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Gold and Oil Markets Report – 09 January 2017

A guest post written by DAR Wong and Chong HC

The Dow Jones Industrial Average index advanced last week and fell short from 20,000 major benchmark before weekend. Traders expect the eventual jump above this new historical high record after Trump steps into White House on 20 January. Gold and Silver have recovered on weekly basis as USDX trades in sideways trend.

Crude Oil

WTI Crude prices stand strong above USD50.00 /barrel. Crude inventories reported by U.S. EIA has been cut by 7.1 million barrels on weekly basis while traders expect OPEC to cut supply starting from January. This week, the trend may trade from 52.00 – 55.00 range while waiting for more fundamental news. Beware of breaking beyond in either direction that might catch you off guard!

Gold

Gold prices traded off 1122.00 low in December and has been moving into short covering. This week, we predict range trading from 1150.00 – 1200.00 regions while more demand will gradually build up from the aforementioned bottoms. Observe the Gold /Silver ratio has begun to decline and indicate firm sentiment in the 2 precious metals.

Silver

Silver prices have shown better demand than Gold whenever both metals begin to climb. This week, the Silver is likely to be based at 16.000 support while resistance emerges at 16.750 region. In case of piercing up, we foresee a possibility to reach 17.000 area. Stay alert to pick the bottom for Silver if prices recede again.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded lower on first week of 2017. Profit taking by traders and decline in open interest have triggered some sell off activity. March contract closed at 3076 after falling from 3172 high last week. This week, we foresee the market may move lower to test 3000 level and resisted at 3150 region.

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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