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Gold and Oil Markets Report – 16 November 2015

A guest post written by DAR Wong and Chong HC

Gold prices dipped to 5-year low on last week while Crude prices declined to test September low at USD40 per barrel. Technically, yellow metal a double bottom at USD1080.00 /oz and probably will bounce in coming week. Dollar index edges towards 100.00 benchmarks but has yet climbed above this major level. European Central Bank hints of possible further monetary easing while FED Yellen avoids mentioning the rate hike issue.

Crude Oil

WTI Crude prices has been trading in bear trend for 2 weeks with no sign of recovery. As Dollar index hangs near to 100.00 levels, we reckon the Crude may continue to slip to 38.00 bottom again before bargain-hunting comes into market. Immediate resistance is spotted at 44.00 regions in case of recovery. It is difficult to predict the trend for this week as we foresee the sideways trend may trade largely from 38.00 – 44.00 ranges.

Gold

Gold prices traded in small range but in bearish sentiment below 1100.00 levels. The market is prone to make corrective recovery soon if it can be held above 1080.00 supports this week. A good double bottom is formed on day-chart at 1080.00 regions and we foresee it might move up to 1105.00 as our first target and subsequent target at 1120.00 areas. However, beware of settlement below 1075.00 levels as this may lead to a dip at 1040.00 bottoms.

Silver

Silver prices have been declining for almost 3 weeks without recovery. Technically, we can see the bears are slowing down in the declining pattern and may begin short-covering soon. This week, we foresee support will emerge at 14.000 areas if prices further while resistance is identified at 14.800 regions. Long traders who pick from bottom entry need to control risk well in order to fight for good profit room on recovery.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in gradual downturn from technical pattern. Trading volume increased on downtrend on last Friday as January month settled at 2286. This week, active month will roll over to February month and we reckon market will be capped at 2360 resistances before sliding further. Effectively speaking, the prices that stay below 2385 after mid-week will indicate bearish sentiment in market. Downside potential may fall to 2230 before bargain-hunting begins.

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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