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Gold and Oil Markets Report – 13 Jun 2011

A guest post written by DAR Wong


Gold prices trade sideways for the whole week until it declined on Friday with crude oil prices. The market slid as we forecast previously but we could see buying interests have emerged at 1525.00 regions. In coming week, we reckon the market may try slightly lower at 1512 regions with resistance acting on 1537.00 levels. Abandon your short-view if the market reverses and settles above here.


Silver prices have been trading sideways and fluctuating without clear direction. Many traders have abandoned this instrument for the time being due to the regulatory control of CME Group. This week, we expect another sell down to follow through Friday’s bearish sentiment. Immediate support rests at 45.00 and secondary supports clings at 34.00. We favor picking long only after midweek when Gold begins to recover.

Crude Oil

WTI Crude found very strong foundation at 98.00 regions and reached 102.44 on Friday. The market plunged after news of Saudi’s plan to increase supply and notched the buyers’ confidence. We reckon the trend will consolidate and move sideways while capped at 100.50 resistances. In long term, we favor picking bottoms to establish long trades while putting risk management at 98.00 supports. Technically speaking, breaking above 102.50 will initiate a new bullish trend.

Crude Palm Oil

CPO June contract is going to expire on coming Wednesday. After that, September contract will become the most active trading month. This week, we expect the market trend to be sideways for first few days due to roll-over trading. The range could be bound from supports 3150 to resistances 3450 but floating above the EMA200 line measuring at 3230 will be a clear indication of bullish trend if it does.

Dar Wong

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

Wong is the founder and Principal Consultant of 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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