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Gold and Oil Markets Report – 29 Aug 2011

A guest post written by DAR Wong

Gold

Gold prices plunged USD210 dollars from high 1912.00 last week after CME Group raised the trading margin for COMEX Gold Futures. On Friday, Bernanke spoke in Jackson Hole, Wyoming in annual event and mentioned FED governors have a series of tools to ensure economic recovery. No stimulus policy was mentioned but Gold reversed up with DJIA.

This week, we foresee Gold prices retrace down to S1 – 1750.00 regions as sideway correction. The market is rather choppy now due to quick fundamental changes to the strength of U.S. dollar. We have spotted S2 – to lie at 1730.00 and favor patience to be practiced for picking long trades here.

Silver

Silver climbed on early week but fell from high 44.17 to bottom 38.72. This week, we expect the market trend to move sideways from 38.20 to 42.00 regions while following the Gold direction. In our technical study, we foresee the trend will begin to fall again once it crosses beneath 41.00 in early week. If the market climbs slightly higher, the topside resistance lies at 42.40 levels.

Crude Oil

WTI Crude prices stood firm at 80.00 benchmarks as it bounced higher to 85.00 regions towards last weekend. We reckon strong supports have been built up at S1 – 83.00 and S2 – 81.20 and might be tested again. The market is likely to consolidate and topside resistance is currently spotted at 88.00 levels. Abandon your long-view if the trend penetrates beneath 80.00 again!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed at near week’s low 2975. The market is trading inside a large band while consolidating between 1915 to 3080 regions. We reckon the resistance will stay strong at 3000 in coming week while downside potential is open to weakness. The possibility to re-visit 2915 to make double bottom is no surprise if Crude energy prices fall in coming week.

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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