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Gold and Oil Markets Report – 26 Dec 2011

Crude Oil

Oil prices rose in New York last week following the positive data in jobless claims and recovery in home sales figures. WTI Crude prices surged 5 days in a row and closed at 99.75 for the weekend. This week, we expect the market to tone down amid year-end holiday seasons and trend to be minimized significantly. The market might probably be range bound between 97.00 – 100.00 regions while trading in light volume.

Gold

Gold prices traded in sideways from 1583.00 – 1642.00 regions last week. Moving towards the year-end, we expect the trend to be continually dormant and possible range from 1590.00 – 1620.00. By technical outlook, the Gold trend is still in large pattern of consolidation from 1500.00 – 1900.00 levels and we reckon this uncertainty will be prone bias to weakness in January.

Silver

Silver prices threaded in small range from 28.60 – 30.20 during last week in quiet market. This week, we expect the trend to be similar but slightly bearish on the technical patterns. The liquidating forces may test 28.00 supports but topside resistances are still capped at 29.50 – 30.00 regions. No significant trend has been detected so far but market may continue to slide in early January!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher due to short-covering ahead of holiday seasons. Better-than–expected economic data from U.S. government that pushed up the crude prices also ushered higher palm oil prices besides the raining seasons in local plantation contracted some supply.

The most active month in March settled at 3170 on Friday while it swung up to the top. This week, we reckon the CPO futures market will slow down and trade weaker from 3100 – 3170 regions due to lower volume. Market will be prone to digestion so long as the uptrend does not cross above 3200 benchmarks!

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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