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Gold and Oil Markets Report – 14 May 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have finally closed above USD70 /barrel that was highest in last 3-1/2 year’s record. While the market needs more fundamental strength to “cook” the bullish sentiment, we remain prudent of expecting the range from USD67 – USD71 /barrel for time being. However, ascension above USD71 /barrel will gather a new strong demand that could lift the prices to USD76 /barrel.

Gold

Gold prices have been recovering last week amid strong Dollar that might pose inflation signs for coming months. Strong support has emerged at USD1305 /oz on week-chart and should lead the market into recovery. This week, we foresee the trend will rise higher while contain from USD310 – USD1335 /oz region. Fundamentally, we also expect yellow metal to be in gradual demand for coming weeks amid uncertainty in the Syria between Iran-Israel conflicts.

Silver

Silver prices traded largely from USD16.30 – 16.80 /oz last week. In our opinion, we hold the view that the market will consolidate within this region until the prices move beyond the range. Technically, we are prone bias to pick the bottom on sideways trend since the potential of piercing on upside movement is larger possibility in coming weeks.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded only 2 days before the long weekend followed through last week. July contract closed at RM2379 /MT on Tuesday before the GE2018. This week, we forecast sideways trend will move in market as Ringgit may strengthen slightly. Range is expected from RM2350 – RM2420 /MT while traders gradually return to FCPO market.

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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