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Gold and Oil Markets Report – 5 August 2013

A guest post written by DAR Wong

The U.S. non-payroll rose 162,000 in July but under the forecast and quite unexpectedly among market traders. Jobless claims have been lowering for past weeks and the unemployment rate also dropped to 7.4 percent from 7.6 percent in June. Market speculations still encompass the tapering of FED stimulus before year-end which have caused much speculation in Gold and Crude prices. Japan official – Takeshi Fujimaki is worried on U.S. decision in cutting stimulus as this could prick the bubble in Japanese Government Bonds.

Crude Oil

WTI Crude prices have formed a double-top pattern on day-chart by failing to jump above 109.00 resistances. Moving forward, we foresee the market could be trading from 104.00 – 108.50 ranges while prone to weakness. For past week, the Crude prices have been dependent on Wednesday data on Crude inventories reported by EIA. If the data indicates fall in supply inventories in coming week again, beware the market might jump above 109.00 and reach 114.00 in due time.

Gold

Gold prices swung down last week and were very volatile on Friday. The yellow metal closed at 1312.00 regions after pulled up from intra-week’s low 1282.00 levels. This week, we foresee the market may go into some technical short-covering before another decline follows. From the outlook, it may test 1325.00 regions again before making another slump to 1270.00 bottoms. However, the trend should not break above 1340.00 resistances as this could be signs of turning up the trend.

Silver

Silver prices have smaller fluctuations compared to Gold prices. The market closed at 19.90 on Friday after pulled up from intraday low 19.20 levels. This week, we reckon the market may form a double-top pattern at 20.60 levels but failing to clear above here will indicate weakness in demands. In our opinion, the Silver prices may easily fall back to 18.50 – 19.00 regions towards coming weekend. Abandon your short-view if the bulls charge above 20.60 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives short-covered in prices and closed firmer ahead of coming long holidays in Malaysia. Bargain hunting and support emerged last week as expected but climbing above 2220 resistances could indicate the end of bear market in FCPO for the time being. The October delivery month closed at 2257 and may be trading from 2200 – 2300 ranges for this week in light volume.

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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