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Gold and Oil Markets Report – 19 Sep 2011

A guest post written by DAR Wong

Gold

Gold prices swung up largely on Friday closing after stronger U.S. confidence. The market closed at 1810.90 after it came up from last week’s low 1762.50. We foresee the trend will move sideways from 1760.00 to 1845.00 in near term but still prone to fall further if the bears return to market. Trade cautiously and patiently as we expect the market may create another double-bottom at 1700.00 regions before November.

Silver

Silver prices seem to be very strong after making an upward reversal from 39.35 regions. However, we reckon the trend has to break above 41.33 in order to confirm the bullish recovery. The market is uncertain as it entails Gold prices that may be trading into sideways in coming week. Abandon your short-view if the market violates above 41.33 while breaking beneath 39.35 indicates a new bearish trend will emerge.

Crude Oil

WTI Crude prices made mild recovery on Friday late session after U.S. consumer confidence rose more than expected on economy outlook. From our technical study, we expect the market to continue falling this week with resistance acting on 88.30 levels. Basically, the market is still threading between 85.00 – 90.50 regions with more prone bias to sell down due to weakening global demands. Abandon your short-view if the market violates above 89.50 benchmarks.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded in high volume on Thursday before it closed for the week. Market traded on the high side of consolidation band and settled at 3070 for December futures contract. This week, we reckon the market will be capped at 3100 regions and downside potential still opens to 3020 targets with the next lower prices 2950 to be kept in view. Abandon your short-view if the market penetrates above 3100.

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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