Gold and Oil Markets Report – 12 Feb 2018
A guest post written by DAR Wong and Chong HC
Crude Oil
WTI Crude prices come down to USD59 /barrel as predicted last week. Dollar recovery has weighed on Crude prices but we expect the bargain-hunting will emerge at USD58 – USD59 /barrel region. Some short-covering may occur this week and market prices will probably trade from USD58 to USD62 /barrel. However, beware of plunge beneath USD58 /barrel that could land at USD55 /barrel if demand loosens.
Gold
Gold prices have shown correction on week-chart and probably will trade in sideways to lower trend in coming weeks. Technically, we expect the market to be supported at USD1310 /oz as mentioned in previous report. Temporary recovery might reach USD1335 /oz before the next bear trend. Range is expected to be rather tight this week as traders adjust their positions in the range from USD1310 – USD1335 /oz region.
Silver
Silver prices have been supported at USD16.2 /oz last week despite selling pressure in market. This week, we forecast the trend will move into recovery as range is expected from USD16.20 – USD16.80 /oz. In case of driving below the USD16.20 /oz support, the trend may visit USD15.80 /oz before encountering new bargain-hunting in market.
Crude Palm Oil
Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed with a recovery sign on week-chart. Edible oil traded higher last week and supported FCPO demand. April contract closed at RM2515 /MT on Friday. This week, we foresee the trend may consolidate from RM2470 to RM2520 /MT before gathering new strength to surge. It’s a good opportunity to pick bottom but piercing above RM2520 /MT will indicate a new uptrend.
![]() |
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 Subscribe to OPF Blog via Feed Reader or Email |
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.