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Gold and Oil Markets Report – 14 Oct 2013

A guest post written by DAR Wong

The U.S. government remains shutdown and becomes worrisome to many bilateral partners that this may risk global recession. Commodity markets in Gold and Crude are literally waiting for good news if the U.S. Congress is able to begin negotiation and reach an agreement to raise debt limit ceiling. However, prices began to fall towards weekend as traders turned disappointed to silence among U.S lawmakers.

Crude Oil

WTI Crude prices have been trading between 101.00 – 104.00 regions for past few days before weekend. The market is well supported above 100.00 benchmarks for the time being but the ease for Syria crisis has put off buying interest. We reckon the forthcoming re-operation of U.S. government will lead to price jump in Crude demands. Technically, piercing above 104.00 resistances will carry potential to reach 108.00 levels again.


Gold prices slid from 1330.00 top to 1260.00 bottoms throughout the week. Traders are expecting the trend to reverse up should positive news release from U.S. negotiation. Technically, we also have identified some supports at 1250.00 – 1260.00 regions. But breaking beneath this area will be no joke lest it may drawdown to 1210.00 levels as our next interest buying level. On the other hand, the market may recover from the current support levels should U.S. resolve the political impasse quickly. Such fundamental push will be possible to lift the prices upward to test 1350.00 levels again.


Silver prices are just as tricky as Gold trend. The sentiment will depend on coming week if demands could be generated from U.S. newly declared ceiling of borrowing. In our opinion, the market must be well supported above 20.500 levels in order to recover back at 22.500 regions. However, breaking beneath 20.500 supports is a sign of bearishness and might sink lower to test 19.000 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives climbed higher last week until Friday when some selling activities were seen for profit-taking. December contract reached 2395 on intra-week high and closed at 2380 for the weekend. This week, we reckon the market will be meeting huge selling pressure above 2400 resistances while 2450 will act as ultimate selling levels. In our opinion, the market may be prone to turn down after mid-week if it still could not beat above 2450 resistances. In such case, driving forces for bearish trend could easily go down to 2300 levels again.

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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