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Gold and Oil Markets Report – 31 Oct 2011

A guest post written by DAR Wong

Gold

Gold prices were bullish last week entailing euro currency prices but also due to murky situation of outcome of Brussels meeting until Friday. The market broke above our previous resistance 1665 and reached up to 1652.40 as weekly high. This week, we foresee the market will begin to consolidate in digesting the bulls with resistance emerging at 1750.00 – 1765.00 levels. Downside potentials might slide to 1700.00 anytime once the bears take control after mid-week!

Silver

Silver prices were bullish to break above 33.10 benchmarks last week and skipped above 35.00 before weekend closed. This week, we target sideway trend to consolidate between 34.00 – 36.00 regions just like Gold prices. The Gold-Silver price ratio has dropped below 50.00 benchmarks and seems to be heading to 46.50 levels. That means the silver prices will remain firmer than Gold prices such that Gold will either climb slower or decline faster when in downtrend.

Crude Oil

WTI Crude prices broke the major resistances at 90.00 regions and reached up to 94.65 last week. The market surged due to positive synergy from Brussels meeting on solving euro debt-crisis. This week, we forecast the market will consolidate sideways from 90.00 – 95.00 regions to digest the bulls while waiting for new trend to emerge.

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives closed marginally higher on last Friday. The most active Januaary contract closed at RM2972 per ton. The CPO prices have gone higher on weekly basis mainly due to the positive outcome in solving euro debt crisis and higher soybean prices. Market is still constricted between 2900 – 3000 regions while it is bias to bearish sentiments. Breaking the topside may test 3080 levels while the downside is more likely to see S1 -2900 and S2 – 2820 levels.

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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