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Gold and Oil Markets Report – 01 August 2016

A guest post written by DAR Wong and Chong HC

Gold prices exhibited strong demand last week while Crude fell on higher inventories. Dollar weakened after FOMC and BOJ conference on disappointment of no changes by the 2 central banks. This week, focus will be staked on American nonfarm payrolls for deciding the stock market and Dollar trends. Commodities will probably stay in mixed sentiment until mid-August.

Crude Oil

WTI Crude prices reached our predicted target at 42.00 last week. The market is likely to move into sideways consolidation this week from 40.00 – 44.00 ranges. Technically, the market has not completed the correction phase yet and might continue lower prices in August. Sinking beneath 40.00 levels will dive to 36.00 as our final target!

Gold

Gold prices will likely thread from 1330.00 to 1360.00 ranges in coming week. Bullish demand has slipped into the market but might conduct final bull-trap in early this week before run up. Breaking above 1660.00 levels will initiate a new strong demand and head up to 1390.00 as our targets. Dollar index will be lead factor for this inverse correction.

Silver

Silver prices rose after a recent shallow correction at 19.200 levels. Technically, we reckon the major trend is in bullish direction now with yellow metals and good to pick bottoms on every drawdown correction. This week, we foresee support will rise at 19.600 regions in case of final correction while immediate resistance stays at 20.700 levels. Piercing above 20.700 levels will dive up to new highs for this year with immediate target at 22.000 regions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on last Friday. Uncertainty on the other derivatives market has dragged the palm oil prices. Ringgit is prone to weakness and put traders on fence for further observation. October contract closed at 2317. This week, we foresee the trend may rise if it can remain firm above 2250 levels. Topside target might move into 2400 – 2450 regions if the trend advances.

Dar Wong

This post is contributed by OPF Guest Bloggers, DAR Wong and Chong HC

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 26 years of trading and hedging experiences while HC trades for 7 years and now coaches institutional customers. They can be reached at www.traderpromaster.com

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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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