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Gold and Oil Markets Report – 14 Nov 2011

Gold

Gold prices reversed strongly on Friday night and closed at 1787.90. This week, we reckon strong selling interest will emerge at 1790.00 levels from the toppish formation. Market will probably trade inside 1745.00 – 1790.00 levels unless some new euro fundamental news may drive the bulls into new height. Beware if the market breaks above 1802.00 as this may aim the next target at 1825.00!

Silver

Silver prices turned bullish on Friday and might start its new uptrend throttle unless it recedes to below 34.20 levels. We reckon strong support to emerge at 34.20 levels while the bulls will probably target higher prices this week. The immediate resistance is identified at 35.30 but breaking above here will aim for 35.70 as our wave target prices. Abandon your long-view if the market violates beneath 34.20.

Crude Oil

Commodity prices strengthen on Friday night due to better US consumer confidence. WTI Crude prices closed at almost week’s high 99.10 for the weekend. Though the market trend shows sign of overbought sentiment and may be prone to correct anytime, we suspect the bulls may test 100.00 benchmarks this week before it recedes. In our opinion, we prefer to observe if the trend may create false break above 100.00 levels and begin to enter short trades when the market declines.

Crude Palm Oil

FCPO in Bursa Derivatives broke above 3080 on last Thursday and close at 3135 on Friday session. The market turned strong on higher demands and following soybean prices. This week, we forecast sideway trend is likely to occur from 3080 – 3160 range. Traders are reminded to enter from extreme ends with controlled loss. However, subsequent breaking above 3160 may test higher resistance at 3230 regions.

 

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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