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Gold and Oil Markets Report – 16 July 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices declined back to USD70 /barrel area on Friday. Market range is largely moving from USD70 – USD75 /barrel as traders have been transacting in mixed sentiment. This week, we forecast the range will remain unchanged and market sentiment will probably swing amok while traders observe the Dollar direction and weekly Crude reserve. It may be good to enter new long position on downward retracement at USD70 /barrel with risk control recommended.

Gold

Gold prices have revisited the USD1240 /oz support again after Dollar rose before weekend. Technically, we presume it may be a good bottom to establish new long positions so long as the aforementioned support is not violated. We reckon the range will be constricted from USD1240 – USD1270 /oz in coming week as some short-covering activities are expected in market.

Silver

Silver prices returned to test USD15.80 /oz support before weekend. Technically, we foresee the bargain-hunting activity will be strong at USD15.60 – USD15.80 /oz in case of additional dip this week. The trend may short-cover due to profit-taking and aim for USD16.20 /oz area if the demand increases.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives reached almost lowest record in 3 years as China’s Dalien palm oil slid due to trade friction arose. September FCPO settled at RM2145 /MT on Friday. This week, we expect a continual fall in market prices after rollover to October month. Trend may reach RM2090 /MT before short-covering steps into market. Resistance will emerge at RM2200 /MT in case of recovery.

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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