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Gold and Oil Markets Report – 13 November 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices held off USD58.00 /barrel but was standing above USD56.50 /barrel throughout the whole week. Market traders are watching closely on the Saudi’s situation on internal cleansing on corruption while handling the dispute affair with Iran. This week, we expect the demand to hold firm above USD55 /barrel unless this benchmark gives way for the reversing downtrend. Otherwise, a continual rise is likely to occur with USD60 /barrel as our hindsight target.

Gold

Gold prices have exhibited strong support at USD1265 /oz and could be re-tested again this week. Dollar has fallen and likely to support yellow metal on higher grounds till end November. This week, we predict the range will move from USD 1265 – USD1285 /oz but breaking in either direction will trigger a new strength in extension. We reckon the northern direction as more likely to happen.

Silver

Silver prices fizzled out USS17.20 topside region as we predicted last week. The trend is still threading from USD16.60 – USD17.20 /oz and will continue to remain status-quo for coming week. Technically, we foresee strong support lies at USD16.40 – USD16.60 /oz region in case of another correction. However, fishing the bottom for new entry is a good opportunity to profit for a potential mid-term profit.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives is making small correction due to profit-taking activity. Ringgit has strengthened as USD/MYR topped 4.24 and slides to 4.19 level. January contract settled at RM2797 /MT on Friday. This week, the FCPO may retrace to RM2750 /MT as the January contract expires. Market carries a huge potential to recover into bullish sentiment after mid-week with target moving back to RM2830 /MT region.

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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