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Gold and Oil Markets Report – 4 Feb 2013

The US Payrolls rose 157,000 in January after continual increment from December. The Federal Reserve policymakers announced after the FOMC meeting on monthly asset-purchase program at USD85 billion in persistent efforts to aid recovery. Gold prices whipsaw from 1652.00 – 1683.00 regions with slightly bearish outlook in day-chart. Last week, USDX value slid from almost 80.00 highs to 79.00 levels and spiked the crude oil prices.

Crude Oil

WTI Crude prices continued to stay abode 96.00 benchmarks throughout while week with weakening dollar strength. This week, we expect the market to be supported at 96.00 areas while it will probably reach up to 100.00 benchmarks as our main aim. However, the market may swings sideways from 96.00 – 100.00 ranges in near future due to dollar rebound and increasing crude inventories in US government.

Gold

Gold prices failed to settle above 1677.00 resistances last week which indicated a possibility to drive lower in near future. The market is ambushed by heavy selling pressures for profit-taking on upward retracement. This week, we expect the resistance will still act at 1680.00 areas while downside potential may be opened to 1640.00 targets or lower once the draw down begins.

Silver

Silver prices is facing immediate resistance at 32.300 which piercing above this level will meet another strong selling pressure at 32.500 areas. Technically, the market is more prone to turn down once it settles beneath 31.600 in coming week. The downside potential is opened to 31.700 if the bear engulfs the trend patterns after early coming week. Abandon your short-view if the trend penetrates above 32.50 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives traded in short week with only 3 trading days. The April delivery month closed at 2555 on Thursday due to slight profit taking. The trend has pierced above previous resistances at 2520 levels which now turned into support regions. Hence, we reckon the market will be supported at 2500 – 2520 areas in coming week and aim higher at 2630 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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