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Gold and Oil Markets Report – 15 August 2016

A guest post written by DAR Wong and Chong HC

Gold traded sideways but unable to advance higher with Silver. Crude prices recovered from 40.00 bottoms to 44.00 areas after reacted to news of global supply cut again. Dollar Index has been hovering in mixed sentiment but staved off selling pressure. Dow Jones benchmark traded higher last week to historical record at 18,638 levels and closed near to it before weekend. Investors stay cautious for coming week as volume reduces.

Crude Oil

WTI Crude prices are still entrapped from 40.00 – 45.00 major trend while hovering around EMA200 line. This week, we predict the trend will simmer down and go back to 40.00 bottoms with metal commodity due to slight rising Dollar. However, it is possible to see the market tops off 46.00 areas before fizzling out. Trade with caution if short traders wish to pick short entry from this top formation.

Gold

Gold prices threaded from 1330.00 to 1360.00 in major movements last week and put off buyers’ enthusiasm. Market is still moving in sideways correction while bullish trend remains on path of long-term projection. This week, we reckon the trend may complete the downside correction at 1320.00 – 1325.00 areas before summon new buying interest in market. Breaking above 1360.00 levels will give rise to potential in reaching 1390.00 as immediate target.

Silver

Silver prices revisited below 20.00 benchmarks before weekend close. Technically, we expect the trend might complete the dip this week at 19.300 bottoms and follow by reversing up. Piercing above 20.300 resistances will lead to 21.000 as our next target. However, beware of temporary breaking below 19.300 supports in case of fundamental changes that may take longer period to complete this correction at 19.000 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher in consecutive 4 weeks due to supply cut amid weather changes. October month settled at 2423 on Friday amid reducing open interest. Technically, we reckon profit-taking may occur this week and begin to swing sideways for palm oil prices. Price range is expected to move from 2400 – 2550 movements but piercing above 2550 may effectively attempt 2620 tops.

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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