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Gold and Oil Markets Report – 06 February 2017

A guest post written by DAR Wong and Chong HC

The U.S. imposes new sanction on 13 individuals and 12 entities linked to Iran ballistic missile program. Crude prices rose slightly on Friday after the news. American non-farm payroll increased 227,000 in January and pushed Dow Jones benchmark to above 20,000 on Friday. Precious metals regain demand as investors are wary of global uncertainty created by Trump threats on Mexico and forthcoming new policy on corporate tax changes.

Crude Oil

WTI Crude prices almost touched 54.00 level on Friday after the U.S. imposed new sanctions to boycott Iran. This week, it is crucial to observe the bulls provided it could pierce above 55.00 and continue higher for reaching 60.00 target. Otherwise, we foresee the trend might just simmer down again and return to 50.00 for consolidation. Crude prices will be uncertain and subject to swing according to the action of U.S. policymakers.

Gold

Gold prices erased weekly loss and closed at 1219.00 region on Friday. Technically, the trend appears to be firm and likely to escalate further in coming week. We foresee the bulls will aim for 1250.00 as next target before profit-taking occurs. In case of drawdown, we predict support will rise at 1280.00 level that will persist the long-term bull trend if this area can hold well.

Silver

Silver prices is currently resisted at 17.750 level after the bullish trend exhibited last week. This week, we foresee the strength may continue but selling interest will probably appear above 18.000 levels once the trend crosses this benchmark. Downside support is expected to rise at 17.200 level in case of early sign of profit-taking.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed sideway on last Friday as predicted last week due to the Chinese New Year. The April contract closed at 3055 level in range bound trading. This week, we foresee the market will be restricted from 3000 – 3100 range but falling below 3000 will trigger a new bear force that will lead to 2800 area.

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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