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Gold and Oil Markets Report – 17 October 2016

A guest post written by DAR Wong and Chong HC

Precious metals moved in tight ranges last week while consolidated ion low side or price movements. Crude prices hovers around USD50.00 per barrel and still waiting for Dollar direction and indication from OPEC organization. European Deutsche Bank is in debt woes and German Chancellor says government will not bail out the bank if it fails. In China, inflation data increase in consumer and producer prices and revive demand in regional stock markets.

Crude Oil

WTI Crude prices failed to conquer above 52.0 levels last week. Market is toppish while waiting for more confirmation from OPEC meeting in end November. Currently, we believe the market could be sensitive to Dollar as lead factor to move commodity prices. This week, the market may trade from 48.00 – 52.00 regions while prone to trade lower.

Gold

Gold prices have been trading in consolidation last week. Moving forward, we predict the range for coming week will be constricted from 1240.00 – 1280.00 regions while Dollar is prone to trade lower. Observe the possibility of fund moving into precious metals in case there is a slump in global stock indexes in October.

Silver

Silver prices traded in small range while waiting to find new directional trend. This week, we foresee the trend might trade higher and range from 17.000 – 18.500 regions. Gold/Silver reaches 73.00 highs and might fall in coming week that will push Silver prices into recovery. Pick long position from current bottom may be good trade plan with risk control.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on last Friday after responding to weaker ringgit. The December contract closed at 2665 levels in rising volume but decline in open interest. This week, the market needs to sit above 2600 supports in order to head up to 2750 areas. Trend looks bullish as Ringgit weakens for bargain-hunting. However, breaking below 2600 levels will change the directional trend.

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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