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Gold and Oil Markets Report – 3 Oct 2011

A guest post written by DAR Wong

Gold

Gold prices were trading sideways last week. The market fell to 1532.60 in early week and recovered to 1677.10 but ended in a swing. This week, we foresee the market will build its base at 1580.00 regions while much buying interest will lift up the trend from here. Our target will aim at 1730 as recovery point since the market has not digested the previous rapid downtrend. Abandon your long-view if the bear tend breaks beneath 1560.00 levels.

Silver

Silver prices are trading in sideway consolidation while being supported at 29.00 regions. We reckon technical recovery may emerge in coming week when the market crosses above 31.50 resistances and aim for 35.50 levels. Silver is considered under bought now as the Gold-Silver ratio has surged above 50 benchmarks. It will be good opportunity to establish long trades in early week while capping your losses at 27.50 levels.

Crude Oil

WTI Crude prices stood firm at 77.50 regions as strong support base while consolidated from 80.00 to 84.50 levels last week. Oil prices headed for biggest quarterly drop in New York since the 2008 financial crisis due to slowdown in China. In coming week, we foresee the market may jump up across resistance levels 84.70 and reach out to 88.00 as technical recovery. Nevertheless, abandon your long-view if the market penetrates beneath 79.50 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed at 2905 for December futures contract. The market fell due to global uncertainty and being bludgeoned by news of imminent recession in U.S. and European economies. From our technical studies, the trend may swing sideways in early week from 2880 to 2950 but drop again towards weekend. Our potential first bottom target remains at 2800 levels which will cover a day gap on last year’s October.

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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