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Gold and Oil Markets Report – 10 Oct 2011

A guest post written by DAR Wong

Gold

Gold prices were consolidating amid 1600.00 to 1680.00 last week. Market may travel either direction based on fundamental news in early week. However, we favor temporary shorting from day-chart while aiming at 1600.00 to form another support leg. Buying interest is still swarming into markets after everything else declines. We reckon strong support to lie at 1560.00 regions!

Silver

Silver prices formed very strong support at 29.00 regions since it dipped twice beneath this level last week but rebound to close higher. This week, we expect the market trend to consolidate sideway from 28.50 to 31.50 levels while making strong supports if 28.50 regions can hold for the final leg. Abandon your short-view if the market violates above 31.50 resistances.

Crude Oil

WTI Crude prices made new year-low record at 74.93 before it rebound. Market trend has been tough to handle as the swing is wild due to countering forces of weakening demands and QE programs by major Governments. This week, the market is prone to trade in sideway consolidation from 79.00 to 84.00 regions. Topside resistance might test 85.00 levels before it falls into technical digestion. We favor to trade short view from the top levels with controlled risk management.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed at 2772 for active December futures contract. The market closed the downside gap at 2800 as we predicted last week. Moving forward, we reckon the trend will move sideways from 2730 – 2830 levels while waiting for a possible reversal after the supporting base has firmed up with buyers. However, there is a possibility to see 2650 if the higher supports at 2730 fails to hold well!

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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