Share

Tweet this

Dealing Desk Hotline

(603)-2181 8848

Gold and Oil Markets Report – 07 November 2016

A guest post written by DAR Wong and Chong HC

Gold and Silver have resurged in recovery while Crude prices are threatened from global supply glut. Dollar Index has fallen from recent highs around 99.00 regions to 97.00 levels. The U.S. country is going Presidential polling on 8 November and uncertainty has arisen in Dow Jones markets, causing it to fall below 18,000 levels last week. Commodity prices will be ready to soar from now onwards in the event of weakening Dollar.

Crude Oil

WTI Crude prices have moved as we predicted last week on a declining trend. This week, we foresee the trend may either consolidate from 43.00 – 47.00 ranges in sideways movement, or plunge lower beneath 43.00 supports. If the global equity markets drop, it is likely to slide with Crude prices towards 40.00 targets. OPEC meeting will be held at the month-end to give clearer foresight on forthcoming recovery.

Gold

Gold prices have been hovering around 1300.00 regions before the weekend. This week, we predict the trend may test 1280.00 for the final dip before turning higher. Control your risk well for picking long trades while the target is aimed at 1340.00 as the immediate extension. Fund will pour into precious metals as safe haven if U.S. equity markets reveal fear from ongoing Election progress.

Silver

Silver prices have shown strong rise above 18.000 levels last week. Moving forward, the market will be well supported at 18.000 – 18.200 bottoms and prone to ascend higher this week. In our opinions, the trend will be set to reach 19.200 as our next targets but bullish sentiment will be expected to kick in for few more weeks towards December.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small correction last week. Lower prices in oil products dragged the palm oil prices and temporary see fatigue in bulls. January contract closed at 2734 on Friday with dropping volume. This week, we reckon support lies at 2700 and probably range higher at 2820 levels. Observe this range with risk control as breaking beyond will initiate new trend.

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

Subscribe to OPF Blog via Feed Reader or Email

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.

 






Share and Enjoy:
[del.icio.us] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here

PLEASE NOTE:

OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.


SiteLock