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Gold and Oil Markets Report – 02 March 2015

A guest post written by DAR Wong and Chong HC

Gold reversed up last week in mild buying interest with bottom formed at 1190.00 levels. The phenomena of stronger Dollar with yellow metal prices are returning but will put double pressure to energy and oil prices. Crude oil inventories continue to surge to 8.4 million barrels last week and put cap on Crude prices. On monthly chart, WTI Crude snapped the 7 long streak declines and closed at USD49.76 per barrel on Friday, enticing many analysts to believe Crude has bottomed out its fall.

Crude Oil

WTI Crude prices closed with reversal up-signal on monthly chart but still weak on daily chart. Immediate resistance stays at 51.00 levels in case of rising prices. The bulls have to clear above 51.00 before facing more selling challenges at 54.00 regions. This week, beware of breaking below 48.00 supports that will lead to lower grounds at 45.00 levels. Dollar strength will play important role in pressing Crude prices due to reversal theory.

Gold

Gold has been moving from 1190.00 – 1220.00 ranges as we expected last week. The market is prone to stabilize and turn up by mid-year if it can stand above 1170.00 supports without falling beyond here. This week, we forecast the support will rise at 1200.00 regions and probably will still trade sideways with resistance emerging at 1225.00 levels. The technical patterns may be narrowing into an eventual breakup in near future. Abandon your long-view if the trend declines below 1200.00 supports.

Silver

Silver prices stood well above 16.00 supports last week and better than our expectation. Market closed at 16.590 regions on Friday with immediate support rising at 16.300 levels. This week, we reckon the trend will consolidate from 16.300 – 17.000 ranges with forces lean to climb higher once the market demand can cement at 16.300 regions. Ratio of Gold/Silver factor remains toppish at 74.00 which might plunge soon to lift Silver trend faster than Gold.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on weekly basis after reversing from mid week bottom at 2216. The market traded higher on Friday amid weaker Ringgit and May contract settled at 2309 for weekend. Technically speaking, there is a tendency of seeing upturn in market for coming week if the bulls can stand above 2270 regions. Topside is limited at 2350 for time being but breaking this resistance may attempt 2280 as next target.

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 24 years of trading and hedging experiences while HC trades for 6 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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