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Gold and Oil Markets Report – 2 Jan 2012

Crude Oil

Oil prices closed the calendar year at 99.00 while making small annual gain about USD8 growth since January. WTI Crude prices started the year with bull-run but snapped its uptrend after May owing to Euro debt crisis and slowdown in manufacturing demands in China. Gold prices also fell off from its high 1920.70 in September after Greece announced its ballooning debt beyond salvation.

This week, we reckon the WTI Crude prices may continue to fall further from its triple top patterns formed in day-chart. The market will be capped strongly at 102.00 resistances while trading southward to 95.50 regions is highly possible. We expect sideway trends to prevail in first quarter but prone bias to dip beneath 90.00 levels again. China’s demands for oil in manufacturing industries will continue to be a major factor for crude prices trend.

Gold

Gold prices bounced off the bottom from beneath 1531.00 which acted as strong support last week. Moving forward, we predict the support will reinforce at 1542.00 regions while consolidation may begin immediately. By end of week, we could be seeing 1600.00 again or near to this topside target as the market begins window dressing in January.  In overall, we expect the trend to be firmed in January unless it breaks blow 1523.00!

Silver

Silver prices stood firm at 26.00 support regions and closed at 27.63 on Friday. Same as Gold prices, we reckon firm trend to dominate in January while global institutions perform window dressing in portfolio. This week, we predict the trend will move from 26.00 – 30.00 regions amid activities to be expected after mid-week. Abandon your long-view if the market falls beneath 26.00 levels!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher slightly higher on final trading day of 2011. Market players foresee the output of CPO may reduce in the coming months due to the regional monsoon. The most active month in March delivery closed at RM3175 while overall market volume recorded about 20,000 turnover contracts. This week, we reckon the market is still bias to sideways trend from 3050 – 3210 regions. Breaking above this resistance may test higher grounds at 3270 levels! 

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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