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Gold and Oil Markets Report – 11 June 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices tested USD64 /barrel bottom last week and traders have begun to short-cover. This week, we reckon the trend will be supported at aforementioned region and make correction upwards. Resistance is identified at USD69 /barrel in case of recovery. Fundamentally, oil prices are still caught in consolidation of no direction until we see the new movement in Dollar or supply/demand influences from OPEC and Russia.

Gold

Gold prices traded in tight range last week while capped below USD1300 /oz area. This week, we expect the trend to rise with new gathering strength if the prices could hold above USD1290 /oz support. Piercing above USD1305 /oz resistance will probably reach up to USD1325 /oz together with momentum building up. Up move is expected to initiate after mid-week.

Silver

Silver prices have outgrown yellow metal prices and settled on our target high side near to USD16.80 /oz on Friday. This week, the market carries huge potential to rise further and test USD17.40 /oz if the support could hold well at USD16.40 /oz without breaking. On the dual rise of yellow metal and Silver markets, we are confident of silver always climbing faster than Gold prices due to the high ratio of Gold/Silver trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in weak demand last week following softening prices of general commodities. Weak Ringgit against Dollar has not helped to support FCPO prices as traders adopt neutral view on regional market. August contract settled at RM2365 /MT on Friday and near to the current support region. This week, breaking below RM2350 /MT will extend lower to test RM2320 /MT support before bargain-hunting emerges. For the time being, reversal will be encountered at RM2400 – RM2420 /MT if market meets short-covering.

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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