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Gold and Oil Markets Report – 29 Sep 2013

A guest post written by DAR Wong

The U.S. is reaching its debt limit in federal government again and may face shut down from 1 October unless Congress acts before the deadline. Japan’s Prime Minister will announce his new tax-levy on 1 October as well which could be affecting the direction of Yen. The Crude prices soften as Syria crisis winds down and fear of U.S. budget impasse may hurt growth. Market traders stay sideline and wait to act on coming week upon the major fundamental outcome.

Crude Oil

WTI Crude prices were gradually stepping down in prices last week due to ease in war-tension. The market has much buying interest lining up at 101.50 regions should the market drop in early coming week. We foresee the potential rebound might spring up to 105.00 as our reasonable target while making the short-covering phase. However, risk needs to be controlled in case the prices decline beneath 101.50 levels as this might land lower at 99.50 areas.

Gold

Gold prices swung from 1305.00 – 1344.00 ranges last week. We reckon the market may travel in either way this week though it is more prone to decline. Technically speaking, we have identified the support to rest at 1300.00 – 1305.00 regions but drilling below this band might go lower to test 1260.00 targets. On the other hand, piercing above 1345.00 – 1350.00 resistances might ascend higher to 1370.00 targets!

Silver

Silver prices were consolidating in tight range last week while moving from 21.269 – 22.113 regions. This week, we foresee the market is open to possibility of both directions. We suggest taking the strong support and resistance at 21.180 and 22.300 respectively as our observation. Violating beyond these prices is an extension of breakaway in case of fundamental news release.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at 2312 in December month after it reversed up on last Friday. Overseas demand weakened and raising supply remains strong in suppressing the prices. Technically, we foresee the coming week could be uncertain as either directional trend could be possible. Climbing above 2340 might see recovery at 2400 targets but beware of decline again in case of weak fundamental news. The 2260 support must not be broken otherwise reaching down to 2200 levels is possible.

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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