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Gold and Oil Markets Report – 30 Apr 2012

Crude prices remain jittery while on weaker side after Europe followed into the worrisome news of Spain’s downgrade in credit rating. The remarks of U.S. FED chairman Bernanke on eagerness to add stimulus in supporting the economic recovery has put the dollar at bay while reversing up the Gold prices.

Crude Oil

WTI Crude was making small range of consolidation last week while capped below 106.00 resistances. This week, breaking and settling above 106.00 levels will attempt 108.50 levels if global demands rise unexpectedly. Otherwise, the technical outlook of natural strength is still prone to weakness that may sink to 100.00 benchmarks. Shorting from topside prices above 105.00 levels may be a better trading opinion with well-controlled risk management.

Gold

Gold is reacting to Bernanke’s remarks of possible QE3 policy while market trend is still digesting it in bullish sentiment. The market climbed above EMA200 and 1650.00 levels last week which signaled strong buying interest. This week, it will be a great challenge to see if the bulls can pierce above 1680.00 resistances for continual uptrend. Otherwise, we speculate the trend is still uncertain and may subject to fundamental news.

Silver

Silver prices bounced up from last week’s low 29.96 with much bargain hunting and reacting to weaker dollar. This week, we will observe the support at 30.00 benchmarks while resistance building up at 32.00 levels. The new market direction will initiate only after the trend moves beyond any side of these extremes. No clue of the imminent trend as the fundamental news has been playing lead role recently in market.

Crude Palm Oil

FCPO in Bursa Malaysia ended lower on continual liquidation, looming global outlook and contracting production. The July delivery contract closed at 3505 while consolidating in sideways. This week, we reckon the bear may take over the market sentiment and drive the prices lower. The support rests at S1 – 3430 which breaking beneath here will aim at next lower support S2 – 3350 regions. Topside selling pressure will emerge strongly once it climbs up to 3550 levels.

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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