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Gold and Oil Markets Report – 23 Apr 2012

Crude prices have been jittery last week until it rose on Friday while responding to stronger business confidence. Gold commodity was trading in whipsaws last week due to many uncertainties. Slow down in global demands has put a lid on Gold prices but a weaker dollar sets to inflate the yellow metal prices.

Crude Oil

WTI Crude is literally moving inside the range from 102.00 to 106.00 regions. This week, the technical resistance is quite visual at 105.50 levels but could be broken into a new bullish trend if any fresh fundamental factors could create short-squeeze in market. Otherwise, a gradual softening on the market trend will eventually the prices going down to 100.00 benchmarks.

Gold

Gold is well supported at 1630.00 levels after the down trend failed in tampering it. Since the market is still gliding beneath the EMA200 line at 1650.00 levels, it will be difficult to predict the imminent trend unless the market sinks below 1630.00 levels in coming week. As there are many market external factors that control the direction, we will observe for the new bull to emerge only after it can pierce above 1660.00 resistances.

Silver

Silver was keeping still for whole of last week from 31.00 to 32.00 without many actions. The market has to break beneath 31.00 in order to attempt 30.00 benchmarks though we expect bargain hunting will arise below 30.00 levels. Topside resistances can be expected at 31.50 – 32.00 regions with selling interest emerging. Beware of fundamental factors that will lead the new direction this week.

Crude Palm Oil

FCPO in Bursa Malaysia took a breather and closed at lower prices. The weak export, worries in euro debt and profit-taking throughout the week have put the market buyers on caution though the trend rebound in late session just before the week closed on Friday. The July contract settled at 3500 with current strong support arising at 3430. This week, the continual fall below 3430 will probably test the ultimate support at 3360 if the bulls fail in conquering above 3550 resistances.

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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