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Gold and Oil Markets Report – 9 September 2013

A guest post written by DAR Wong

The U.S. President Obama is still seeking the opinions of Congress for declaring war against Syria while most members in United Nations do not openly support the military action. Gold prices swung throughout last week due to uncertain market sentiment. The U.S. non-farm payroll rose 169,000 in August with unemployment dropped to 7.3 percent. Expectation of tapering wanes among traders as overall recovery still behaves in passive sentiment. Crude prices traded in small correction but still remained high towards weekend at 110.00 regions.

Crude Oil

WTI Crude prices jumped from 105.53 lows throughout the week and recovered to 110.00 areas towards the weekend. The market remains sensitive to Syria war as traders observe the final decision of President Obama. This week, we reckon the market will be supported at 107.00 with much buying interest unless the eradication of fear in warfare could dampen the prices below here. Otherwise, there is huge potential to climb higher to 112.00 for challenging the last recent high. However, be prepared to see the unexpected ascension at 115.00 should tension arise in Syria territory.

Gold

Gold prices reversed up on Friday as tapering fear waned from lesser August payroll. The market seems to be supported at 1360.00 areas and should lay well with buying interest if it is tested again in coming week. Technically, we might interpret the trend to be bullish so long the support ambushes well at 1355.00 – 1360.00 regions. However, the threats of political instability in Syria could easily drive the demands up again to 1410.00 targets again. Breaking above 1410.00 resistances will climb further to test 1430.00 targets.

Silver

Silver prices sat well on 23.000 supports last week as the market recovered on Friday. This week, we forecast the trend will move sideways but prone to bullish sentiment. Our target resistance lies at 25.000 levels which might be tested if sentiment reverses up. However, traders need to abandon the long-view if the trend breaks beneath 23.000 supports.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives moved on higher sentiment last week as demand for general commodities grew out of war-inflation. The November contract settled at 2445 with approximate 30,000 turnovers on Friday. This week, we forecast the market may whipsaw in early week but edge higher towards the weekend. Technically, the trend will probably move from 2350 – 2500 ranges. Beware of further ascension if panic buying arises due to further demands triggered in Crude prices.

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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