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Gold and Oil Markets Report – 6 Jan 2014

A guest post written by DAR Wong and Chong HC

The US economy is believed to be recovering as FED Chairman said the headwind for improvement is abating. Treasury yields rose to highest since 2011 as 10-year bond yield surpassed 3.0 percent on Friday. Dow Jones benchmark remains in strong sentiment as tapering will begin in January. Market players are waiting for unemployment data for coming Friday to check the persistence in market strength.

Crude Oil

WTI Crude fell heavily from 100.00 regions last week to 94.00 levels on Friday. A US government report showed that supplies of distillate fuel and gasoline climbed, hammering the prices down in biggest weekly decline for past 19 months. Technically, we foresee the market has a bargain hunting regions at 93.50 levels and will probably move into consolidation at 96.30 areas. However, long-view needs to be abandoned in case the trend pierces beneath 93.50 supports.

Gold

Gold reversed into uptrend last week from 1182.00 bottoms and reached 1240.00 areas on Friday. Technically speaking, the market is temporary capped at 1240.00 levels and could be moving into sideways consolidation in coming week. We expect the prices to unwind down at 1210.00 levels as 50% retracement target from previous bottoms. Abandon your short-view if it surges above 1240.00 levels as this might ascend to 1250.00 targets.

Silver

Silver prices pulled up from 18.619 bottoms and closed at 20.120 for the weekend. This week, we reckon the resistance will be strong at 20.500 areas and might push the prices down into consolidation with support resting at 19.000 levels. However, beware of the market breaking above 20.500 resistances as this piercing bull will lead to 20.900 targets!

Crude Palm Oil

Crude Palm Oil (FCPO) on Bursa Derivates closed in mixed sentiment last week. Market moved in small range as March contract settled at 2640. This week, we foresee the market will be supported at 2610 as it may try 2700 targets. Breaking below 2610 supports might land lower at 2550 regions.

Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong and Chong HC

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 24 years of trading and hedging experiences while HC trades for 6 years and now coaches institutional customers. They can be reached at www.traderpromaster.com

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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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