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Gold and Oil Markets Report – 30 Dec 2013

A guest post written by DAR Wong and Chong HC

The U.S. Dow Jones markets made new high on Friday after it ascended above 16,500 levels. The 10-year Treasury bond yield surged to 3 percent for the first time this year and triggered movement of funds from fixed-income assets to equities. Gold prices began to climb after jobless claims showed decline to 338,000 in the week ended 21 December. WTI Crude topped USD100 per barrel on Friday and remained strong after inventory supply fell further than previous week.

Crude Oil

WTI Crude prices were creeping up slowly throughout last week amid low volume. The Friday’s report on Crude inventories showed more supplies at 4.7 million barrels and more than double the expectation. The market hovered above USD100.00 benchmarks as demands increased. This week, we reckon the support will emerge at 98.50 regions while the bulls may attempt higher at 102.00 targets. However, we also predict selling pressure will be unveiled as the bulls climb up above 102.00 regions.

Gold

Gold prices were mostly quiet in the early part of last week. After Christmas, we saw some short-covering in market after the jobless claims reduced and market advanced t almost 1220.00 regions before weekend. This week, we expect the market may attempt small pull-up at 1225.00 regions before resuming the slide. The overall trend of yellow metal is still bearish and temporary supported at 1190.00 levels. Breaking beneath this support will lead to lower grounds at 1150.00 regions.

Silver

Silver prices pulled up stronger than yellow metal last week. The market might be prone to correct higher in coming week before declining again. Technically, we have spotted the resistance to lie at 20.400 – 20.500 regions with much selling interest. As the market moves into January after mid week, the bears may return and suppress the prices down again. Downside support emerges at 19.100 areas.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed higher on Friday in weekly chart. Bullish sentiment was due to weak Ringgit and supply squeeze in first quarter of coming new year. The March contract settled at 2632 with approximately 19,100 contracts. This week, we reckon CPO prices might continue to climb higher while moving into first week of January. The technical support will lie at 2550 and resistance stays at 2700 regions. Range trading is expected for this week as volume could be slow.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong and Chong HC

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 24 years of trading and hedging experiences while HC trades for 6 years and now coaches institutional customers. They can be reached at www.traderpromaster.com

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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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