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Gold and Oil Markets Report – 5 Sep 2011

A guest post written by DAR Wong

Gold

Gold prices rose again last week due to pessimism in U.S. outlook and market closed at week’s high on Friday. The investors have digested the margin hike imposed 2 weeks ago by CME Group and flight into Gold again as safe haven!

This week, we reckon the trend will slow down on topside while being capped at 1900.00 resistances. According to our technical study, the market may come back to S1 – 1830.00 as form of technical digestion. Any extreme case of fundamental news may even drive the Gold prices back to S2 – 1810. However, the market may form double tops first at 1910.00 levels before retracing downwards.

Silver

Silver was trading slowly in early last week until it spiked up to close at 43.22 on Friday, near to the week’s high. Just like Gold, Silver prices may spike higher in coming earlier week to around 44.00 levels before it may recede. However, the larger possibility of downside retracement will begin soon and we foresee the trend may re-test 41.25 supports.

Crude Oil

WTI Crude prices are still moving in big sideways trend for correction phase. The market fell off last week’s high 89.91 on worst economic turnout in U.S. performance and unchanged high jobless rate. This week, we reckon the market will trade slightly lower while it moves from 83.00 to 90.00 levels. Traders are advised to enter from extreme ends to avoid price swings. We favor ideal shorting in early week around 87.50 regions with tightened risk management.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Derivatives had a short week due to long seasonal holiday. The market closed at 3050 on Friday with limited trade activity. This week, we expect the trend to be topped at 3080 regions and may begin a downward correction. Support levels are aimed at 2930 – 2950 regions while short trades need to be managed with proper risk control.

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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