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Gold and Oil Markets Report – 11 May 2015

A guest post written by DAR Wong and Chong HC

The yellow metal has not moved much throughout last week. Prices failed to break above 1200.00 resistances as traders still favor the input of fund into Equity markets. WTI Crude prices begin to soften after hitting above 61.00 levels for completing the upward reversal correction. On Friday, American payroll showed higher job creations and triggered resurgent demand into Dow Jones markets. Asia may continue the bullish sentiment in early part of coming week.

Crude Oil

WTI Crude might have completed the upward correction at recent 62.50 highs as market recedes below 60.00 levels again. This week, we predict the market will continue to be capped below 61.00 resistances and prone to take a dive for price unwinding. Target is aimed at 56.00 levels if long traders begin to take profit. Pay attention to USDX trend for moving the Crude trend on inverse basis.

Gold

Gold prices traded in small range last week below 1200.00 resistances. Focus was placed in stocks as Yellen remarked on Equities may not be able to contain rate hike. Technically, we still perceive 1170.00 as a base support while trend may turn bullish above 1200.00 once fund flight out of stocks in coming weeks. Breaking below 1170.00 may sink lower to re-test 1150.00 secondary supports. Piercing above 1200.00 levels is sign of bullish resurgence.

Silver

Silver prices have been strongly resisted at 16.700 areas. Market trend is slightly bearish while demand rises at 16.200 regions. This week, we reckon the market may pull down in early week to trigger climb towards weekend. The aforementioned 16.000 will act as firm support with bargain demand. The trend is moving to an end of flag formation with potential t breakout soon.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives Futures traded in short-covering last week. The July contract closed at 2162 while resisted at 2200 regions. Soybean oil is still leading the palm oil trend for time being as their mutual margin narrow down. This week, we foresee the market will be resisted at 2200 levels but piercing above here may climb higher to 2240 areas. Downside support lies at 2100 levels.

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 24 years of trading and hedging experiences while HC trades for 6 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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