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Gold and Oil Markets Report – 11 April 2016

A guest post written by DAR Wong and Chong HC

USDX traded lower last week and lent support to commodity prices including Gold and WTI crude. Weekly Crude inventory cut 4.9 million barrels in the week ended 2 April. Added comments by FED policymakers that no immediate rate hike might be seen in later this month helped push the Crude prices back to USD40.00 barrel. Traders remain cautious ahead of Doha meeting among Gulf countries in late April.

Crude Oil

WTI Crude prices pulled up last week following the news of increasing Crude inventories in U.S. government. This week, we reckon selling pressure will emerge at 40.0 regions and down trend is likely to rekindle. Technically, we forecast the trend will head down to in sideways while trapped within 35.0 – 40.0 ranges. Trade cautiously in case the prices break above 42.0 levels.

Gold

Gold prices recovered last week from 1208.0 bottoms to 1240.0 areas before weekend. We reckon the trend is beginning to build up new demands and cold ascend higher this week. Support lies at 1230.0 levels while piercing above 1245.0 resistances will aim for 1270.0 as our next targets. Observe the USDX trend to be lower for making Gold prices to move higher.

Silver

Silver prices is showing strong buying sign after it has completed correction. Market is now sitting tight at 15.00 supports and potentially can climb higher to 16.10 targets this week. Market sentiment is bullish especially when the Gold/Silver chart has exhibited new sell-down pressure to begin soon. Observe the breaking above 15.50 immediate resistances that will ignite the buy-up demand.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on Friday due to profit-taking activity. Weaker demand and reducing open interest in market may indicate a forthcoming softening trend in coming week. June delivery month closed at 2679 in bearish sentiment. This week, the trend may trade lower with support rising at 2650 while resistance is capped at 2720 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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