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Gold and Oil Markets Report – 27 Jun 2011

A guest post written by DAR Wong

Gold

Gold prices had a hard fall to briefly below USD1500 levels before the weekend amid sell-offs by global investors. This week, we expect buying interest to standby at 1480.00 regions should the bears test lower grounds. The domino effects of selling down will likely continue for another 1-3 days before it rebounds. Resistance is not capped at 1525.00 levels.

Silver

Silver prices dropped on last Thursday and Friday, landing on the support regions and closed at 34.28 for weekend. If Gold prices face sell off in early coming week, we reckon Silver prices will follow suit and target at 33.00 – 33.30 regions. The ultimate existing support will lie at 32.30 benchmarks that cannot be broken otherwise may drive down to 30.00 psychological levels. On the reversal, market has to penetrate above 35.50 levels to see new returning bullish strength.

Crude Oil

WTI Crude prices tried to recover above 95.00 in mid last week but could not withstand the news of increasing supply that brought it to the knees. By technical study, we expect the market to be support at current 89.50 levels and recover in coming week to 94.00 regions. However, continual selling in early week may drive the trend lower and reach for another cycle low at 83.50 regions. Long traders should not be stubborn to sit in random losses while the market is open to downside risk of many uncertainties now!

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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