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Gold and Oil Markets Report – 15 February 2016

A guest post written by DAR Wong and Chong HC

As the rout of Credit Default Swap (CDS) risers alarm in European markets, fund flight into precious metals as safe haven. Global equities sink in pessimism amid weak demand for Crude prices. WTI goes down to below USD30/barrel again and worries global investors. USDX weakens as Japanese Yen rises with plunging Nikkei markets.

Crude Oil

WTI Crude prices closed below 30.00 benchmarks and signals bear trend. It will be important to observe the market for closing above this same benchmarks next week before we could confirm the recovery trend. This week, resistance is identified at 34.00 in case of recovery. The downside is still exposed to 25.00 bottoms in case of further negativity that may come from CDS debts and increasing supply in Middle East.

Gold

Gold prices climbed from 1100.00 just 3 weeks ago and reached 1263.00 highs last week. Technically, we foresee the bullish trend has begun and might ascend higher in coming week. Some mixed trading is expected in early coming week for taking profit with support emerges at 1220.00 levels. We predict a possibility to reach 1300.00 targets before the market could begin to make corrections.

Silver

Silver prices closed at 15.740 on Friday after bulls run started. This week, we have identified 15.500 as our support with possibility to reach higher at 16.30 targets. The week-chart has exhibited the beginning of uptrend momentum for long-term outlook. We foresee strong demand will kick in as the buying interest builds up over next few months.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at 2641 on Friday. Market re-opened after the Chinese New Year holidays with strong bullish demand. The USD/MYR stabilizes at 4.10 regions as we shall see the rollover in FCPO to April delivery on coming week. Support is expected to hold at 2600 in case of profit-taking. For time being, immediate resistance is identified at 2680 but piercing above here will lead higher to test above 2800 levels in March.

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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