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Gold and Oil Markets Report – 14 August 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices reached USD50 /barrel region last week and fell to USD48 /barrel before market closed for weekend. The market is still trading in tight range while waiting for more fundamental news from OPEC members in persisting the supply cut. This week, we foresee the trend might head down to USD46 /barrel again due to aggressive tension on Guam islands. Range is still toppish with resistance shadowing over USD50 /barrel.


Gold prices climbed to 9-week high on Friday due to safe haven pursued by global investors. The trend may continue to test the previous resistance into USD1300 /oz in early this week. However, correction from profit-taking may drive the prices down to USD1270 /oz with bargain-hunting expected. Hence, tight range is reckoned from USD1270 – USD1300 /oz area. Beware of the protrusion above USD1300 /oz level that might lead to a rapid short-squeeze to USD1340 /oz.


Silver prices have pierced above USD16.80 /oz and closed at USD17.00 /oz region for weekend. Looking at the day-chart, the trend is exhibiting strong demand and may reach USD17.80 /oz before selling comes into market. This week, we predict the range will move in higher demand from USD16.80 – USD17.80 /oz while subjecting to the Dollar as an inversing catalyst.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in sideways and rose on Friday before market closed. August contract settled at RM2684 /MT and has been hovering around EMA200 line across RM2650 /MT. Ringgit weakens slightly to 4.29 while USD/MYR might constrict from 4.26 – 4.30 range this week. For CPO Futures, the trend may trade in small range from RM2620 – RM2700 /MT. Beware of piercing above the RM2700 /MT that acts as double-top pattern that could result in short-squeeze expectedly.

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

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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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