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Gold and Oil Markets Report – 18 Apr 2011

A guest post written by DAR Wong


Gold prices have rammed up the market again after finished its correction briefly below 1450 last week. We hope to see a final drawdown at 1470 regions in coming week before the market crosses 1500 benchmark in end April or early May. In the tension of civil unrest in Northern Africa that will affect oil supply, Gold will continue to be hedged as safe haven in addition to emerging market demands. However, we foresee a slow down will only appear around 1550 regions with gradual higher rates from Asian countries. The market will only reverse into bearish trend after it sinks beneath 1450 benchmarks!


Silver prices have started to climb up at faster rate than Gold prices in bullish market. We recommend entry from every drawdown retracement as a safer way to establish new long trade. This week, there is a possibility to see a quick technical correction in Silver prices if both WTI crude and Gold prices precede. We foresee buying interest will emerge at 41.50 – 41.80 regions. The topside resistances have been identified as pretty strong at 42.10 and 43.10 separately.


WTI crude prices made 105.30 low last week while trapped in this range from previous high 113.43. This week, the market may break this bottom to test the 103.40 supports before new bulls return to market. In our opinion, the market is looking to digest the technical strength that has been running up the market since mid March. The mid-term target is still set at 120.00 levels that should complete the whole wave trend cycle. The market will only reverse into bearish trend after it sinks beneath 96.00 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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