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Gold and Oil Markets Report – 14 April 2014

A guest post written by DAR Wong and Chong HC

The US DJIA dropped 143 points on Friday after US producer prices rose 0.5 percent in March at best record for past 4 years. FED policymakers assured after FOMC meeting of low interest rates failed to impress market investors in supporting Dow Jones sentiments. Gold rebounded to 1320.00 regions after Dollar receded towards weekend. Crude inventories rose 4.0 million barrels on weekly report and put a lid at 104.00 levels for time being. This week, market investors will be observing to FED Yellen and BOJ governor Kuroda speak of their monetary policy that will influence the direction of Dollar and Yen.

Crude Oil

WTI Crude prices reached 104.44 highs last week amid Russia-Ukraine tension. The rising crude inventories helped to cap the energy prices but the sentiment for coming week will be under tight observations for Dollar strength. This week, we reckon the market may test 105.30 highs but this will be crucial to decide the imminent trend of crude prices. Protruding above this topside resistance will indicate new bullish strength while reversing down from the target 105.00 highs will probably fizzle out the bulls.

Gold

Gold prices traded in mild recovery last week while testing 1320.00 regions. This week, we reckon the market will be supported at 1310.00 levels and the bulls may climb to 1335.00 targets as predicted before. However, breaking beneath 1310.00 supports will land lower at 1290.00 areas which will indicate the weakness of yellow metal. Dollar strength will be vital factor to lead Gold price trend I coming week.

Silver

Silver prices hovered at 20.000 regions last week and traded in narrow range. The market was supported at 19.600 areas as we predicted previously. This week, we foresee no change in the aforementioned support and the bulls may step in to lift the sentiment higher at 21.000 levels. Beware of breaking beneath 19.600 supports that may switch to bearish trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed with a rebound on Friday due to short-covering in market. Market volume traded about 39,000 while active June delivery contract settled at 2614. This week, we reckon the support will remain strong at 2600 areas and sentiment will likely climb higher to 2680 target from technical corrections amid increasing demands.

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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