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Gold and Oil Markets Report – 09 May 2016

A guest post written by DAR Wong and Chong HC

Gold prices fell off the top after it touched briefly above 1300.00 levels last week. American non-farm payroll expectedly slid to 160,000 in April and puts a brake on inflation check. Precious metals recovered mildly after the data release but might fall this week. Crude prices have been trading around 44.00 with buying interest gradually diminishing in market.

Crude Oil

WTI Crude prices have tested the reversal from 46.50 tops while support emerges at 42.00 areas. The EMA200 line coincides with support with strong buying interest for time being. This week, we predict the market will trade in softer sentiment while constricted within this range. Breaking above 46.50 resistances need to abandon all short-view.

Gold

Gold prices may continue to do price correction this week in case of recovering Dollar. We reckon the resistance will emerge at 1295.00 regions and diving down to 1260.00 as our targets is possible. Dollar Index will remain as lead factor for moving Gold and Crude prices in near term future. However, abandon your short position if the trend pierces above 1300.00 levels.

Silver

Silver prices have begun to consolidate after it hit 18.000 highs. This week, we foresee the trend will be resisted at 17.700 levels while prone to make drawdown correction. Downside support is seen at 16.800 with strong buying interest. Silver has outrun Gold prices in previous price ascension. Hence, correction might be slow as well while waiting for the next climb after few weeks later.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher after rebound before the weekend. The market moves up higher might due to the coming Ramadan month and amid weaker ringgit. The July contract closed at 2632 per tonne. This week, we foresee sideways trend may appear and supported at 2580 regions. Topside resistance will stay resilient at 2700 levels.

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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