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Gold and Oil Markets Report – 13 October 2015

A guest post written by DAR Wong and Chong HC

Gold continues to climb in strong sentiment as rate hike fever subsides. Crude prices advances to USD50.0 per barrel as Dollar Index has been trading in small correction. Regional stock indexes recovered last week after the China golden week and led by Dow Jones benchmarks in bullish sentiment. Commodity prices begin to recover partly due to receding Dollar and from the impact of El Nino weather changes.

Crude Oil

WTI Crude prices pulled out from price congestion last week and attempted 50.00 resistances. This week, we predict the bulls will climb higher while guarding tight at 47.00 supports. Up trend may continue to advance to 54.00 as our next target as Dollar weakens in technical patterns. Commodity prices seem to strengthen across the board in short-covering in near future. Hence, pay attention to Crude for leading the recovery.

Gold

Gold prices closed higher on weekly settlement amid bullish trend revealed in week chart. The market is prone to climb further this week with support resting at 1140.00 areas. We target to reach 1170.00 as immediate resistance before profit-taking may emerge. Range trading should be managed by picking bottom entry upon quick pull-down retracement. Abandon your long-view in case the trend settles below 1135.00 levels.

Silver

Silver prices also exhibit bullish trend in week chart and might be ascending higher in coming week. Technically, we predict the trend will be well seated at 15.500 supports and aim higher at 16.500 areas if the demand summons again. Gold/Silver ratio has begun to decline last week and signals Silver will run up faster than Gold in concurrent bullish trends.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives slid last week amid profit-taking after recent sharp rise. Technically, we foresee the market trend will trade sideways in coming week and begin to consolidate for some position adjustment. The December contract closed at 2217 levels with rising volume versus sharp fall in open interest. This week, we reckon base will be supported at 2180 and probably make a rebound before weekend to 2300 for a correction.

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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1 Comment to Gold and Oil Markets Report – 13 October 2015

  • October 12, 2015 at 9:35 PM | Permalink

    great post, very informative. I ponder why the other specialists of this
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