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Gold and Oil Markets Report – 13 August 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices might have good bargain-hunting at USD64 – USD66 /barrel region while the market settled at USD67 /barrel for the weekend. This week, we foresee little change in the movement as it is largely contained from USD64 – USD70 /barrel without fundamental changes. Traders are watching the effect of Iran sanction from now on and it might drive up the demand due to global output shortage.

Gold

Gold prices consolidated on the downside range amid tight movement last week. This week, we foresee not much change in market movement while it is contained from USD1200 – USD1225 /oz range. However, beware of falling beneath the aforementioned range as Dollar Index may march slightly higher to 96.50 level. Risk control is advised for the new plunge below the USD1200 /oz benchmark.

Silver

Silver prices has formed a wedge pattern from USD15.20 – USD15.60 /oz amid tight range trading. Technically, we forecast strong support is lying at USD15.20 /oz but breaking beneath here will drive to USD14.70 /oz as our next target. This week, the Dollar trend will be crucial to trigger an inverse trend in most commodity prices. Risk control is needed if Silver sinks below USD15.20 /oz level.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on Friday as volume steadied last week. Forecast of rising export has helped to push the prices before the weekend. October contract closed at RM2241 /MT on Friday. This week, we reckon the market is resisted at RM2260 /MT and likely reverse down to RM2160 /MT for consolidation. Nevertheless, piercing above RM2270 /MT will initiate a new uptrend.

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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