate short term topping and bring deeper pull back, to 55 days EMA (now at 39…

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Natural struggled to extend gain above 61.8% retracement of 2.495 to 1.611 at 2.157 last week. As the choppy rebound from 1.611 is seen as a correction, we’ll stay cautious on topping and reversal around 2.157. Break of 1.950 support will now indicate near term reversal and turn outlook bearish for retest on 1…

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This week, clients have been net selling gold whilst net buying silver, platinum, and palladium. The spot gold and silver highs experienced on Monday may have sparked more selling activity from our clients as they took advantage of the higher pricing.
GoldMoney’s clients have favoured the Canadian and Singapore vaults this week with less preference being shown for the London, Swiss, and Hong Kong vaults…

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Silver turned into sideway consolidation last week but stayed above 16.835 support. Near term outlook remains bullish. Current rally from 13.62 would target 161.8% projection of 13.62 to 16.17 from 14.785 at 18.91 next. Though, break of 16.835 will indicate short term topping and bring deeper pull back, possibly to 16…

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