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Gold and Oil Markets Report – 10 Dec 2012

The US payroll released on Friday indicated 146,000 gain in November and jobless rate at 4-year record low 7.7 percent. Oil fluctuates as dollar rose last week while remaining strong above 80.00 levels. Gold was weakening due to lesser import from China until it bounced up on Friday from better U.S. figures. Eurozone debt remains worrisome and cut demand for commodity prices.

Crude Oil

WTI Crude prices came off from 90.00 regions as we forecast in previous report. The market plunged one-way down to below 86.00 on Friday as sellers engulfed the market. This week, we foresee resistance will lie at 87.00 areas while it might test the 84.00 lows due to panic liquidation. Only if the market pierces above 87.50 resistances would see a reversal trend if buyers are keen to establish long trades.

Gold

Gold prices have formed triple support at 1684.00 areas which signifies strong buying interest. This week, we forecast the trend will be prone to bullish and move in the range from 1693.00 – 1720.00 regions. Traders are advised to pick long entry in early coming week with controlled risk. The market should climb higher if the base could remain unchallenged at 1690.00 levels.

Silver

Silver prices have been trading sideways from 32.50 to 33.30 ranges last week with no clue of direction. If Gold trend is going to recover this week, then we foresee Silver will entail higher at 33.80 levels. There should be some buying interest at 32.80 levels in early coming week as market retraces slightly. Abandon your long-view should it penetrates beneath 332.50 supports.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded lower on Friday’s due to lesser regional demands and pulled down by soybean oil prices. The February delivery contract closed at 2296 after it fell from intraday high 2343. This week, we expect the support to emerge at 2250 regions and market will likely recover higher to 2400 regions as other main energy prices all seem to have bottomed out.

Dar Wong

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

Wong is founder and principal consultant of PWForex.com 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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