Tweet this

Dealing Desk Hotline

(603)-2181 8848

Gold and Oil Markets Report – 15 October 2012

The Crude oil prices closed at weekly gain while stayed firm on day-chart due to growing European output. On Friday, European industrial production rose 0.7 percent in August for a second month and spiked the euro currency. Middle East tension also perked the oil prices with Syria’s unrest spreading. Gold prices declined amid profit-taking before weekend.

Crude Oil

WTI Crude prices edged up to 93.67 highs last week as we predicted and begun to take a slide. The market closed at 91.53 on Friday and may continue to fall in coming week. Technically, we expect he bears to drive the trend to our first target at S1 – 87.00 regions before some bargain hunting will come in. However, beware of fundamental bullish factors if Syria tension may initiate a new upward trend. Jumping higher than 94.00 resistances will be a sign to see new escalation.


Gold prices dipped down on late session on Friday’s market and closed at 1753.00 areas. As we forecast last week, the market has begun to weaken due to technical liquidation and we expect the prices to wind down at 1725.00 regions in coming week. However, there might be some rebound after coming mid-week and we reckon the market in sideways trends after this imminent technical fall. Resistance emerges at 1775.00 now.


Silver prices fell on Friday and closed at 34.424 levels. This week, we expect the immediate resistance to emerge at 33.70 and the bears will probably push market down to 32.00 supports before rebounding into sideways. Gold/silver ratio is widening and Silver may fall sharper than Gold prices incoming 2 weeks. Abandon your short-view if the rend pierces above 34.00 ultimate resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives plunged about 150 ticks on Friday but December contract recovered to close at 2500. Malaysia’s government announced the tax cut in Palm oil exports and abolishment of tax quota from 1 Jan 2013. The market spiked on improved European output demands on late Friday’s session. This week, we foresee the resistance will remain active at 2530 areas while the bearish sentiment will tend to re-try the 2350 supports. Abandon your short-view once the trend drives higher than 2530 levels.

Dar Wong

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

Wong is founder and principal consultant of 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).

Sign-up to receive newest posts in your Inbox or RSS

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.

Share and Enjoy:
[] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here


OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.