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Gold and Oil Markets Report – 09 November 2015

A guest post written by DAR Wong and Chong HC

Gold prices falls to 13-week low as Dollar surges to fresh 3-month high record. American payroll increased 271,000 in October and rekindles the rate hike expectation in market. Crude prices also decline but has not fallen as sharply as previous metals. The U.S. weekly crude inventories remained steady at 2.8 million barrels in the week ended 30 November.

Crude Oil

WTI Crude prices declined fairly but stayed within the consolidation range from 43.00 – 48.00 regions. This week, we expect the movement will continue to trade inside this range without new certainty. Oil rigs in U.S. are reducing output and spreading shutdowns have cut the supply that prevent further losses in Crude prices. No new trend is expected until we see the prices break beyond the aforementioned range.

Gold

Gold prices closed below 1100.00 levels on Friday after tumbled for 8 continuous market days. This week, we expect short-covering to arise in market and lift the trend to 1120.00 regions. Downside room limits to 1180.00 supports but this cannot be broken lest overall sentiment turns into bear trend. Range trading is likely to occur in aforementioned prices. Risk control is recommended to prevent breakout losses.

Silver

Silver prices have been down for many days like Gold. Market is still strong on month chart and week chart for hunting buying interest in coming week. Technically, we reckon support will emerge at 14.500 regions and highly prone to see a reversal upward trend soon. ON hind side, we foresee immediate resistance will emerge at 15.250 in case of upturn. However, the downfall of last week has temporarily tampered the bullish sentiment and we predict the trend will move sideways for next few weeks before resuming a new bull trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded sideways but failed to climb higher last week. Profit-taking arose in market and market closed lower for weekend. The January contract settled at 2323 levels with sharp decline in open interest, indicating neutral sentiment for coming week. Moving forward, we reckon the range will trade from 2250 – 2380 regions. However, driving below 2250 supports will test lower at 2200 areas.

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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