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Gold and Oil Markets Report – 15 July 2013

A guest post written by DAR Wong

Last week, the FED Chairmen Ben S. Bernanke spoke after the FOMC minutes that he could foresee financial stimulus as necessary in current economy. The remarks came after the meeting minutes outlined the possible withdrawal in monthly bonds purchase by other central bank policymakers. The U.S. Dollar index (USDX) sank from 2-month high 84.50 regions into 2.00 points lower that spiked the Euro and Pound into technical recovery. Gold reversed higher to 1299.00 intra-week highs from 1250.00 regions and Crudes soar passed 107.00 highs.

Crude Oil

WTI Crude prices traded higher last week amid shrinking inventories reported weekly by EIA on Wednesday. The stockpile was down by 9.9 million barrels in the week ended 6 July. Egypt’s political unrest is another factor that out crude on higher demands. Technically, the market has been surging for past 3 weeks and might probably for a correction in coming week. We reckon the trend will trade sideways from 102.50 – 107.00 ranges if profit-taking occurs. However, look out for possible surge due to some expected fundamental strength in case the bulls resurge across 107.00 resistances, which may aim at 110.00 areas.

Gold

Gold prices are remaining sideways at 1270.00 – 1300.00 regions while waiting for fundamental factors in coming week. Basically, the oversold sentiment in Gold prices recently and negative swap for sellers has triggered good reasons to short-covering for time bring. This week, we reckon the market will be prone to climb higher with support resting at 1260.00 levels. Topside targets may aim at 1320.00 regions as Dollar edges lower.

Silver

Silver prices have been climbing up from 18.700 bottoms and closed at 19.920 for the weekend. The market is moving into correction and may be going higher in coming week. Technically, we foresee some buying interest will emerge at 19.000 areas while breaking above 20.000 may elevate to 21.300 as our targets. Overall trend is prone to bullishness in near future unless the bears 18.500 supports!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on Friday after demands fell. The September delivery month closed at 2300 amid general price declines across agricultural boards. The plunge may continue in coming week due to rising volume and opening interest on Friday’s sentiment. Technically, we foresee the trend will be pressured by selling interest at 2370 while the downside may dive further to 2230 as first target.

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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