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Gold and Oil Markets Report – 13 June 2015

A guest post written by DAR Wong and Chong HC

Dollar has been recovering last week but still unable to illustrate real bullish strength. The delay action of MSCI in adding China A-shares into MSCI Emerging Market Index has put the yellow metal on hold with other Yuan denominated commodities. Dollar trend has weakened mildly against ASEAN currencies and lifted the Crude demand on some interest. Weekly Crude inventories have been cut by 6.8 million in prior week and helps to support Crude prices.

Crude Oil

WTI Crude prices revisited the 61.81 highs over past 4 weeks and settled neat 60.00 for weekend. Market is prone to make marginal high but should be swift to climb in coming week. Otherwise staying too many days at this top formation may lose steam easily. This week, we reckon closing above 62.00 resistances will ascend to 65.00 targets. Beware it may also decline to 55.00 bottoms once the bears close below 59.00 levels on any day.

Gold

Gold prices recovered last week from recent 1161.00 lows but unable to close above 1185.00 for weekend. Sentiment has not shown genuine bullish sign due to sideways trend on last Friday. This week, we reckon the market will trade from 1170.00 – 1190.00 ranges but prone to be supported at downside. Breaking and settling above 1190.00 levels will add fuel to jump above 1200.00 that might turn the trend into 1220.00 targets in near future. Long traders need to control risk well.

Silver

Silver prices traded in sluggish sentiment last week but held at 15.800 bottoms. The market is prone to turn up this week if it can hold well above 15.800 supports. Technically, we foresee the bulls may march up to 16.5000 regions if it tailgates behind recovery of Gold prices. However, beware in case of further decline below 15.800 as this may drive down to test 15.500 areas.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at 2277 in August contract. The market traded weaker after middle last week after MSCI delayed in adding China A-shares and affected all Yuan denominated commodities. FCPO is also affected from the drawdown in China palm oil prices. However, 2240 will remain as strong demand support in coming week after the active month rolls over to September. Technically, we foresee the range will be trading from 2240 – 2320 regions while still prone to bullish trend.

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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