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Gold and Oil Markets Report – 01 May 2017

A guest post written by DAR Wong and Chong HC

WTI Crude prices stayed below USD50 /barrel for the whole of last week with buying demand in market. Technically, we foresee the potential in Dollar rebound or increasing output in U.S. production may become detrimental to the Crude prices in coming week. There is a possibility of seeing trend receding to USD46 /barrel while suppressing at USD50 /barrel resistance. The market needs to stand above USD50 /barrel in order to regain buyers’ confidence.

Gold

Gold prices tops off recent high at USD1295 /oz and profit-taking occurs. This week, we predict the support will temporary emerge at USD1260 /oz while it might trade sideways to USD1280 /oz area. Beware of piercing beneath USD1260 /oz support that may drive lower to USD1240 /oz ground, in case the attention is taken off the tension on Korea Peninsula.

Silver

Silver prices has been dropping as predicted last week though the trend stretches down to beyond our forecast support at USD17.40 /oz. This week, we reckon the support should consolidate around the current area at USD17.20 /oz and begin to bounce for short-covering. Topside resistance is expected at USD17.60 /oz which will likely guide the market trend into sideways sentiment in mixed trading.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range last week amid declining swelling interest. Ringgit strengthening against Dollar has also slowed down buying in CPO while traders remain alert for near future. July contract closed at 2505 on Friday. This week, we forecast the trend will likely rise to 2600 while support begin to emerge at 2470 area. A potential upturn may follow through if the bulls pierce above 2530 level.

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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