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Gold and Oil Markets Report – 18 Nov 2013

A guest post written by DAR Wong

Crude Oil

The current Vice Chairman of U.S. Federal Reserve Janet Yellen assures the market of continual stimulus until robust growth returns in economy. On Friday, Dow Jones Average Index (DJIA) created new high by surpassing 15,900 benchmarks as 10-year bond yield declined. The U.S. budget deficit narrows while weekly jobless claims drops mildly. Crude inventories increase steadily and suppresses on the market prices amid lower demands.

WTI Crude prices traded in technical recovery on Friday after Dollar weakened against Euro and Pound. This week, we reckon strong selling pressure will emerge at 96.00 levels and the trend will probably be trapped from 93.00 – 96.00 ranges. However, we foresee the Crud prices may go down to 90.00 benchmarks in near future if the weekly inventory report continues to grow in volume.

Gold

Gold prices floated in recovery last week due to stronger stock prices. Market climbed from 1260.00 bottoms to 1294.00 tops and hovered near to topside for weekend closing. The yellow metal has been highly speculative due to Dollar strength and U.S. policymaking. From the statement from Yellen, we expect the trend to ascend to 1305.00 regions in coming week before sliding down. Downside potential remains at 1270.00 levels and falling beneath here might drive down to 1250.0 targets!

Silver

Silver prices closed at 20.784 for the weekend after the market has been supported at 20.400 levels. Technically, the market was countered by buying interest at 20.300 regions last week. Moving forward, we foresee the trend may be recovering at 21.300 levels based on Fibonacci target. Mathematically, the Gold/Silver ratio is strongly resisted at 62.00 and probably will narrow very soon that pushes up the Silver prices faster than Gold prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed higher on Friday at 2609 levels with approximately 43,000 contracts. The active contract will be rolled over to February month on coming Monday with probably continual bullish trend. Weakening Ringgit plays an important part in lifting the market prices. This week, we predict the uptrend will continue while support still sits at 2500 regions. Breaking above 2640 will initiate new buying interest for testing 2750 levels.

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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