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Gold and Oil Markets Report – 09 Apr 2012

Last week was a short week due to major centralized markets closed on Good Friday. The US non–farm payroll for March was lesser than expected at only 120,000 jobs created compared to the revised 240,000 increments in February. Unemployment fell to 8.2 percent. Jobs market recovery is still unstable which has risen the recent concerns of FED chairmen Bernanke in more stimulus policy may be needed.

Crude Oil

WTI Crude prices moved in the range from 101.00 – 106.00 regions last week and settled at 103.24 on Thursday. This week, we reckon the trend will be bearish and target still aims at 100.00 benchmarks. The immediate resistance lies at 104.00 levels which may cap on the upcoming bulls. Breaking below 100.00 levels could induce more liquidation to 98.00 levels.


Gold prices slid below 1650.00 on last Tuesday and began the bear trend. Market closed at 103.88 on some recovery after the US jobless claims showed improvement on Thursday. This week, we expect the resistance to suppress at 1650.00 levels while the trend may continue to go lower to 1600.00 as forecast previously.


Silver prices closed at 31.88 on Thursday. The market has shown bearish prone patterns on day chart and may drop further in coming week. However, the resistance lies at 32.65 and should not be pierce in order to remain the bearish view. This week, we foresee the down trend may test 30.00 benchmarks if the current 31.00 support levels are broken.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on Friday at 13-month record high due to short supply in soymeal oil produced in China. Low inventory CPO stock in Malaysia also instigated buyers to push the market higher while June contract closed at 3604 on Friday. This week, we reckon the market will surge further to 3700 regions while immediate supported should hold well at 3520 levels.

Dar Wong

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

Wong is founder and principal consultant of and holds a professional qualification in NASD series 3 and 5 approved by National Futures Association (USA). He was previously attached with Bankers Trust Futures Inc, Barclays ZW Futures and Smith Barney Shearson (Citigroup) Inc.

He is also an active trader and author of 8 Ways to Invest In China’s Emerging Markets. Wong is also columnist for The Star, The Borneo Post in East Malaysia, The Busy Weekly, The Trader’s Journal, The Forex Journal, The Pulses, The Analysts and Capital Asia magazine.

He is a regular speaker on trading topics as well as Master Speaker for the annual Asia Traders and Investors Convention (ATIC).

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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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1 Comment to Gold and Oil Markets Report – 09 Apr 2012

  • Tech Trader's Gravatar Tech Trader
    April 11, 2012 at 1:58 PM | Permalink

    Good article sir. Keep the updates coming.