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Gold and Oil Markets Report – 02 November 2015

A guest post written by DAR Wong and Chong HC

Dollar index traded sideways but remained on high side throughout last week in 96.00 – 98.00 ranges. Commodity have returned to selling sentiment for counter balancing the greenback force. Before weekend, precious metals met profit-taking in market while Crude traded in small recovery from earlier sell-off. FED policymakers rattle market traders again by hinting possible rate hike before year-end that put off commodity demand.

Crude Oil

WTI Crude prices traded higher from 42.60 lows last week in recovery. Oil commodity has been ebbing on low sides and affect the operating profits for oil producing companies. Exxon Mobile reports Q3 profit falls 47 percent though still beats expectation. This week, we reckon range trading from 44.00 – 48.00 regions with no clue for direction. Risk control is necessary in case the extension turns into adversity.

Gold

Gold prices slid from 1180.00 tops to 1140.00 levels before weekend by reacting to FED comments. Market is facing uncertainty again while waiting for more fundamental news. Technically, we foresee the trend may reach down to 1130.00 this week and then follow by consolidation at 1160.00 levels. Hence, range is expected to thread from 1130.00 – 1160.00 ranges while depending on Dollar index trend. Chinese manufacturing PMI will also play important role in leading Gold price this week.

Silver

Silver prices are turning into corrective trend after hitting 15.350 highs. This week, the trend may be slightly bearish and head down to test 15.250 supports. Strong resistance is temporary seen at 16.000 while trend is prone to soft correction. The Gold/Silver ratio is back down to 73.00 regions after past 3 months of surging. This means bull trend in Silver prices have temporary slowed down and head into correction.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives headed down to 2260 last week before closed higher for weekend. Weak Ringgit remains a factor to boost for demand in palm oil prices besides tracking vegoil in market. January contract settled at 2362 levels amid decline in open interest. This week, we expect early dip down to 2310 regions before jumping higher. Potential of reaching 2400 remains high if Ringgit stays sluggish.

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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