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Gold and Oil Markets Report – 1 Oct 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices climbed higher before weekend despite the Dollar rose. Effort of OPEC members for cutting the supply after the meeting in Algeria last week has helped to kick the demand. The spike on Friday before market closed has cemented the support at USD71 /barrel and prepare to move higher. Technically, we reckon the bull will charge higher and aim at USD75 /barrel this week.

Gold

Gold prices fell from USD1200 /oz top to USD1180 /oz region last week. Market is encountering the selling pressure after rate hike and looking for a directional headway. This week, we reckon the initial range will be contained from USD1180 – USD1210 /oz while the trend is near to the support now. Observe the violation beneath USD1180 /oz in case the trend drives lower to re-test USD1160 /oz area.

Silver

Silver prices closed at USD14.60 /oz area before the weekend. Silver trend moves against the decline in Gold prices due to recovery from long-tern investors. This week, we forecast the market will be firm while trapped in small range from USD14.20 – USD15.00 /oz region. Logically, most traders are willing to pick Silver over Gold over bottom prices for long-term gains.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range due to low activity and inactive Ringgit trend. December contract closed at RM2170 /MT on Friday with a rise in trading volume. This week, we remain same view in market of whipsaw and tight range from RM2140 – RM2200 /MT until we see a break though in either direction. Heading north has higher probability due to multiple strong support at the bottom 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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