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Gold and Oil Markets Report – 11 Feb 2013

Gold and Crude prices were sandwiched between stagnant USD/JPY and declining EUR/USD that gave rise to uncertain in dollar value. No new trend was spotted in the aforementioned commodity prices amid little change in US fundamentals. In Europe, both Bank of England (BOE) and European Central Bank (ECB) kept interest rates unchanged at 0.5 percent and 0.75 percent respectively.

Crude Oil

WTI Crude prices have been trading from 95.00 – 98.00 ranges while bullish sentiment still supports market amid profit-taking. Technically, we foresee the market will narrow down gradually towards the support but might travel higher again if the 95.00 areas can be supported by massive buying interest. Though USDX rose last week, Crude prices receded only slightly due to concern in shrinking US crude inventories and increasing oil imports in China. Topside targets are set at T1 – 98.00 and T2 – 100.00 benchmarks.

Gold

Gold prices settled at 1668.00 regions though the sentiment is still slightly prone to bearishness. This week, we reckon the resistance will remain at 1685.00 areas that breaking above will aim higher at 1710.00 targets. However, capping beneath the benchmarks may initiate a down trend back to 1640.00 regions if USDX continues to surge from technical recovery. Traders are advised to control risk properly as the market trend might subject to unexpected swing before extension.

Silver

Silver prices still dawdles at 31.450 areas as it fluctuates along EMA200 line on day-chart. This week, the market may be resisted at 31.800 and closing below 31.250 could initiate new southern trend. The major support lies at 30.800 levels that could be tested if the bears engulf market amid rising dollar. Abandon your short-view if the market pierces above ultimate 32.000 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range below 2600 last week. The April contract closed at 2560 on Friday amid light volume ahead of Chinese New Year. This week, we reckon the support will rest at 2510 levels while the trend may climb higher to 2700 targets due to new extension.

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’ 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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