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Gold and Oil Markets Report – 19 Nov 2012

The US government is facing challenge as many analysts comment of imminent fiscal cliff in coming January. Obama government is planning to hike tax on wealthiest Americans while cutting spending budgets. Retail sales decreased and jobless claims jumped in October due to Sandy storm. Crude oil prices traded in sideways but prone to firm sentiment due to military dispute between Palestine and Israel.

Crude Oil

WTI Crude prices traded above 86.00 levels on Friday after the market has been well supported at 84.00 grounds for past 4 weeks. Moving forward, we predict the market will begin to climb higher while taking 84.00 as bargain-hunting levels. This week, we target the bulls will climb back to 90.00 levels for maintaining the solid buying interest into the near future.

Gold

Gold prices swung down below 1718.00 supports on last Thursday and began new selling pressures. The market is prone to consolidate gradually in coming week while it moves in 1705.00 – 1720.00 ranges. In our opinion, the market is still trading sideways and will still subject to bearish sign towards end of November. Abandon your long-view if the prices drop below 1700.00 levels as this might re-visit the lower supports at 1670.00 again.

Silver

Silver prices may be facing weaker demands in coming week while Gold is likely to do consolidation. In our opinion, the market may slide to 31.50 regions while topside resistance will act strong at 32.80 areas. The Gold/Silver ratio is moving into mild bullish correction which indicates stronger Gold prices versus weak Silver in coming week. Buyers need to stay alert if the bullish factors are diminishing beneath 32.10 supports.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives reversed higher last week and the new active month in February contract closed at 2429 on Friday. The escalation was helped by stronger Crude oil prices and demands rising in soybean prices. This week, we foresee the market might reach stagnancy at 2490 and fall back after that. Market support will be lifted at 2370 regions.

Dar Wong

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

Wong is founder and principal consultant of PWForex.com 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).

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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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