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Gold and Oil Markets Report – 24 Oct 2011

A guest post written by DAR Wong

Gold

Gold prices reversed on Friday after falling for first 4 days of the week. The market traded in the range from top 1694.70 and slid to 1603.60 while it pulled up to 1650.00 regions on Friday. This week, we reckon the trend will consolidate from 1610.00 to 1675.00 levels in multiple swings. Traders are advised to be cautious and abandon long-view if the market penetrates beneath 1600.00 again.

Silver

Silver prices traded in consolidation from 30.00 to 33.10 bands last week. We reckon the market will continue to move sideways inside these price regions for coming week with no likely breakout trend. If the bears consume market, it may re-test 28.50 levels before new buying interest emerges.

Crude Oil

Commodity prices turned up on Friday on optimism that European Union is planning to fight debt crisis. WTI Crude prices consolidated from 84.25 to 90.00 ranges last week. In coming week, we expect the trend to stay in this band while market continues to persist in consolidating phase. We are prone bias to hunt for short trades from top regions in coming week unless the market breaks and settles above 90.00 benchmarks.

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives reacted to lower prices for the weekend mainly due to the uncertainties in Euro debt crisis. The November contract expired on Friday at 2881 while the new active month in January closed at 2883. This week, we maintain our short view from technical patterns while preferring to hunt selling opportunity from the top band prices. Predicted consolidation ranges from 2800 and 2950 regions.

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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