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Gold and Oil Markets Report – 16 April 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices broke the 4-year high above USD67 /barrel and settled above this level on Friday. Technically, we foresee a strong support at USD65 /barrel moving forward. If this support could guard well and subject to political tension deteriorates in Syria, there is a high possibility to expect WTI Crude reaching USD70 /barrel in near future. General commodity will be affected on higher demand too.


Gold prices challenged 3-month high by almost reaching USD1366 /oz and receded before weekend. This week, we predict the trend will run amok within USD1320 – 1360 /oz with unclear directional headway. Basically, market sentiment is subject to the geo-political tension in Syria warfare and will be unpredictable. However, we advise risk control to be exercised in case the trend breaks beyond the aforementioned range and adverse to your position.


Silver prices traded flat last week and still contained in our expected range from USD16.20 – USD16.80 /oz region. This week, we reckon the momentum is gradually strengthening and may kick up precious metals demand. On breaking above USD16.80 /oz, Silver prices might aim for next higher target at USD17.60 /oz while entailing the Gold demand. Meanwhile, support at USD16.20 /oz is very strong that needs to be observed carefully.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed on weaker prices as traders sold off position before weekend. After newly rolled over to active month, July contract closed at RM2400 /MT on Friday. The USD/MYR rate has not moved much while constricted from 3.85 – 3.89 range. This week, we forecast the FCPO demand will be weak and trade from RM2350 – RM2420 /MT. However, breaking beneath RM2350 /MT support will be prone-biased to explore deeper ground beyond RM2300 /MT level.

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

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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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