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Gold and Oil Markets Report – 25 July 2011

A guest post written by DAR Wong

Gold

Gold prices reached new historical high last week at 109.90. The market has been supported by global investors on optimism in U.S. reaching an agreement soon by weakening the dollar again. However, the trend traded sideways with uncertainty and closed at 1600.40 for weekend.

This week, we expect Gold prices to swing from 1580.00 to 1610.00 while waiting for the fundamental news to induce new trend. The technical trend is quite stale with no clear direction but hanging at the top bands with no definite signs. Take note of the possible technical plunge if U.S. Congress fails in its meeting.

Silver

Silver has been well supported at 38.82 regions. This week, we reckon strong support and buying interest will emerge at 39.50 levels. If this benchmark can hold firm, then we should be looking at higher grounds once it crosses above 40.88. Our target is aimed at 42.20 if Gold can lead it new surge above 1610.00 benchmarks.

Crude Oil

WTI Crude prices broke and settled above 99.42 which has been the resistance for past 2 weeks. In coming week, we foresee strong buying interest will emerge and lift the market before the likely consolidating phase takes place at 98.40 regions. If the aforementioned support can hold the bulls firmly, we expect the trend to cross 100.00 benchmarks again and reach 102.50 as our immediate target.

Crude Palm Oil

FCPO in October month closed at 3140 on Friday. This week, we foresee strong resistances to act upon 3150 – 3165 regions with much favor to decline if driven by fundamental factors. Breaking above the aforementioned resistances may test 3200 regions with new bullish sentiments of demands. In our opinion, we expect the trend to move down to 3070 regions once the 3120 supports are violated!

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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