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Gold and Oil Markets Report – 26 Nov 2012

The US dollar index (USDX) declined on Friday late session that spurred the buying in WTI Crude and Gold markets. The Brussels summit held by the 27 bloc nations in European Union ended with no agreement reached for the budget plan and bailout plan for Greek sovereign debt. Despite that, European currencies surged inversely to weakening dollar and short-squeezed market sellers just before the weekend.

Crude Oil

WTI Crude prices closed at 88.04 on Friday which hovered around the EMA200 line with uncertainty. This week, we expect the trend to make large consolidation from 84.50 – 92.00 ranges depending on the fundamental leads. Beware of the rising tension in Egypt against the President Mohamed Morsi. Technically, we may prefer to establish long trades from abovementioned bottoms because the crude prices are still prone to rise over mid-term. Abandon your long-view only if the trend sinks beneath 84.50 supports.

Gold

Gold prices caught the market sellers off the feet on Friday as it rose sharply from 1730.00 to 1750.00 regions. This week, we foresee the market will stay firm at topside before profit-taking may occur towards Friday. Technically, we reckon the trend will dawdle into the resistance in 1755.00 – 1760.00 areas before sliding back to 1740.00 areas. Abandon your short-view should the trend settles above 1760.00 resistances.

Silver

Silver prices surged and closed at 34.025 for weekend. We foresee the short-covering will continue on early coming week with target capped at 34.450 regions. Technically, we reckon sellers will emerge from topside as mentioned and market may close at 33.250 areas for the month end. Abandon your short-view if the market pierces and settles above 34.500 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on weekly basis due to lack of positive news in market. The February contract closed at 2395 with approximately 34,900 contracts traded on Friday. This week, we foresee the market will fluctuate within the last week range. The expected extremes are capped at 2500 resistances and 2350 supports in sideways trend.

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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