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Gold and Oil Markets Report – 9 May 2011

A guest post written by DAR Wong


Gold prices fell to 1462.30 last week on profit taking and sudden recovery of U.S. Dollar Index. This week, we foresee the market will find its base at 1460.00 regions and consolidate to 1520.00 as our first target. The yellow metal is expected to be in sideways trend until mid June when more concrete policy will be released by U.S. Federal Reserves on the direction of U.S. dollar. In overall, we would reckon the ultimate support to lie at 1450.00 benchmarks while the outlook for commodity prices is still bullish until year-end.


Silver prices declined to 33.05 last week with a healthy recovery of Gold/Silver ratio back to above 40 regions. We foresee the white metal will find its way back to 42.00 in few weeks’ time as natural forces channel into a price consolidation. It will be highly profitable if traders attempt long trades beneath 35.00 benchmarks with controlled stop loss. Abandon your long-view if the market drives and settles below 33.00 levels.


WTI crude prices touched bottom 94.65 last week and rebound quickly. We foresee the market will find its way back to 105.00 as buying interests emerge while supported at 95.00 regions. Technical corrections are expected to digest the bears and recover to 105.00 regions in coming weeks. Long trades are encouraged but control your risk factor once the market penetrates beneath 95.00 benchmarks.


Dar Wong

This post is contributed by OPF Guest Blogger, DAR Wong.

Wong is the founder and Principal Consultant of 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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