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Gold and Oil Markets Report – 15 Apr 2013

A guest post written by DAR Wong

Last Friday, Gold prices fell to lowest at 1492.00 regions since June 2011. The market tumbled as investors abandoned the yellow metal as safe haven after Dow Jones markets resumed to new historical highs at 14,887 levels and Dollar strengthened. WTI Crude prices plunged due to weaker US retail sales and a drag down in Producer Price Index.

Crude Oil

WTI Crude prices crossed down below the EMA200 support line on Friday and reached 90.28 lows. Technically, the market is resisted at 92.50 regions now and might land in weaker demands for this week. The contracting demands in US economy and increasing supply from Saudi Arabia are acting simultaneously to suppress the prices lower. Support is identified at 88.70 regions in case the bears engulf the market.

Gold

Gold prices were floating to almost 1590.00 regions during middle last week but drove down rapidly on Friday. The fast plunging trend triggered selling stops in the markets and rolled down to 1473.00 bottoms while closing at this area. This week, we predict the selling pressure will heavily cap at 1510.00 levels while drilling lower is possible to complete at 1450.00 regions. Breaking beneath 1450.00 supports could land at 1430.00 ultimate supports if panic selling emerges from topside. The bearish trend could be triggered from flight interest into buying new highs in Dow Jones stocks.

Silver

Silver prices plunged on Friday following rapid liquidation of Gold. The market closed at 10-month low amid heavy selling pressure on Friday late session. This week, we foresee the trend will drive lower to 24.00 targets since it has broken the weekly support at 27.20 levels. However, we would expect some bargain hunting to arise at 24.00 regions and below, unless the global fundamental news turn negative for short-term buying. Resistance is spotted at 26.50 levels. Stay observant for the international news from European markets this week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis while demands contracted continually. General prices of commodities declined last week and the latest bird flu outbreak in China also sent impact to lesser demands in palm oil. The newly switched-over of active month in July contract closed at 2345. This week, we predict the market trend may continue to drop further if no positive news jump starts the market. Technically, we expect the market to test 2300 regions while resistance remains at 2400 regions. Bargain hunting will begin at 2250 once 2300 supports give way.

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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