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Gold and Oil Markets Report – 16 March 2015

A guest post written by DAR Wong and Chong HC

The Dollar Index (USDX) has reached 100.00 benchmarks while Gold slides to 1150.00 supports. The yellow metal has been supported at the aforementioned bottom while the bears turn attention to Crude trend. Market traders are wary of imminent rate hike as comments aggravate in US market among FED’s Fisher and Morgan Stanley’s Zentner. As Gold stabilizes at 1150.00 areas, oil prices have begun to slide together with Dow Jones weakening.

Crude Oil

WTI Crude prices fell from 50.00 areas to 45.00 levels for weekend closing. The market may begin new fall in coming few weeks if it is unable to reverse above 50.00 levels. This week, we foresee the trend will be bearish and prone to wind down. Range is expected from 50.00 and down to 40.00 areas as our first target. Observe the USDX trend as inverse to the Crude prices.

Gold

Gold is temporarily supported at 1150.00 regions as it closed at 1158.00 levels. The market has been moving in tight range but unable to slide further despite surging Dollar trend. This week, the support at 1150.00 remains crucial as we expect the trend to recover at 1180.00 regions. Long traders need to control risk in case the bears break below 1150.00 levels.

Silver

Silver prices closed briefly above 15.500 levels that serve as defensive support in market. The market dipped to 15.289 lows last week but recovered in strong demand. This week, we expect the trend to be moderately firm but must not pierce below 15.500 levels to ensure imminent uptrend. Technically, we foresee the bulls will travel from 15.000 – 15.800 regions as bargain hunting comes into market. Long traders need to control risk if market breaks below 15.000 for settlement.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis. Continual downfall probably comes from weaker sentiment in the European regions and narrowing soy oil prices. The May contract closed at 2247 level. This week, we reckon weaker outlook in market wither resistance emerging at 2275 regions. Downside target might reach 2200 areas if bears take control again.

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 24 years of trading and hedging experiences while HC trades for 6 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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