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Gold and Oil Markets Report – 4 July 2011

A guest post written by DAR Wong

Gold

Gold prices broke beneath the last supports at 1491.00 and closed at 1487.10 before the weekend. We prefer the market to close above 1495.00 on Monday to regain the bullish sentiment. Otherwise, breaking below the 1487.00 supports may lead to lower grounds at 1460.00 levels as forecast in our technical studies. With Crude prices moving on weaker side, we reckon the slide may probably continue this week as mentioned above.

Silver

Silver prices is now supported 33.37 but might not hold on Monday if the bears drive below here. We foresee the selling pressure may test lower grounds at 32.00 regions before buying interests emerge. Silver price trend will follow Gold and Crude prices in coming week that are both subject to weaker sentiments. We have identified the supports at S1 – 32.25 and S2 – 31.75 if the down trend continues on Monday.

Crude Oil

The WTI Crude oil prices are facing resistances at 96.00 regions as OPEC policy favor more selling pressures. We have identified another higher resistances at 100.00 levels should 96.00 benchmarks be penetrated. We expect the market will test 90.00 supports again in this week if the bulls cannot settle above 96.00 levels. Sellers should control your trading risk by picking top regions to establish short trades while capping our loss not beyond 96.50!

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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