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Gold and Oil Markets Report – 11 September 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices are soaring as Hurricane Irma is approaching from Atlantic Ocean as the most powerful storm in a century. Gas and oil prices are beginning to rise as output sinks tremendously. Florida Government has shut down 2 nuclear plants before the storm hits Florida Peninsula to ensure safety. This week, we reckon the market will thread from USD47 – USD50 /barrel in tight range. However, there is high possibility to observe the trend above USD50 /barrel and initiate a new buying interest due to weaker greenback and supply cut in energy production.

Gold

Gold prices charted 1-year high above USD1350 /oz on Friday inversely to Dollar weakness. General commodity prices led by Gold and Crude might soar in September in the expectation of flight out from Dollar to Euro. This week, we predict the support will be resilient at USD1325 – USD1330 /oz in case of drawdown. Persistent uptrend may continue to reach up to USD1370 /oz before profit-taking slips into market.

Silver

Silver prices reached USD18.20 /oz on Friday and stayed resilient at closing session. In our opinion, Silver will begin to soar once the focus on Gold prices start to slow down as Gold/Silver ratio begins to fall from mid-September to November. This week, we project the trend will be well supported at USD17.70 /oz if market begins to consolidate for some correction. However, moving higher in prices will aim at USD18.70 /oz as our next target in near future.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range last week while some buying interest arose in market. Global energy and olein prices have pulled up palm oil as general sentiment turn bullish. November contract settled at RM2766 /MT while open-interest shrank on Friday. This week, the market could be trading in either direction of consolidating downward to RM2680 /MT, otherwise breaking above RM2800 /MT will summon new bullish factor to reach RM2900 /MT in near future.

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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