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Gold and Oil Markets Report – 05 June 2017

A guest post written by DAR Wong and Chong HC

Gold prices surged confidently on Friday and closed at USD1278 /oz despite weakening payroll. Technically speaking, we foresee the trend may climb higher this week as short-covering may begin soon. Support is laid at USD1265 /oz and should not be violated if the bulls take charge further. We maintain our view unchanged on topside targeted aimed at USD1290 – USD1295 /oz before profit-taking occurs.

Crude Oil

WTI Crude prices is suffering from threats of global glut and competition from shale oil production. This week, we reckon the support must guard well at USD45 /barrel in order to prevent panic selling. Range is expected to move from USD47 – USD51 /barrel with a potential rebound due to weakening Dollar. Trade well with risk control as Crude trend is rather uncertain nowadays from increasing global supply.

Silver

Silver prices surged in strong sentiment on Friday and protruded our USD17.40 /oz resistance predicted last week. Moving forward, the market will sit tight at USD17.20 /oz support and aim for USD18.00 /oz target this week. Strength of Silver will always run faster than yellow metal in the event of bull-run in precious metals. The XAU/XAG ratio at 72.90 on Friday has shown a potential decline in coming week that signifies impending up-run in Gold and Silver.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closes lower on weekly basis. Market traded in narrow range for few days with significant slowdown in selling activity. August contract closed at RM2496 /MT level as open-interest reduces on Friday. This week, we foresee support will emerge at RM2450 /MT while trend will begin to short-cover. Topside target is resisted at RM2550 – RM2600 /MT in case of reversing up.

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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