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Gold and Oil Markets Report – 14 September 2015

A guest post written by DAR Wong and Chong HC

USDX weakened slightly last week ahead of U.S. FOMC meeting in coming week. Market analysts and traders still debate on rate hike issue though most expect huge movements may occur upon the decision of policymakers. Gold prices dipped briefly below 1100.00 levels on Friday and settled at 1107.00 areas. Crude prices lifted firm at 45.00 regions with countering forces in market. The U.S. Crude inventories slid to 2.6 million barrels in the week ended 5 September after it was reported at 4.7 million barrels in prior week.

Crude Oil

WTI Crudes have been hovering at 45.00 regions for many days. There is no clue for projecting the direction as market is opened to move in either trend at 40.00 levels or 50.00 levels. Fundamentally, we reckon the Dollar trend as directed by the Federal Reserve policymakers will lead a catalyst to move Crude prices in coming week. Risk control is advised on trading in this market.

Gold

Gold prices have revealed strong bargain-hunting at 1100.00 regions on Friday. This week, we reckon the trend will recover and move up from 1100.0 to 1130.00 ranges. Day-chart has shown good room to be achieved in coming week and should be traded carefully to bag this profit. However, the demand should not fall below 1100.00 supports in case the unforeseen circumstances will drive market down to 1080.00 levels.

Silver

Silver prices have dipped to 14.290 lows on Friday before it closed at 14.600 for weekend. The market has exercised resilient buying demands as Gold/Silver ratio is still pretty high at 75.00 regions. This week, we foresee the range will move tightly from 14.600 – 14.900 regions before breaking beyond after the FOMC meeting. Technically, the market carries outlook to climb on higher probability. Higher target is aimed at 15.500 once it can pierce above 14.600 resistances.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives climbed in bullish sentiment last week. Uptrend was due to weaker Ringgit that spiked the demand for Malaysia palm oil. November contract closed at 2132 after hitting intraweek high 2180 on Friday. This week, we reckon trend will be capped below 2180 and begin to recede after mid-week. Downside target is aimed at 2070 once the correction begins.

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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