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Gold and Oil Markets Report – 7 Nov 2011

Gold

Gold prices were bullish last week with other general commodities. The market closed at 1753.60 after reaching the top 1767.50. This week, we expect the trend to soften and move within 1720.00 – 1770.00 range if no further drastic news to drive the bulls higher. However, breaking above 1770.00 may test the next higher resistances at 1800.00 levels.

Silver

Silver prices closed at 34.02 on last weekend and showed bearish patterns. We expect the market to sink down to 32.70 levels by smaller demands. Basically, the market will make initial retracement downwards and consolidate after that. Abandon your short-view if the market violates above 34.90 regions.

Crude Oil

WTI Crude prices strengthened after mid last week when Euro debt crisis increased market concerns on Greek woes and rate cut in European Central Bank. Commodity prices re-gathered bullish sentiments and WTI Crude turned up to attempt double top on Friday. This week, we expect the market will swing within 91.00 – 95.00 regions while the technical patterns tend to consolidate. Abandon your short-view if the market penetrates and settles above 95.20 levels.

Crude Palm Oil

Crude Palm Oil (CPO) in Bursa Derivatives closed at RM3013 per ton on active January month. Market volume on last Friday recorded about 26,000 turnovers in bullish sentiment. This week, we expect the market may trade in tight range from 3000 – 3080 if the commodity prices remain resilient. However, beware if it falls and settles beneath 3000 benchmarks as the next lower support will come into play at 2910 levels.

 

Dar Wong

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

Wong is founder and principal consultant of PWForex.com and holds a professional qualification in NASD series 3 and 5 approved by National Futures Association (USA). He was previously attached with Bankers Trust Futures Inc, Barclays ZW Futures and Smith Barney Shearson (Citigroup) Inc.

He is also an active trader and author of 8 Ways to Invest In China’s Emerging Markets. Wong is also columnist for The Star, The Borneo Post in East Malaysia, The Busy Weekly, The Trader’s Journal, The Forex Journal, The Pulses, The Analysts and Capital Asia magazine.

He is a regular speaker on trading topics as well as Master Speaker for the annual Asia Traders and Investors Convention (ATIC).

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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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