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Gold and Oil Markets Report – 11 December 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been supported at USD56 /barrel last week but also traded in narrow range. Topside resistance emerges at USD59 /barrel and unable to pierce above USD60 /barrel. Moving over to the new year, traders forecast the possibility to push oil prices higher could be an eruption of warfare or the recession of Dollar Index. This week, we foresee the range to be no change from USD56 – USD59 /barrel until some abrupt fundamental changes occur in market.

Gold

Gold prices fell almost USD40 last week and reached USD1243 /oz bottom on Friday. The rising U.S. payroll has not lifted yellow metal as Dollar strengthens. This week, we reckon the trend will bounce and make recovery from USD1240 – USD1270 /oz in slow liquidity. In addition, the precious metals might also slowdown in tracing movement and activity towards year-end and after Bitcoin Futures market commences on 17 December.

Silver

Silver prices dipped beneath USD16.40 /oz and reached USD15.60 /oz bottom before weekend. Technically, we foresee the bargain-hunting demand arising from USD15.50 /oz that could stabilize the fall in coming week. While we expect slowdown in the market activity, price range might just be trapped within USD15.50 – USD16.40 /oz for next few weeks without substantial changes. The area below USD15.50 /oz will be filled with strong buying interest.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives slides on 6 consecutive weeks. Market is punted by weak export demand amid higher Ringgit on recovering value. February contract settled at RM2477 /MT on Friday with reducing open-interest. This week, we expect the bear will find its bottom near to RM2420 /MT sometime during mid-week. Topside resistance will emerge at RM2550 /MT in case of recovery in trend.

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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