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Gold and Oil Markets Report – 2 May 2011

A guest post written by DAR Wong

GOLD

Gold was pushed to new high 1569.10 on Friday after Bernanke reassured of continual stimulus after the current one expires in June, meaning dollar may weaken further. The yellow metal has been flying high recently by news of unrest in Middles East and the craze of global investors hedging against rapid inflation.

We foresee the market will skip higher but emerge with profit-taking soon around 1600.00 regions. If the trend reverses down suddenly from 1570.00, sliding beneath 1525.00 indicates a prolonged correction coming.

SILVER

Silver seems to be weakening despite Gold was bullish on Friday. We suspect Silver may trade sideways between 46.00 – 50.0 in coming week since the Gold/Silver ratio has reached the bottoms of approaching 30.00.

The subsequent climb should be slowing due to profit-taking and also shift of attention back to Gold. If the bullish trend protrudes above 50.00 benchmarks, we forecast the next target at 51.50 regions.

CRUDE OIL

WTI crude prices settled at last week’s high 113.85 and might initiate a new round of buying interest soon. Our wave target price (WTP) still remains at 121.00 predicted over last few weeks. If the market makes quick dip in early week, we predict the support will be tested at 110.00 levels with huge investors.

We prefer to go for a free ride on long trade for the whole coming week with trailing stops. Abandon your long-view if the market sinks beneath 110.00 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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