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Gold and Oil Markets Report – 11 Nov 2013

A guest post written by DAR Wong

Crude Oil

WTI Crude prices were supported at 93.00 levels as market rebound above 94.00 for weekend closing. This week, the market may begin to consolidate for technical recovery while we foresee the price movements may trade from 93.00 to 98.50 targets. The crude inventory has slowed down in its weekly report and trend may be turning up from gradual demands. However, beware of it driving beneath 94.00 levels as this might lead to 91.00 as our next target.

Gold

The Gold prices closed lower on second consecutive week. Last Thursday, European Central Bank cut refinance rate from 0.5 percent to 0.25 percent and triggered plunge on Gold prices. On Friday, the U.S. Commerce Department surprised the market with rising payroll above median forecast at 204,000 while unemployment at 7.3 percent. Dollar rose further and hammered yellow metal and energy prices as market investors reckoned the recovery has begun in U.S. slowdown.

Gold prices slid from 1325.00 tops as selling orders stacked onto the market. The trend unwound rapidly from recovering USD Index above 81.00 benchmarks. This week, we forecast the market will be resisted at 1305.00 levels in case of small retracement. However, downfall trend may persist and drive down to 1360.00 as our targets. Demands may be weakening in yellow metal if we see more growth in U.S. economic data.

Silver

Silver prices have been surprisingly firmed compared to the plunge in Gold trend. The market was threading above 21.000 benchmarks on Friday and closed inactive for weekend. This week, we reckon the trend will be resisted at 22.000 levels while prone to make another price fall. The technical outlook suggests the bears to reach at 21.400 targets if rising Dollar continues to suppress on metal prices like Gold and Silver.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on weekly basis after turning down from 2632 highs last week. Profit taking was seen as the market prices softened. January 2014 contract closed at 2506 with approximately 28,000 contracts. This week, we foresee the market will be supported at 2460 – 2480 regions while upside may re-test 2600 levels. The market could be prone to trade sideways with uncertainty but short-view needs to be abandoned if the price shoots above 2632 highs.

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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