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Gold and Oil Markets Report – 13 March 2017

A guest post written by DAR Wong and Chong HC

Gold prices landed on USD1200 /oz and demolished the buying enthusiasm in market. This week, we reckon the support at USD1180 /oz may be tested before a potential reversal comes into market. The trend is likely to conduct a sideways consolidation from USD1180 – USD1220 /oz in mixed sentiment amid rate hike uncertainty.

Crude Oil

WTI Crude prices broke down USD50 /barrel last week but is hovering now at EMA200 line. This week will be crucial to see a potential reversal above USD50 /barrel, otherwise it may plunge to USD44 /barrel region. The continual remark from OPEC is necessary to keep the market prices in USD50 – USD54 /barrel region. However, be wary to see a high Dollar in case of rate hike that might be detrimental to commodity demand.

Silver

Silver prices have dipped down below USD17.50 /oz last week and landed on USD17 /oz support on Friday. This week, we foresee a possibility to test USD16.50 /oz in case of continual dip. However, support is expected to emerge from this aforementioned area. Largely speaking, we reckon the market to trade from USD16.50 – USD17.50 /oz in mixed sentiment for a while until the FOMC settles in clear direction.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dipped after Crude prices declined last week. Higher supply from weather changes could be the reason for poising prices amid low open-interest in Futures market. May contract closed at 2770 and will be expired this week for roller to June. Technically, we foresee the trend may test move sideways with support rising at 2720 region. Topside resistance will emerge at 2860 – 2880 area.

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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