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Gold and Oil Markets Report – 17 March 2014

A guest post written by DAR Wong and Chong HC

Gold prices shot up last week together with Japanese Yen as safe haven assets due to political tension in Russia-Ukraine situation. The Dollar index has been weakening as a result of spiking in Gold rises while Crude prices dropped due to increment in weekly inventories. Market investors are waiting for the outcome of referendum in Crimea on 16 March weekend to track the decision of future of Ukraine. The CPO prices went into technical correction since last Tuesday after reaching above 2900 tops.

Crude Oil

WTI Crude prices plunged after mid week upon increasing inventories at 6.2 million barrels in prior week. The market bounced off last week’s low 97.50 levels and moved into technical correction. This week, we foresee the market will be supported at 98.00 regions while trading sideways into higher prices around 101.00 levels. Pay attention to the Russia – Ukraine tension that will definitely trigger a spike up if situation worsens.

Gold

Gold prices have been trading upwards amid strong sentiments from the hedge against war-tension in Ukraine. The market is likely to be supported at 1365.00 – 1370.00 in coming week and continue to skip higher above 1400.00 benchmarks. Technically, we foresee the breaking above 1400.00 resistances will move up to 1425.00 regions before liquidation for profits comes in. Abandon your long-view if the trend reverses down beneath 1365.00 supports.

Silver

Silver prices also traded in firm sentiment last week but failed to cross above 21.750 resistances. This week, the market has to skip above here in order to reach up to 22.500 targets. Technically, we reckon the support could be sitting from 20.600 – 21.000 regions that will be laid with huge buying interest. The Gold/Silver ratio is pretty high now that indicates the yellow metal will climb faster than Silver in coming week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower after May contract closed at 2979 on Friday. The market will roll over to June as active month from this Monday onwards. The trend came off 2916 highs last week due to profit-taking. This week, the market may thread from 2750 – 2900 regions while picking from bottom prices could be more ideal as we foresee some buying interest will come back into market.

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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