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Gold and Oil Markets Report – 28 Oct 2013

A guest post written by DAR Wong

Crude Oil

WTI Crude prices behave in weak sentiment as demands have been contracting over weeks. The war-tension has eased totally and does not threaten the market anymore while weekly inventories reported by Energy Information Administration keep increasing. The market has strong resistance capped at 100.00 levels while moving sideways recovery. This week, we forecast the support will lie at 96.00 regions. However, the trend may decline further to 94.00 levels if additional increase in supply continues after mid-week.

Gold

The Gold prices traded higher last week as market expected the tapering to delay in November. The U.S. economy fails to pick up in faster pace after the federal government resumed. Non-payroll for September gained 148,000 and below expectation, while existing home sales dropped in previous month. The Crude inventories increase as supply has been rising over past few weeks. Crude prices slid below 100.00 benchmarks last week and turned this level into strong resistance.

Gold prices crossed above 1350.00 levels last week and hovered around here. The market has been pushed up by weakening Dollar as traders expect tapering of stimulus to extend beyond November. This week, we reckon the support will rise at 1330.00 regions and the bulls will probably aim at 1360.00 levels before profit-taking occurs. Beware if the market falls below 1330.00 as this may rekindles the bearish sentiment.

Silver

Silver prices appear toppish at 22.850 in day-chart. This week, we reckon the market may tend to make corrective drawdown at 21.7000 levels as the patterns will likely trade sideways. In case it pierces above 22.850 levels, the bulls may climb higher to 23.500 targets before they fizzle out. Keep track of Gold prices as Silver tends to follow the yellow metal trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded higher initially last week but faced some profit-taking towards weekend. January delivery contract closed at 2443 while market sentiment slowed down. This week, we shall remain the view with little change from last week. Market is capped at 2500 resistances while tend to go down at 2360 regions. However, breaking below 2360 will drive down further to test 2300 levels.

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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