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Gold and Oil Markets Report – 17 Oct 2011

A guest post written by DAR Wong

Gold

Gold prices returned to bullishness last week after global buyers reacted to euro debt crisis. Central banks in Thailand, Bolivia and Tajikistan accelerated their purchases and bought a combined 18.2 tons in August. This week, we foresee the market will re-visit the top regions around 1695.00 but probably will be countered with selling resistances beneath 1700.00. In overall, we expect the market to trade within the range from 1650.00 – 1700.00 levels. Abandon your short-view if the market penetrates and settles above 1700.00 benchmarks.

Silver

Silver prices traded in small sideways last week but have formed slightly bearish patterns. This week, we expect the market to thread sideways from 31.60 – 32.60 regions for few days and follow by a slide. We reckon high potential for the bears to re-test 30.00 supports while waiting to be led by Gold trend. Abandon your short-view if the market violates above 33.00 levels.

Crude Oil

WTI Crude prices rose to 3-week high on Friday amid strong U.S. retail sales and G20 meeting to resolve European crisis. The market surged and closed at 87.20 for the weekend. The trend looks toppish though we still expect the bulls to climb higher above 90.00 benchmarks in coming early week before it begins to fall. In our opinion, we prefer to hunt for short trades after mid week while target is identified at 83.00 supports.

Crude Palm Oil

FCPO in Bursa Derivatives closed at 2906 for the most active December month on Friday. Total market volume was estimated above 21,000 lots with returned buying interest. In our technical opinion, the market is making recovery after falling for many weeks but probably will consolidate from 2800 and 2970 regions. This week, we prefer to hunt for short trades after mid week in 1950 regions.

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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