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Gold and Oil Markets Report – 13 April 2015

A guest post written by DAR Wong and Chong HC

Gold prices have been dropping from 1224.00 regions last week after debating news of delayed rate hike from FED policymakers. Dollar index rises again and puts lids on Crude and general commodity prices. Chinese government allows the maximal limit of funds to flow into Hong Kong markets, lifting the Hang Seng Index to 7-year high record at index 27,922 last week. This week, we reckon most commodities may fall due to favor of equity indexes as limelight.

Crude Oil

WTI Crude prices fizzled out at 54.00 tops last week due to stronger greenback. This week, we have identified 49.50 supports to be the gatekeeper while market may move into sideways consolidation. Breaking below 49.50 supports will indicate new selling pressure and probably unwind the market at 46.00 regions again. Long traders should remain cautious in risk management as supply glut remains a threatening factor in bringing down the market prices.

Gold

Gold prices rebound on Friday from 1192.00 lows and stood well above 1190.00 supports. This week, we foresee the range will trade from 1190.00 – 1230.00 and prone to bullish sentiment. Yellow metal is still favored as safe haven as general market sentiment varies. However, beware of the downtrend if it breaks below 1190.00 supports. This might initiate new liquidation of long traders due to fear of rising Dollar.

Silver

Silver prices rebound from 16.200 lows on Friday. Market is still uncertain in direction while resistance remains strong at 17.000 regions. This week, we reckon the range will move from 16.200 – 17.000 regions in consolidation. Gold/Silver ratio is capped at 74.00 resistances and waiting to show new signal for deciding a price recovery in Silver if the ratio begins to decline.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives Futures closed at 2-1/2-month low on weekly basis. Price fall were caused by the fears that the over supply. June contract closed at 2127 levels on Friday as open interest declined. . This week, we foresee the market may recover at 2170 regions before going down again. Overall sentiment is still weak while the bear may test the next lower support at 2060 areas.

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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