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Gold and Oil Markets Report – 10 July 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices still stuck in a bearish pattern after it failed to stand above USD47 /barrel for more than 2 days last week. The trend is still waiting for more fundamental news before leading a new directional headway. This week, range is expected from USD43 – USD47 /barrel amid sideways swing. Rising Dollar and geo-political risk in Middle East over Qatar dispute are in taut situation for an impending new trend in Crude trend.

Gold

Gold prices closed below USD1220 /oz on Friday and shocked many long traders. This week, we foresee the trend may re-test USD1200 /oz to wipe out the long positions before short-covering. Currently, market pattern shows a bear-prone sign with immediate resistance building up at USD1230 /oz area. Hence, expected range may swing from USD1200 – USD1230 /oz in near future until we see new gathering strength for the next demand.

Silver

Silver prices cut below USD16.00 / oz benchmark very unexpectedly last week and kicked out many long traders in market. This week, we anticipate the bear will re-visit USD14.60 /oz support and eradicate long confidence before recovery. Range is expected from USD14.60 – 16.50 /oz that is quite wide range for mixed swings. Caution is advised before entry into market especially around USD15.00 /oz range.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on week comparison due to the increased demand from oversea especially China. The September contract closed at RM2554 /MT. This week, we foresee the uptrend will complete at RM2600 /MT which will follow through a drawdown aftermath. Range is expected to move lower with target aimed at RM2450 /MT 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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