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Gold and Oil Markets Report – 04 October 2016

A guest post written by DAR Wong and Chong HC

Gold traded in mild weakness last week as investors liquidated position for month end. Silver remains strong as buying demand has resurged before weekend. Crude prices also strengthened before weekend as Saudi announced its willingness to cut supply and proceed in official meeting of OPEC in November. Chinese Yuan has officially been added into IMF’s SDR basket from 1 October and could be rising soon against Dollar for gaining its international stance.

Crude Oil

WTI Crude prices pulled up after Saudi announcement in cutting supply. Market closed at almost USD48.00 /barrel for weekend despite many critics say it could be fictitious bull sign. This week, the trend may reverse downward before Friday nonfarm payroll release. Range is expected to move from 44.00 – 49.00 regions until we hear the clear stance from OPEC members.

Gold

Gold prices dipped last week and closed at 1315.00 on Friday, This week, we foresee the support will be firmed at 1310.00 before U.S. non-farm payroll. Initial range will be expected from 1310.00 – 1340.00 regions while piercing above the aforementioned resistances will protrude into new bullish trend. Observe the Dollar value in coming week as inverse trend to Gold and Silver prices.

Silver

Silver prices consolidated its range last week but could lead the uptrend before the yellow metal this week. Technically, we foresee the trend will be supported at 18.800 and probably climb higher to reach 20.000 for recovery. Observe the breaking above 20.000 resistances in near future as the uptrend emerges in new strength. Control risk if 18.800 levels is violated.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on Friday after higher production output suppressed demand. December contract closed at 2634 as open interest slid. This week, we foresee the market might be supported at 2600 and regain bullish sign in advancing back to 2750 regions. Risk control is advised in case of drawdown below 2600 levels.

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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