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Gold and Oil Markets Report – 12 Sep 2011

A guest post written by DAR Wong

Gold

Gold prices dropped sharply on Friday from 1885.90 to 1822.70 due to negatives vibes spread from Greek sovereign debts again. This week, we reckon the market will consolidate sideways from 1840.00 – 1870.00 in early wee but still prone to fall further. We expect the trend to drive down to 1770.00 as our first targets if Euro stocks sink again. Abandon your short-view if the market reverses and settles above 1870.00.

Silver

Silver formed a strong bearish engulf pattern on Friday session with resistance acting at 42.60 levels. We expect the market to entail Gold trend and will extend down to 40.30 targets soon. While investors are sensitive to both Gold and Silver prices due to recent margin hike in CME Exchange, sell down in these 2 instruments could be rapid if the snowballs begin. Traders are advised to enter short trades from the top extremes in early week.

Crude Oil

WTI Crude prices closed at 86.91 on Friday session and became neutral in market sentiment. This week, the market may decline further to test 843.20 levels as the default of Greek debt and Eurozone economy continue to resurface. Technically speaking, the market is now threading in big sideways from 83.00 to 90.00 while testing on the aforementioned downside band is highly possible. Abandon your short-view if the market penetrates above 90.00 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives had slightly higher volume than last week but the market is literally still in holiday mood. The trend remains indifferent as sideways from 2910 – 3080 regions. Technically, we still carry view of shorting in coming week unless the aforementioned resistances violates. The downside room is open especially when the international commodity prices are much affected by European news.

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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