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Gold and Oil Markets Report – 12 March 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been holding well above USD60 /barrel last week. Overall range is still contained within USD60 – USD64 /barrel while the market trades in mixed sentiment. Moving forward, we reckon the directional headway will be dependent on the Dollar trend as an inverse catalyst. Technically, breaking below USD60 /barrel will test the support at USD58 /barrel again while piercing above USD64 /barrel will test USD66 /barrel resistance.


Gold prices were well contained from USD1310 – USD1340 /oz last week. The market trend seems to be moving sideways inside this range and still uncertain in its directional headway. This week, we foresee the trend will be well supported below USD1310 /oz and will probably look for a final dip before climbing higher in coming months. Most traders are patiently waiting for FOMC action to be announced on 21 March that will decide the eventual trend of yellow metal in Q2 seasons.


Silver prices traded in very range last week but has shown very strong support at USD16.30 /oz area. This week, we forecast the trend will continue to whipsaw sideways from USD16.30 – USD16.80 /oz until we see a breakout beyond this range. The Gold/Silver chart has topped the 80.00 benchmark and seems to turn down in due time, which will spike the Silver prices faster than yellow metal.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives drove lower below RM2400 /MT last week amid increasing tax in India. Demand contracts in market in wake of lower exports despite Ringgit stays firmly unmoved in USD/MYR rate 3.90 – 3.92 region. May contract closed at RM2376 /MT on Friday. This week, we foresee the trend will drive lower and reach RM2300 /MT area. Resistance will emerge strong at RM2400 /MT.

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

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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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