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Gold and Oil Markets Report – 16 May 2011

A guest post written by DAR Wong

GOLD

Gold prices recovered to above 1520.00 last week as we forecast but declined gain. The market is expected to find its firm grounds at 1475 regions and channel into technical corrections in coming weeks. The trend is likely to thread within the range 1475.00 to 1525.00 regions while topside recovery to 1550.00 benchmarks is aimed. Trade cautiously and remove your positions once the market travels beyond the extreme levels mentioned above and moves against you!

SILVER

Silver traded sideways and made new recent low 32.33 last week. We expect the market to hold well at 34.00 regions while targeting a recovery to reach 38.50 regions in near future. Silver will move in general trend with Gold prices again after the Gold/Silver ratio widens to healthy 40.00 again, from previously narrowing down to 30.00 factor. Abandon your long-view if the market settles below 34.00 supports this week.

CRUDE OIL

WTI crude prices found its strong support at 93.00 regions last week. The market is expected to recover to higher grounds at 104.50 regions wile the technical correction is soon to begin. Any further bullish sentiment will be determined by fundamental factors in Middle East unrest while we target to reach 110.00 levels once the buying interest breaks above 104.50 resistances. Abandon your long-view if the market pierces beneath 93.00 again.

CRUDE PALM OIL

CPO made recent low at 3150 regions and rebound. The market has been well supported especially after it is supported at 3220 by the EMA200 line. In coming week, the suspect the market may be grounded at 3250 regions if it attempts a final test at bottom supports. However, breaking above 3290 will gather bullish strength in market to test 3340 regions. Abandon your long-view if the market trades and settles beneath 3210 supports.

 

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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