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Gold and Oil Markets Report – 12 Mar 2012

Both Gold and Crude oil prices traded sideways in early last week but reversed up strongly on Friday after Greek bailout showed no effect in positive sentiments in euro markets. The U.S. payroll showed more jobs at 227,000 increment in February and generated higher interest in crude prices. However, it will be vital to observe in coming week if the bullish trends can continue to break to new highs in yellow metal and energy markets.

Crude Oil

WTI Crude closed at 107.36 on Friday and settled almost at mid-point between the current price-band from 104.20 – 110.50 regions. This week, we reckon that only fundamental news might lead the trend to exit from this price constriction though we are prone bias to bullishness. The Middle-East tension and worries of oil sanction on Iran will continue to support the oil prices in near term. The probability of climbing to 115.00 regions is still in view once the uptrend violates above 110.00 benchmarks again!


Gold prices closed at 1713.60 on Friday with sharp turn-up from 1676.60 levels. This week, we foresee the market may attempt higher at 1725.00 regions before sliding again. However, further positive news in Euro area may lift the prices to 1740.00 levels if the market stays above 1725.00 for too many days. Only reversing down beneath 1680.00 levels will indicate the renewed weakness and drive trend lower.


Silver prices reached our predicted bottom at 33.00 regions last week before turning up on Friday. This week, we expect the uptrend to stay firm and aiming at 35.00 levels should Gold climb higher. The support will lie at 33.10 levels now as day-chart with EMA200 has shown a strong buying interest here. Abandon your long-view should the trend breaks beneath 33.00 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives showed strong bullish trend following the firm sentiment in Crude oil prices. The May delivery contract which will expire in coming Thursday closed at 33550 on last Friday on new weekly high compared to previous one. As we foresee the trend may escalate higher this week, it is very possible to surpass above 3400 and aim at 3450 as our next resistance target. Immediate supports will emerge at S1 – 3300 and S2 – 3260 levels.

Dar Wong

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

Wong is founder and principal consultant of 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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