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Gold and Oil Markets Report – 16 October 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices bounced off USD49 /barrel regions and closed at USD51.50 /barrel for the weekend. Support comes from U.S. President might de-certify Iran’s deal made in 2015 and yet no clue on fixing a new deal with the oil-producing nation. This week, we foresee the trend may be prone to some buying demand while still constricted from USD49 – USD52.50 /barrel range.

Gold

Gold prices closed above USD1300 /oz on Friday but has been overbought throughout the whole week. We expect the trend to fizzle out this week at USD1310 /oz and recede for some sideways sentiment. Technically, we reckon the range will return to USD1280 /oz and await for FED to announce the trim of balance sheet before end October. Long traders should remain patient and wait for bargain-hunting opportunity.

Silver

Silver prices also climbed last week as we predicted though some overbought sentiment has been found. This week, we reckon the trend will be resisted at USD17.60 /oz and begin to trade lower for some digestion. Range is forecast to move from USD17.00 – USD17.60 /oz but bargain-hunting is still preferred from bottom area for fishing long-term profit.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on last Friday after being supported by strong export data and technical buying. December contract closed at RM2749 /MT in-line with global commodity prices. This week, we foresee the market might continue to go higher with the immediate support at RM2720 /MT while the bulls might charge to RM2850 /MT region.

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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