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Gold and Oil Markets Report – 14 November 2016

A guest post written by DAR Wong and Chong HC

The Dollar Index (USDX) reversed fiercely from 96.00 to 99.00 levels after the U.S. Election, thus punting down all precious metals and Bond prices. Market analysts interpret the American economy might surge into quick inflation as Trump’s policy is prone to massive building of country’s infrastructure. Gold sank to 5-month low while Silver settled at 4-week low before the weekend close.

Crude Oil

WTI Crude prices traded from 43.00 – 46.00 ranges last week as we predicted. However, market settled near to aforementioned low for weekend. This week, we suggest the observation of breaking the 43.00 supports in case the trend dips down to 40.00 regions. Supply glut from OPEC countries still play as an important clue to decide the trend of Crude prices.

Gold

Gold prices broke 1250.00 supports on Friday and settled at 1226.00 for weekend. Market is laid with bargain-hunting at 1210.00 areas before we can see short-covering. This week, we expect the range to trade from 1210.00 – 1270.00 regions while prone to reverse from last week sentiment. However, beware of continual market fall and risk control should be limited with loss.

Silver

Silver prices slides but manages to hold at lower depth compared to yellow metal. This week, we predict Silver prices will hold at 17.00 supports and tend to rebound for profit-taking. Range is expected to trade from 17.00 – 18.00 regions as we foresee most investors are will willing to pick Silver for long-term investment. Gold/Silver ratio pulled up from 67.00 to 70.00 levels on Friday alone and signifies the possible of bottoming out of precious metals.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives surged to 2-1/2 year highs on last Friday due to declining output and also weakening on Ringgit. January contract closed at 2976 after hitting 3089 highs. This week, we foresee there may be some profit-taking activities and correct down to 2900 regions. Range is speculated from 2900 – 3100 regions but piercing above the resistances might climb to 3150.

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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