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Gold and Oil Markets Report – 26 Sep 2011

A guest post written by DAR Wong

Gold

Gold prices was sold heavily last week while investors liquidated in fear to euro debt ballooning. Commodities like Gold and Crude oil were hurt in downfall for fear of recession in global economy. The market dropped from early week’s high 1826.70 to beneath 1650.00 on Friday. This week, we reckon strong support will emerge at 1630.00 levels and consolidate sideways back to 1720.00 regions. However, breaking beneath 1630.00 may test lower grounds at 1605.00 benchmarks if fundamental factors drive the prices southwards!

Silver

Silver prices fell sharply on Friday for more than USD6.00 to 29.76. The market closed at 31.05 with a long black day candle. This week, we expect technical consolidation to arise and wriggle its way back to 34.40 regions. As all commodities have fallen too rapid last week, it is natural to see some sideways trend to follow through unless additional negativity puts more selling pressures in market. Support should lay firm at 29.50 but needs to be abandoned if it is violated.

Crude Oil

WTI Crude prices fell last week mid commodities plunge throughout the world. The market reached 77.50 low on Friday and rebound to close at 80.50. We foresee the trend will stay well supported at 75.50 in coming week and follow the global stocks in technical recovery. On the coming technical recovery, we reckon the market will trade sideways with resistance acting at 82.50 while moving to digest the rapid downfall.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed at 2992 for December futures contract. The liquidity has returned to normal activity and traded in heavy volume around 23,000 lots on Friday. This week, we foresee the market is prone bias to falling but still subject to the lead factor of crude oil prices. In early week, the market may pull up to re-test 3060 while melting down could test the downside support 2900.

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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