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Gold and Oil Markets Report – 2 September 2013

A guest post written by DAR Wong

The U.S. President Obama is persuading the United Nations to launch strike against Syria for using chemical weapons. Stock markets knee jerked on global basis as Crude prices rose to 2-year high records in early last week. The U.S. economy is facing mixed sentiment amid steady job recovery as weekly claims declined to 331,000 ended 24 August. Another report showed GDP growth for Q2 marked 2.5 percent annualized gains. Gold prices reached 1433.00 highs before closing at 1390.00 regions for the weekend.

Crude Oil

WTI Crude prices reached 2-year record at 112.00 regions last week before settling down at 108.00 levels for the weekend. The market is trading in neutral zone now as it waits for fundamental news in coming week. A gradual drawdown will lead the market back to 105.00 supports but any unexpected news may trigger new buying interest as hedge against war-inflation. Technically, we still reckon the trend will consolidate from 105.00 – 110.00 regions while watched by many buyers.

Gold

Gold prices were pushed up in panic buying in early last week due to tension in warfare against Syria. The market attained 13-week highs at 1433.00 levels before sliding down for profit-taking towards weekend. Technically, we reckon the trend may continue to drop down till 1370.00 regions before bargain-hunting occurs. Topside resistance will remain at 1420.00 in case the war-tension resurges. Piercing above 1420.00 levels need to abandon your short-view.

Silver

Silver prices climbed to 25.105 highs last week and closed lower at 23.400 regions for weekend. This week, we reckon the market will follow the Gold trend and land softer before mid-week. Technically, we aim at 22.500 regions before expecting some bargain-hunting emerges. The resistance lies at 24.500 should the buying interest rekindles after Wednesday. Overall sentiment is mixed and should be trading sideways.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded from 2396 – 2485 last week and fell after mid-week. The market closed at 2410 in November delivery month and quite in neutral zone due to contraction in open interest. This week, we reckon the trend may slide further to test 2350 supports before bargain-hunting emerges. Topside resistance remains at 2450 levels but new tension of Syrian war may pierce this level and re-test 2500 regions.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong.

Wong is the founder and Principal Consultant of PWForex.com and holds a professional qualification in NASD series 3 and 5 approved by National Futures Association (USA).

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DISCLAIMER: This post is written for general information only. The author, publisher and/or any third party involved in the distribution of this work assume no legal responsibilities and shall have no liability whatsoever for any direct or consequential losses, costs or expenses arising from the use of the information contained herein.

 

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