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Gold and Oil Markets Report – 30 May 2011

A guest post written by DAR Wong


Gold prices reversed to upward trend on Friday as dollar slumped. Worries of debt crisis in Greece and Italy drove investors’ interest back into yellow metal as safe haven. Technically speaking, Gold prices have to sink beneath 1526.50 in order to resume bear trends. However, climbing above 1538.20 may soar higher to 1550.00 again. Meanwhile, traders are advised to observe consolidation while picking the bottoms with tightened risk management.


Silver prices topped 38.85 last week. The market seems rather weak from technical patterns on Friday’s closing while strongly resisted at 38.20 regions. Breaking above here will possibly try double top at 38.85 levels or even higher. The downside support is identified at 37.10 and carries good chance of retesting these bottoms in coming week. Trade cautiously while in these consolidation with long-view to be established at drawdown prices.


WTI crude prices have started to recover bullish sentiment once it crossed above 100.00 benchmarks. The market is now well seated at 99.60 supports if the trend is going to run up soon. We reckon the bulls will break the immediate 102.00 resistances and attempt 104.50 regions in coming week. Dollar strength will play an important part to trigger a new buying interest in both Gold and crude prices. Abandon your long-view if the market penetrates and settles beneath 99.60 supports.


CPO escalated up last week as we forecast the strong supports would lie at 3300 – 3350 regions. This week, we expect a temporary resistance to act on market at 3486 while the trend may consolidate within 3400 – 3486 regions in early week. We still favor long trades but enter from drawdown of prices if such opportunity arises. The market might ultimately cover a gap at 3550 in near future before the bullish trend takes a break.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong.

Wong is the founder and Principal Consultant of 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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