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Gold and Oil Markets Report – 2 Dec 2013

A guest post written by DAR Wong

The U.S. equity market remains vibrant above 16,000 benchmarks while Dollar weakens further against European currencies. Last week, Gold recovered in sideways trend but prone to bullish bias. Market investors stay alert for decision of curbing stimulus by FED policymakers though no news was heard. The weekly crude inventories continued to increase at 3 million barrels for the week ended 23 November. However, market rebounded on Friday before the week due to short-covering from almost 6-months low.

Crude Oil

WTI Crude prices have been declining for past weeks. However, the market reversed up on Friday from 92.00 bottoms to almost 94.00 levels as traders took profit for the weekend. This week, we reckon the bulls have to break 95.50 immediate resistances before it can skip higher at 98.00 benchmarks. However, breaking below 92.00 supports will probably go lower to test 90.00 levels.

Gold

Gold prices have bottomed out at 1227.00 regions and could be making technical recovery in coming week. The trend seems to be supporting at 1230.00 regions and we expect some bargain-hunting may arise if the prices fall to here again. Technically speaking, the yellow metal might be prone to rise further with European currencies. We reckon the targets will be laid at R1 – 1270.00 and R2 – 1294.00 regions.

Silver

Silver prices bounced off the 19.6000 bottoms and closed near to 20.000 levels for the weekend. This week, we expect the trend may recover at 20.750 regions while entailing Gold and stronger European currencies. The market has been down for the whole month without performing any technical correction, hence consolidation is inevitable. However, beware of unexpected fundamental reasons that may break below 19.6000 supports as this may lead to 19.2000 targets.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed in mixed sentiment on weekly basis. Market has been fluctuating from the uncertain production output. The February contract closed at 2653 level in contracting open interest. This week, we foresee the trend will be supported immediately at 2600 levels while breaking above 2700 is higher possible. Ascension might reach 2760 regions. Abandon your long-view if the trend pierces below 2600 supports.

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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