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Gold and Oil Markets Report – 13 July 2015

A guest post written by DAR Wong and Chong HC

Gold dipped below 1150.00 supports last week but managed to close higher on weekend. Dollar pulled up to 97.00 highs last week and settled at 96.00 areas for weekend. Commodities stabilized in falls before weekend as Chinese stocks bounced off in recovery. Crude prices traded lower as global demand dropped. Iran nuclear deal is still in negotiation with Saudi Arabia and U.S. in exchange of lifting of sanctions.

Crude Oil

WTI Crude prices touched 50.60 lows last week after global commodities slid. The decline has been warned by us for past weeks but should be supported at 50.00 levels for time being. This week, we foresee the trend will make recovery by trading higher to 56.00 regions. Range is expected to move from 50.0 – 56.00 regions if no unexpected circumstances arise. Dollar will remain as main lead factor to influence the commodity prices.

Gold

Gold prices reached 1147.00 lows last week and proven strong demand at this bottom. This week, we predict the market will trade higher in technical recovery with the support gradually lifting up. Technically, the uptrend will aim at 1175.0 as first target and followed by 1190.00 for recovery. Range is expected to be prone bullish in case Dollar begins to slide after Greece resolves in debt restructuring. Nevertheless, beware of piercing beneath 1150.00 if unforeseen circumstances arise.

Silver

Silver prices almost touched 7-month low at 14.671 last week and recovered at 15.560 regions for weekend close. This week, we reckon the trend will be bullish and sit on 15.000 supports. Topside is prone to test 16.000 targets as the trend moves into short-covering. The Gold/Silver ratio has reached 78.00 highs again and settled at 74.00 regions while forming a double-top pattern. Silver prices should trade higher in coming weeks as the ratio narrows down.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis with a dip down from Greece crisis and falling Chinese stocks. The September contract closed at 2192 level after touched 2152 lows last week. This week, we foresee the market will trade sideways but retire after midweek due to long Raya holidays. Range is expected to move from 2160 – 2230 regions in mixed sentiment.

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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