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Gold and Oil Markets Report – 05 September 2016

A guest post written by DAR Wong and Chong HC

WTI Crude prices has begun to wane in prices while threatened by global supply glut. Gold and Silver prices reversed on Friday after U.S. non-farm payroll at 151,000 in August erased speculation of imminent rate hike by FED policymakers. The U.S. Index topped off 96.00 areas and subject to either way in coming week. However, weakening Dollar may lift the precious metals in coming week while putting lid on Crude prices.

Crude Oil

WTI Crude prices have resumed bearish sentiment in market as buying wanes. This week, we reckon resistance will emerge at 45.50 areas but down trend is more likely to occur. Support lies at 42.00 levels in case of drawdown. Failing to hold the selling pressure might re-test 40.00 benchmarks and affect global stock indexes.

Gold

Gold prices held well above 1302.00 bottoms last week and bounced above 1320.00 after U.S. non-farm payroll on Friday. This week, we reckon the trend will be well supported at 1315.00 levels and climb further. We target the bulls to reach 1350.00 for recovery as fund will flight out of stock indexes soon. Picking long will be ideal for current market pattern.

Silver

Silver prices had a strong recovery on Friday and closed above 19.000 levels. This week. We foresee the support will sit tight at 19.000 levels while aiming to reach 20.000 areas. Technically, we believe Silver could have completed the correction since May and begin a new surge. Plan your strategy well in picking bottom at every drawdown correction.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher due to weakening Ringgit. November month closed at 2598 as market surged on Friday. Falling energy prices and weaker Ringgit act as catalysts to rising CPO for time being. This week, we reckon the trend will move form 2550 – 2650 ranges amid some bargain-hunting activities.

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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