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Gold and Oil Markets Report – 13 Feb 2012

Crude oil prices remained bullish last week more on technical correction while investors expected the Greece would be bailout out again. By weekend, Greek politicians agreed to deeper budget cut in order to obtain another financial aid to meet the March repayment deadline in national bonds. Gold prices were in sideways and probably hitting a top resistance at 1750.00 regions after escalating for past 6 weeks.

Crude Oil

WTI Crude prices ducked down on Friday and closed at 98.85 levels. This week, we foresee the resistance will act upon 99.50 with strong selling pressure lining up to 100.00 benchmarks. Downside target might test 95.00 levels again due to natural technical correction. However, beware of positive news from euro area in coming early week in case market breaks the 100.00 rooftop levels that may lead to 102.00 regions!

Gold

Gold prices closed at 1721.40 for the weekend with bearish patterns. We reckon the downtrend will start this week if the market can be well capped at 1730.00 resistances. Fundamentally speaking, we just another weakening news in market to go in tandem with corrective drawdown trend and the sellers will begin to emerge. This week, we are targeting the trend to sink to S1 – 1675 and S2 – 1650 regions. Abandon your short-view if the bulls resurface above 1730.00 levels.

Silver

Silver prices are capped inside the range from 33.00 – 34.50 which breaking either side will lead to a new directional trend. However, we expect the trend to be prone bias to shorting if it can be well protected at immediate resistance 34.00 this week. The downside target is open to 31.50 once the bears begin. Do not sit on losses if the trend breaks above 34.50!

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives reached 3162 high last week but closed at 3131 on Friday. Some short-coverings were seen but market trend is mixed due to uncertainties in Euro-debt situation and fluctuations in general commodity prices. This week, we are still bias with bearish outlook and expect to see 3040 regions from a possible slide. However, topside resistance must be capped at 3180 levels in order to ensure the bearish trend.

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’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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