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Gold and Oil Markets Report – 16 January 2017

A guest post written by DAR Wong and Chong HC

Market is anxiously waiting for Trump to take over Presidential office on 20 January and observe his policy in influencing the Dow Jones benchmark. Gold and Silver prices traded in higher prices last week while Crude prices still swung sideways. Observation of OPEC members in cutting supply will be closely monitored in January for moving the direction in Crude prices. Dollar Index (USDX) returned to 103.00 high on Friday.

Crude Oil

WTI Crude prices have been trading from 50.00 – 54.00 range while waiting for more fundamental influences. Technically, we could not see any clue for leading the directional trend until we read the final production of OPEC members in January month. Meanwhile, traders are advised to set their risk control if the prices trade beyond the aforementioned range and in adversity to them.

Gold

Gold prices traded in bullish recovery last week as we predicted. Market approached 1200.00 level before weekend. This week, we foresee the continual rise will be countered at 1220.00. Drawdown could be possible at 1170.00 but ideal for fishing the bottoms. Ultimate risk control should be set at 1150.00 area in case of price decline again.

Silver

Silver prices traded in recovery and closed at 17.800 on Friday. This week, we foresee the trend might test 17.200 resistance before drawdown for profit-taking. Sideways trend from 16.200 – 17.200 region is expected until the Dollar Index shows us more clue after Trump is sworn-in as President. The Gold/Silver ratio is set to decline again after being resisted at 72.00, which indicates a possibility in rises of both precious metals.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in gradual higher prices last week. Lower output may be reason for pushing prices mildly higher. April contract closed at 3118 but with a slowdown in momentum. This week, we expect the market is prone to trade lower while resisted at 3160 region. Downside room may be open at 3020 target.

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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