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Gold and Oil Markets Report – 11 July 2011

A guest post written by DAR Wong

Gold

Gold prices rose on Friday after less favorable non-farm payroll announced by U.S. labor department with 9.2 percent unemployment rate. The market won the limelight among investors again and jumped up above 1545.00 benchmarks. This week, the yellow metal may challenge 1558.00 to make double top formation if the bulls continue the march. Only breaking below 1531 will turn into bearish bias should there be some positive news from Europe on rescue plan on debt crisis!

Silver

Silver prices were bullish last week and challenged the 36.76 resistances on Friday night. We reckon the bulls will continue in early coming week and hit 37.80 levels before the escalation slows down. The market has been consolidating for almost 2 months with lesser liquidity. If any negative news emerges, the trend needs to turn beneath 35.68 before we can confirm the bear resumes.

Crude Oil

The WTI Crude plunged on U.S. unemployment reaching 9.2 percent in June. Worries of economic slowdown will cut oil demands amid technical profit taking from top regions around 99.00 levels. This week, if the market cannot climb higher than 99.00 regions, we expect the bears to enter the market and attempt the first support at 94.50 regions. Our next support lies at S2 – 92.90 if we her more shrinkage in major economies.

Crude Palm Oil

CPO futures reached last week’s low 3016 and closed at 3077 on Friday. This week, the market will face resistances at 3136 regions if the bulls charge higher. Basically, the market followed Crude oil prices in technical recovery after they were sold down in early week. From the technical outlook, crossing the 3136 resistances may attempt higher target at 3200 levels but subject to positive news of rising demands. Otherwise, further contraction of China and U.S. economies may drive the CPO prices lower to 2900 regions if 3000 benchmarks are violated!

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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