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Gold and Oil Markets Report – 10 Sep 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices fell from USD71 /barrel to USD67 /barrel before the weekend and contained in this range. The market movement is expected to be contained in the aforementioned range with a possible dip to test USD65 /barrel before another rebound emerges. Fundamentally, we are wary of trade war that might affect the China’s demand but the effort of OPEC leaders in cutting production will balance the supply chain.

Gold

Gold prices traded in very tight range without directional trend while Dollar still remains stagnated. Some recovery in yellow metal is mostly due to technical recovery but limited at USD1210 /oz level. This week, we predict the range will continue to stay dormant from USD1190 -USD1210 /oz until we see a breakout. However, we have identified the next support and resistance level to emerge at USD1175 /oz and USD1225 /oz in case of striding into either direction.

Silver

Silver prices tested a lower support at USD14.00 /oz last week. This week, we expect a continual down move may persist in the market and aim at USD13.50/oz area before bargain-hunting emerges. In case of recovery, topside resistance at USD14.50 /oz will remain as strong counter region with profit-taking activity. Week-chart has shown a bear pattern for time being.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives topped off RM2303 /MT after edible oil prices receded. Weakening Ringgit that helps to recover Palm oil demand recently has encountered profit-taking in market. November contract settled at RM2264 /MT while traded in small range. This week, we predict the trend will trade lower in continual bear sentiment with support resting at RM2210 /MT area. Resistance will emerge at RM2300 /MT but breaking though will lead a new uptrend in case of unexpected news.

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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