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Gold and Oil Markets Report – 25 Apr 2011

A guest post written by DAR Wong

GOLD

Gold prices are bullish and will continue to rise towards mid-year. However, we speculate there may be a quick correction in coming week to 1475.00 regions before the new strength gathers. In summary, it is wise to enter long positions on every drawdown of markets while aiming on higher highs in our trend cycle.

Moving towards May, we foresee the topside target to reach 1550.00 regions if no negative fundamental news drive Gold prices beneath 1450.00 major supports.

SILVER

Silver prices have become so bullish that outruns Gold uptrend. We only wish to see some draw-downs for new buying entries otherwise most traders end up chasing the bulls at top of market.

Strong immediate support is seen at 45.00, which failing to hold, will test the next levels at 42.20 regions. In near future, we are still optimistic of expecting 50.00 benchmarks before mid-year!

CRUDE OIL

WTI crude prices drove to higher prices after forming a downside base at 105.99. This week, we foresee a strong likelihood to surge past previous high towards 114.60 regions. The market will continue to be supported by buying interest due to fear of cutting in oil supply amid tension in Arab world.

We remain consistent in our view of aiming at 120.00 regions before June. Currently, strong supports at seen at 111.00 and 109.00 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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