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Gold and Oil Markets Report – 10 April 2017

A guest post written by DAR Wong and Chong HC

WTI Crude prices have recovered into bullish trend after the market stood above USD52/ barrel benchmark. However, we expect this sentiment to hold throughout this week, otherwise falling back will indicate insufficient bull factor in market. Technically, we reckon the trend will be constricted from USD49 – USD54 /oz range this week mostly in small trading activity. The closing prices toward the coming weekend will reveal the forthcoming strength of Crude in Q2 season.


Gold prices protruded on last Friday to USD1270 /oz high and receded after the U.S. non-farm payroll release. This week, we reckon the market will probably consolidate and move sideways from USD1235 – USD1270 /oz range. Market has long been waiting for a correction after rising for past 3 weeks. Nevertheless, abandon your short-view if the trend pierces above USD1270 /oz level.


Silver prices took a dip on Friday and showed fast bear sign than yellow metal in engulf pattern. This week, we forecast the trend will be prone to fall amid mild buying interest. Resistance is spotted at USD18.20 /oz and downside target aims at USD17.50 /oz area. Stay focus on Silver trend because the next potential uptrend in Silver will always be faster than Gold after this correction phase ends.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives failed to recover last week after initial small uptrend. Market is trading lower probably due to strong output in March. June contract closed at 2655 with reducing open-interest. This week, we foresee the might trade in narrow range from MYR2600 – MYR2700 /MT but still prone to fall after mid-week. Target may reach MYR2550 /MT before bargain-hunting comes into market.

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

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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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