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Gold and Oil Markets Report – 12 September 2016

A guest post written by DAR Wong and Chong HC

Bank of Japan’s Kuroda reveals no plan to boost economy besides assuring deeper rate cut and more easing options if needed. European Central Bank disappoints the market by refraining to mention the continuity of monthly stimulus after it is supposed to end next March. North Korea tested nuclear before the weekend and all combined negative news bludgeoned the global stock indexes. Precious metals will probably rise in coming week amid fear of holding equity.

Crude Oil

WTI Crude prices tried to recover above 47.00 last week but declined on Friday. Market pattern has revealed a new bearish sign that could pull down global stock indexes this week. Technically, we expect the trend to consolidate from 43.00 – 47.00 in early this week but prone to plunge if the aforementioned support is violated. Secondary support at 40.00 may be tested in near future.


Gold prices topped off 1352.00 levels and retreated before weekend. Technically, we reckon the trend will hold above 1320.00 as strong support and probably re-visit the 1350.00 tops in coming week. We reckon the yellow metal will either thread sideways from 1320.00 – 1350.00 regions or pierce higher while depending on fundamental news.


Silver prices reached above 20.000 levels and retraced back to 19.000 as our predicted support. This week, we forecast the trend will hold well above 19.000 levels and climb higher back to 20.000 areas. Meanwhile, the market is more likely to consolidate this week and prepare to ascend higher towards end September.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed stagnant while capped under 2650 resistances. Weaker Ringgit manages to support the CPO prices but market demand is rather weak due to slowdown in regional production. November contract closed at 2639 on Friday. This week, the uptrend may pierce above 2670 levels and aim for 2750 tops. Falling back might return to 2550 regions.

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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