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Gold and Oil Markets Report – 15 May 2017

A guest post written by DAR Wong and Chong HC

Gold prices stood off USD1215 /oz last week and emergence of bargain-hunting has been discovered in market. This week, resistance is expected to act on USD1240 / oz to counter the uprising trend. Overall trend is predicted to move from USD1220 – USD1240 /oz in sideways mixed sentiment. Fishing for bottom is preferred as the market has fallen for past 1 month.

Crude Oil

WTI Crude prices just recovered from USD45.50 /barrel region amid contest from OPEC members. American Crude inventory fell last week and helped to lift the market demand. This week, we reckon the uptrend will be countered at USD49.50 – USD50 /barrel while confluent to EMA200 line on day-chart. In overall, sideways trend is expected from USD45 – USD50 /barrel in coming weeks before the market searches for new directional trend.

Silver

Silver prices turn up from USD16.00 /oz and show sign of recovery. Technically, we need to see more momentum strength in market to cross above USD17.00 /oz before confirmation of uptrend. This week, we foresee the range will be moving from USD16.00 – USD16.80 /oz while waiting for more fundamental leads to lift the demand. Breaking beneath USD16.00 / oz will be a sign of new bearish sentiment.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at RM2665 /MT after rising for whole of past week. Market is on recovery track with support emerging at RM2600 /MT. This week, we shall see rollover of active month to August delivery and market should be facing some mixed trading activity. Hence, tight range is expected from RM2600 – RM2700/MT until we shift the forecast to the following week.

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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