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Gold and Oil Markets Report – 6 Feb 2012

Crude oil prices rose from 6-week low after U.S. showed more added 243,000 jobs in January and also based on improved manufacturing demands in U.S., China and Euro area. Gold prices remained bullish in small pace during early last week but slid on Friday after reacting to lower U.S. unemployment in January at 8.3 percent.

Crude Oil

WTI Crude prices traded in the main range from 96.00 to 102.00 regions as we predicted last week. The market is temporary seen supported at 94.00 – 94.50 levels in coming week while the trend may stage small rebound soon. A better economic recovery and manufacturing demands may uplift crude prices in coming weeks unless bad news from Euro debt crisis becomes viral. We reckon the resistance will resurface at 100.00 benchmarks while the range movements may be constricted at first support as aforementioned.

Gold

Gold prices reached 1763.10 last week and slid on Friday to 1725.00 regions. From technical outlook, we believe the market trend has begun to decline and will be capped at 1745.00 resistances in coming week. Moving forward, we expect to see the market consolidate and sink to 1680.00 regions. Beware of new bullish trend once the market tracks above 1750.00 levels again!

Silver

Silver prices fell from recent high 34.39 and closed with reversal down patterns on Friday. We foresee the trend will probably test the 2 support levels at S1 – 33.00 and S2- 31.60 in coming week. Silver prices will track the Gold prices that will likely be softened after running up for weeks. However, abandon your short-view if Silver prices violate above 35.00 levels.

Crude Palm Oil

Crude Palm Oil (CPO) Futures on Bursa Derivatives closed lower on weekly bar again after Chinese New Year amid weakening demands. Fundamentally speaking, the trend has been affected by lower exports data and competition from Indonesia. The most active month in April contract closed at 3085 on Friday after resisted by the previous 3150 levels. This week, we expect continual downtrend to follow and remain our target at 2970 regions. Only breaking above 3110 levels needs to be cautious in case of imminent short-termed technical rebound.

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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