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Gold and Oil Markets Report – 24 June 2013

A guest post written by DAR Wong

Both Gold and Crude prices suffered sharp fall after the remarks of Bernanke in tapering stimulus. Last Thursday, the Federal Open Market Committee (FOMC) statement following a 2-day meeting stated the policymakers are looking to unwind the stimulus support sometime in 2014 if economy gets onto recovery track. China reported continual slide in manufacturing data which added on to the bearish effects in taking the commodity prices down.

Crude Oil

WTI Crude turned down last week following Bernanke’s remarks and higher USDX trend. The market travelled down from 99.00 tops to 93.00 bottoms and very close to what we forecast. This week, we reckon the market will trade inside the range of 93.00 supports to 96.00 levels while some short-covering may occur. Technically, it is better to pick short-entry from pull up retracement as the market could begin to face lesser demands.

Gold

Gold prices began the week at 1391.00 levels and ended on Friday at 1296.00 regions, making more than USD100.00 plunge throughout the week. The market is reacting to contraction of demands in China and stimulus withdrawal from U.S. policy. This week, we reckon the market will trade in sideways in early week with topside target to be tested probably at 1320.00 regions before sliding again. The downside levels may easily create double bottoms at 1270.00 levels but breaking beneath here is a sign of unwinding lower. In case, observe for 1240.00 regions if the 1270.00 supports fail.

Silver

Silver prices slid last week to new low 19.398 since September 2010 and closed at 20.1000 for the weekend. This week, we foresee some recovery may take place in early week at 22.50 regions. Be ready to face more liquidation towards coming Friday if the bears break below 19.398 supports. The market may go for 17.60 regions in case the trend meedts heavy sellers from Gold prices sentiments.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed in profit-taking after general commodities turned down from Thursday onwards. The September contract closed at 2438 after it fizzled out at 2491 tops. This week, we foresee the market will be quite bearish and may sink further to test 2400 supports. Topside resistance will remain at 2500 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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