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Gold and Oil Markets Report – 15 Jan 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices surged last week in strong sentiment. Market trend has shown strong buying interest at USD62 /barrel and will be ambushed with bargain-hunting in case of drawdown. This week, topside resistance still acts unto USD66 /barrel for short-term profit-taking. On hind side, we reckon the buying spree might take the prices to USD70 /barrel before end of Q1 seasons if Dollar stays at weak sentiment.

Gold

Gold prices have been rising and well seated on USD1310 /oz support. This week, we would shift our support to USD1320 /oz and expect the trend to ascend further. Target is expected to reach USD1360 /oz level if market encounters short-squeeze. Stay observant on Dollar weakening that will push previous metal higher.

Silver

Silver prices has moved up as we predicted and temporary resisted at USD17.40 /oz level. However, bargain-hunting has gradually turned into strong sentiment around USD17.00 /oz and we expect the bulls may charge above USD17.40 /oz soon. In-lieu of this uptrend, we foresee the breakaway will aim at USD18.00 /oz as our next possible target.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis due to profit-taking activity. Strong Ringgit might have influence the demand for FCPO amid raising stockpile in warehouse by producers. March contract closed RM2545 /MT on Friday amid mixed sentiment. This week, we foresee the market will possibly consolidate sideways from RM2500 – RM2600 /MT range as traders begin to adjust positions.

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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