Share

Tweet this

Dealing Desk Hotline

(603)-2181 8848

Gold and Oil Markets Report – 1 Aug 2011

A guest post written by DAR Wong

Gold

Gold prices reached all time high again on Friday at 1632.80 that was laid as our target in previous report. The market has strong buying feeds when global investors are nervous in debt crisis from both U.S. and Eurozone economies. This week, we see high chance for Gold prices to break higher and attempt 1650.00 levels. However, our final target is set at 1680.00 over next few weeks should the move of more funds get into yellow metal as safe haven.

On the downside, Gold prices will need to drill beneath S1 – 1600.00 benchmarks if it wishes to turn into bearish trend again! The secondary support at 1580.00 levels will be hard to crack even if the S1 is violated!

Silver

Silver prices has been standing firm at 39.30 supports. This week, the market has great potential to jump higher to 42.20 levels if fundamental news favor in buying. Downside support is strong at S2 – 38.20. We reckon the market is more prone to be bullish while entailing the Gold upward prices.

Crude Oil

WTI Crude prices broke above 100.00 benchmarks last week but quickly fell off 100.60. The weakness was mainly due to uncertainty in U.S. decision in debt limits and grey outlook of GDP in Q2. Currently, the market is well supported at 94.80 regions while waiting for fundamental news in coming week.

We foresee the WTI Crude prices may try testing another lower ground at 93.50 levels if U.S. lawmakers fail in the agreement of raising debt limit in coming week. On the other hand, the upside consolidation has potential to recover to 98.60 regions if the technical trend is pushed by better demands form economic data.

Crude Palm Oil

FCPO for the October month closed at 3096 on Friday. The market traded sideways last week but found strong supports at 3080 levels. This week, the market is open to double way possibility while reacting to fundamental news. Breaking beneath 3080 may attempt lower grounds at 3015. On the other hand, violating above 3164 may continue the bullish charge to 3205 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).

 

Receive the latest blog posts via your Feed Reader or Email

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.

Share and Enjoy:
[del.icio.us] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here

PLEASE NOTE:

OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.


SiteLock