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Gold and Oil Markets Report – 18 July 2011

A guest post written by DAR Wong

Gold

Gold prices should be capped at 1600.00 with much interest in profit taking though we have identified another higher resistance at 1630 levels. This week, we expect the Gold prices to move into technical consolidation with probable targets set at 1555.00 regions. The market trend has been wild and we adviser traders to utilize stop-order placement in markets. On the other hand, the market may dawdle into 1595.00 – 1600.00 regions in early week before plunging. Breaking beyond 1600.00 resistances will need to abandon your short-view without compromise.

Silver

The Silver prices are now threading into the strong resistance zones in 38.80 to 39.50 regions while entailing demands in Gold prices. The market may try higher at 41.00 targets recovery only if the bull trends can violate above the current resistances at 39.50 levels. This week, we are uncertain in predicting the performance simply from technical studies due to strong fundamental influences. Traders who are playing in consolidation phase will need to abandon their views once the trend shoots out into whichever extension.

Crude Oil

WTI Crude oil prices have been trimming losses due to weaker outlook of US dollar. From technical analysis, the market will be threading from 93.50 to 94.50 regions in near future unless the trend breaks in either way. Moving into next few weeks, there is no clue of market direction though we favor to trade from extreme ends with controlled risk. WE expect the new trend to emerge only in early August after US takes a firmer stance in their new monetary policy against debt ceilings.

Crude Palm Oil

FCPO in September contract closed at 3116 on Friday. This week, the active month will shift to October contract after the rollover. We foresee the bearish factor is still strong in market with resistance capped at 3150 regions. The market has high chance of declining back to 3070 regions this week as a short-term consolidation. Crude oil and soybean oil many be the leading factors for FCPO trend as more fundamental news will be reacting to US dollar strength.

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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