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Gold and Oil Markets Report – 13 February 2017

A guest post written by DAR Wong and Chong HC

The U.S. government among some cities are still fighting against the Presidential order on travel ban to 7 Muslim countries. Japan’s Prime Minister Abe is visiting U.S. for discussing trade policy with President Trump. Precious metals have been trading firm while Crude prices whipsaws in sideways. Increasing oil inventories in U.S. storage caused a dip in Crude prices early last week.

Crude Oil

WTI Crude prices dipped down before middle last week but range trading was still constricted largely from 51.00 – 54.00 region. Towards weekend closing, market recovered after the OPEC reported supply cut in January at 1 million barrels per day. We predict the range will remain status-quo for coming week unless the new force could lead a breakout beyond the aforementioned range.

Gold

Gold prices topped off 1245.00 high and profit-taking slipped into market before weekend. This week, we reckon range will be traded from 1220.00 – 1250.00 region initially but prone to drive lower if no new demand arises. Uncertainty in global market sentiment and fear of Euro debt crisis will drive demand into yellow metals spontaneously.

Silver

Silver prices have shown more bullish strength than yellow metal in the uptrend last week. Market closed at near to 18.000 benchmark while exhibiting strong signal. This week, we predict the support will hold well at 17.500 area and likely to protrude higher towards weekend. We aim at 18.500 as our next target should Gold /Silver ratio falls further.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on last Friday. The drawdown might due to the lower export and profit-taking in market. The April contract closed at 3070 level. This week, we foresee the trend may be prone to drive lower after an initial pull up before expiration of April contract on Wednesday. Range expects to top off 3110 area while downside is opened at 3000 bottoms.

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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