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Gold and Oil Markets Report – 28 Nov 2011

Gold

Gold prices were trading sideways from 1665.00 – 1700.00 after last Wednesday due to thin activities following Thanksgiving Day through long weekend. The market trend is in a dilemma to go either way in coming week while waiting for fundamental news. We reckon breaking below 1665.00 may land at 1600.00 again but violating above 1710.00 will recover the bullish sentiment to 1750.00 regions. No clue yet to be seen until Monday’s closing price for revealing the potential trend.

Silver

Silver prices carry bearish patterns on day-chart. The market seems to be heading down to S1 – 30.00 while breaking below here may land at S2 – 28.50 regions. Silver was trading in tight range last week with little action. We recon the market will only regain its bullish strength if the surge closes above 32.00 again!

Crude Oil

Crude oil prices headed for another week of losses after the Europe slipped into further debt crisis. Investors were fearful of manufacturing slowdown and weighed crude prices after Portugal and Hungary were downgraded in ratings.

WTI Crude prices remained below 100.00 benchmarks as we forecast last week. The market may thread sideways from 95.00 – 98.50 regions this week before the bears take over again. Beware of the trend sinks beneath 95.00 levels as this will effectively test the next lower support at 92.00 regions.

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives fell last week entailing global commodities weakening initiated by plunge in US equities. The FCPO slid for 5 days throughout the week and closed at 3069 on Friday. As we mentioned last week, the support at 3080 regions would be strong and we are now extending this support band into 3050 – 3080 levels.

Technically, the bull trend of FCPO could be over. This week, we are expecting the FCPO to consolidate and move back higher into 3160 regions as our resistances. However, if the market continues to drop in early week, then we may see the trend testing at 3000 before reversing up!

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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