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Gold and Oil Markets Report – 08 May 2017

A guest post written by DAR Wong and Chong HC

Gold prices have been falling as expected last week. Market topped off USD1270 /oz since last Monday and came below USD1230 /oz on Friday. This week, we believe there will be bargain-hunting at USD1220 /oz region with valid support. Range is expected to consolidate from USD1220 – USD1250 /oz with no huge movement for the time being.

Crude Oil

WTI Crude prices have fallen below our predicted support at USD46 / barrel though the trend closed around this same region on Friday. The bears stretched beneath USD44 / barrel on Friday and short-covered. Traders are selling off the Crude inversely to increasing demand in pushing U.S. major index to new historical high. This week, we reckon the market will trade from USD44 – USD48 /barrel in mixed sentiment. Breaking below USD44 /barrel will drive down to USD42 /barrel region.

Silver

Silver prices have pierced beneath USD16.80 /oz and turns this region into current resistance. Technically, we expect support will emerge at USD16.20 – USD16.30 /oz area and push the price movement into short-covering. This week, range is expected from USD16.30 – USD16.80 /oz in whipsaw and recovery. Both Gold and Silver should reach a temporary bottom and consolidate while waiting for a new resurgence.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives makes a recovery on week-chart while July contract closed at RM2580 /MT on Friday. As the open-interest in Futures market is not strong enough, we expect the trend to move sideways for few days with support consolidating at RM2520 /MT region. On the hind side, the impending bulls may lead the trend higher at RM2700 /MT when the timing matures towards end of coming week.

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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