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Gold and Oil Markets Report – 4 Nov 2013

A guest post written by DAR Wong

Crude Oil

WTI Crude prices closed at USD94.61 per barrel on Friday after plunging from 97.00 regions on last Wednesday. The inventories were reported at 4.1 billion barrels. This week, we forecast the slowdown in demands in global economy may press the market down to 92.50 levels before rebound begins. The consolidation may top at 97.50 levels for the time being but bearish sentiment will still engulf the market. Beware of breaking beneath 92.50 supports as this might lead to 90.00 targets.

Gold

The Gold prices fell last week despite U.S. FED policymakers reaffirmed old news of remaining monthly stimulus. In fact, Dollar index recovers from 8-month low record from 79.06 bottoms and climbs above 80.50 levels which has hammered the yellow metal. The U.S. overall economy recedes into slowdown again while Crude inventories have been increasing for past few weeks. Crude prices continue to unwind amid weakening demands and close below 95.0 levels for the weekend.

Gold prices slid from 1361.00 tops last week amid rising Dollar index. Market closed at 1310.00 on Friday in bearish sentiment. This week, we reckon the trend will be supported at 1395.00 regions while consolidation of prices could bring the technical recovery to 1335.00 areas. The overall trend has begin to turn down unless the U.S. lawmakers announce anymore new stimulus to push up the yellow metal. Abandon your long-view if the prices drop beneath 1395.00 supports!

Silver

Silver prices dropped from 23.072 highs last week and closed at 21.850 on Friday. The market has turned into bearish trend and could be heading lower in coming week. We reckon the support will emerge at 21.00 for the time being while resistance stays resilient at 22.200 levels. In our opinion, it will be logical to hunt for short trades on pull-up retracement as Silver market will react to stronger Dollar in coming weeks.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives climbed higher last week due to fear in shortfall in harvesting. Weather changes have triggered fear in buying up Futures contract while short traders covered their positions. The active month in January contract closed at 2623 level on Friday. This week, the market has broken above 2500 levels and might head up to 2750 targets in near future. Only breaking beneath 2550 will yield danger of falling back into bearish trend.

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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