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Gold and Oil Markets Report – 22 Aug 2011

A guest post written by DAR Wong

Gold

Gold prices hit new historical high due to fear of global uncertainty and possible slowdown in economy. The market reached 1877.90 high on Friday and took many short-traders by surprise. From now, the market has formed a new support at 1810.00 regions that might be tested in near future again.

In coming week, we expect Gold prices to be trading sideways while topside might test 1880.00 levels as marginal high before declining. The rapid bulls should enter into a technical digestion unless major stock indices worldwide plunge further and trigger more fear into buying the yellow metal as safe haven!

Crude Oil

WTI Crude oil prices fell sharply on Friday due to fear of demands in global economy slowdown. Last week, market traded in the range from 79.36 – 88.97 while settling on the low side for weekend. This week, we foresee technical rebound may occur but long-traders should control risk on downside. The support should lie firm at 80.00 levels and range trading might possibly recovers back to 87.50 regions.

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives closed lower on Friday. Although the current market sentiment seems to be relatively strong due to the current festival seasons, the effects on debt crisis in Europe and slow down in regional demands for energies still weigh on CPO prices.

The overall trade volume on last Friday was approximately 15616 lots. The CPO September contracts closed at 3118, October contract closed at 3035 while the most active November contract closed at 3003. This week, we foresee the market will still thread sideways between 2910 and 3090 level. Breaking the aforementioned support may attempt 2830 levels and crossing above 3090 benchmarks will initiate a new bullish sentiment.

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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