MARKET DEVELOPMENT
Commodity Weekly Report April 14 2013
Commodity Weekly Report April 14 2013
15/04/2013 (Borneo Post) - Last Friday, gold prices fell to lowest at 1,492 regions since June 2011. The market tumbled as investors abandoned the yellow metal as safe haven after Dow Jones markets resumed to new historical highs at 14,887 levels and dollar strengthened.
WTI Crude prices plunged due to weaker US retail sales and a drag down in Producer Price Index.
Gold prices were floating to almost 1,590 regions during middle last week but drove down rapidly on Friday.
The fast plunging trend triggered selling stops in the markets and rolled down to 1,492 bottoms before pulling up to 1,505 areas.
This week, we predict the selling pressure will heavily cap at 1,525 levels while drilling lower is possible to complete at 1,470 regions.
The bearish trend could be triggered from flight interest into buying new highs in Dow Jones stocks.
WTI Crude prices crossed down below the EMA200 support line on Friday and reached 90.28 lows.
Technically, the market is resisting at 92.50 regions now and might land in weaker demands for this week.
The contracting demands in US economy and increasing supply from Saudi Arabia are acting simultaneously to suppress the prices lower.
Support is identified at 88.70 regions in case the bears engulf the market.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on weekly basis while demands contracted continually.
General prices of commodities declined last week and the latest bird flu outbreak in China also sent impact to lesser demands in palm oil.
The newly switched-over of active month in July contract closed at 2,345.
This week, we predict the market trend may continue to drop further if no positive news jump starts the market.
Technically, we expect the market to test 2,300 regions while resistance remains at 2,400 regions. Bargain hunting will begin at 2,250 once 2,300 supports give way.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work. Dar Wong and Chong HC are the market strategists in APSRI on CPO markets.
Wong has 22 years of trading and hedging experiences while HC traded for four years and now coaches institutional customers. They can be reached at www.traderpromaster.com.
WTI Crude prices plunged due to weaker US retail sales and a drag down in Producer Price Index.
Gold prices were floating to almost 1,590 regions during middle last week but drove down rapidly on Friday.
The fast plunging trend triggered selling stops in the markets and rolled down to 1,492 bottoms before pulling up to 1,505 areas.
This week, we predict the selling pressure will heavily cap at 1,525 levels while drilling lower is possible to complete at 1,470 regions.
The bearish trend could be triggered from flight interest into buying new highs in Dow Jones stocks.
WTI Crude prices crossed down below the EMA200 support line on Friday and reached 90.28 lows.
Technically, the market is resisting at 92.50 regions now and might land in weaker demands for this week.
The contracting demands in US economy and increasing supply from Saudi Arabia are acting simultaneously to suppress the prices lower.
Support is identified at 88.70 regions in case the bears engulf the market.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on weekly basis while demands contracted continually.
General prices of commodities declined last week and the latest bird flu outbreak in China also sent impact to lesser demands in palm oil.
The newly switched-over of active month in July contract closed at 2,345.
This week, we predict the market trend may continue to drop further if no positive news jump starts the market.
Technically, we expect the market to test 2,300 regions while resistance remains at 2,400 regions. Bargain hunting will begin at 2,250 once 2,300 supports give way.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work. Dar Wong and Chong HC are the market strategists in APSRI on CPO markets.
Wong has 22 years of trading and hedging experiences while HC traded for four years and now coaches institutional customers. They can be reached at www.traderpromaster.com.