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Gold and Oil Markets Report – 16 Sep 2013

A guest post written by DAR Wong

The Dow Jones and global stocks retuned to firm sentiment last week as war drums toned down. Syria agreed to submit the chemical weapons to U.N. inspectors as Russia proposed in the meeting with U.S. President Obama. American jobless claims fell again to 292,000 for the week ended 7 September and triggered new expectation of tapering stimulus in September. Gold prices fell towards weekend while Crude softened as warfare has been waning.

Crude Oil

WTI Crude prices have been trading in mid-range between 106.00 – 111.00 regions. Market has been softening last week as the calling for air strikes against Syria waned. This week, we predict the immediate resistance will suppress at 109.00 and the bear might drive the market lower at 105.50 – 106.00 areas. Breaking above 109.00 resistances will be countered by another higher resistance at 111.00 levels. Stay observant to the fundamental news for deciding the price sensitivity in market.

Gold

Gold prices fell from estimated 1390.00 tops to 1310.00 bottoms throughout the week. Moving forward, we reckon the trend may be capped at 1335.00 and prone to bearishness if the FOMC release for this Thursday reiterates on cutting down stimulus. The market may test the 1295.00 – 1300.00 bottoms before rebound for technical correction. Short traders from the topside should not persist in your view if the prices pierce above 1335.00 resistances.

Silver

Silver prices showed a recoil pattern from 21.360 lows as of Friday close. The market has more demand interest compared to yellow metal. This week, we predict a consolidation may occur and trade sideways from 21.300 – 22.700 ranges. Our opinion anticipates sell-strategy in early part of this week if the trend continues to retrace higher from current 22.30 regions. Downside potential is still open to bearish outlook while market traders watch the outcome for FED Bernanke’s speech on coming Thursday.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives waned in demands due to growing inventory. Prices fell after entailing general commodities as November contracted expired on Friday. The newly roll-over December contract settled at 2344 at closing bell. This week, we shall observe the volume of turnover for deciding the trend direction. Technically, we reckon the market may slide further at S1 – 2250 or S2 – 2200 if the bears begin. Resistance stays at 2400 regions.

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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