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Gold and Oil Markets Report – 06 April 2015

A guest post written by DAR Wong and Chong HC

The market went through short week due to Good Friday. Gold has been mild bullish while non-reactive on Friday’s non-farm data due to market closure. American payrolls created far lower than expected jobs at 126,000 in March and surprised market traders. This could be another good reason to stall credit tightening by FED policymakers. Crude oil has been poising for balance at 50.00 regions as Dollar closed at 4-week low for correction. The initial agreement between United Nations and Iran for terminating nuclear deal may trigger oil prices fall in near future.

Crude Oil

WTI Crude prices have found immediate support at 47.00 regions while closed at 49.00 regions for weekend. This week, we reckon the range will be constricted from 47.00 – 52.50 regions with no clear sign of direction. Sideways trend is expected until we hear new fundamental changes in market. Breaking below 47.00 supports will be an indication to initiate new bearish trend.

Gold

Gold prices have illustrated strong support at 1180.00 levels last week and salvaged the falling trend. Market closed at 1200.00 regions and might ascend higher in coming weeks. Technically, we reckon immediate support will sit at 1190.00 this week and push the bulls higher after mid-week. Topside target may aim at 1130.00 regions if short-covering occurs amid weakening Dollar.

Silver

Silver prices are moving into consolidation amid recovery phase. The market closed at 16.670 for weekend while the support has been identified firm at 16.500 regions. This week, we reckon the trend will test the supports at S1 – 16.500 or even S2 – 16.200 before reversing upward again. Topside resistance lies at 17.500 from technical outlook. Plan your trading strategy cautiously for short-term positioning.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives Futures closed partially high on Friday amid low volume. The market has revealed initial breakup of trend in Day-chart from previous flag formation. June contract closed at 2192 levels and may climb higher in coming week. Immediate support lies at 2170 areas. We reckon the trend might reach up to 2260 once it assesses 2220 as first 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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