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Gold and Oil Markets Report – 10 August 2015

A guest post written by DAR Wong and Chong HC

Commodities thread at low edge amid stronger Dollar last week. Crude prices return to lowest prices since March with weakening demand. Fundamentally, sliding commodities have pushed fund into U.S. credit risk instruments that drive down the long term interest rates in U.S. bonds. American non-farm payroll was reported at 215,000 in July and below forecast. Yellow metals were supported instead of expected slide.

Crude Oil

Gold edged higher in small range last week and closed at 1094.00 on Friday. Technically, the trend has broken out of the flag formation on the upside. This week, we reckon the bulls may gather strength and climb to 1120.00 as our targets. However, breaking below 1080.00 supports is a danger sign in case of unexpected circumstances and should be controlled with risk management.

Gold

WTI Crude prices has come down to 44.00 regions that is lowest levels since March. We foresee the trend will be supported at 42.50 regions and should turn up any time in near future. Short-covering is expected in coming week and bring the prices back to 50.00 areas if the aforementioned support can be safeguarded. Both yellow metal and Crude trend move in same trend direction and should be ready to rebound soon.

Silver

Silver prices moved within 14.500 – 15.000 ranges as we predicted last week. The market has found firm buying interest at 14.500 supports and prone to climb higher this week. Technically, piercing above 15.000 resistances will attempt the next higher target at 15.500 areas in near future. Control your risk in case of unexpected decline below 14.500 supports.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives edged lower together with major commodities. Weaker Crude prices and overseas demand pushed the Palm oil prices lower despite Ringgit devalues. The October contract closed at 2042 levels with decreasing volume. This week, we project lower prices that may challenge to make a quick dip below 2000 benchmarks before reversal up. Resistance is expected to emerge at 2110 regions.

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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