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Gold and Oil Markets Report – 18 April 2016

A guest post written by DAR Wong and Chong HC

Commodity prices traded wobbly last week after most fell from top prices after mid-week. Gold prices made 4-week high above 1260.0 levels but closed lower on Friday. Crude prices tracked above USD40.00 barrel while waiting for the oil producing countries to meet in Doha. Traders presume the meeting will not yield good outcome as Saudi Arabia, Iran and Russia will not agree to cutting supply. USDX may stay aloft at 94.00 – 96.00 regions in short lived bull trend for making corrections.

Crude Oil

WTI Crude prices made double top formation at 42.50 last week while capped under EMA200 resistance. This week, the bears may engulf the market and fall from 41.00 highs. Target at bottom is aimed at 38.00 regions in-lieu of global supply glut from Doha meeting. This could inversely cause the USDX to edge higher.

Gold

Gold prices ebbed lower on Friday and threw long traders off market ring. This week, we predict the bulls need to stand above 1220.0 levels in order to regain the uptrend stamina. However, immediate resistance will emerge at 1240.0 and 1265.0 separately before we confirm the northern direction in control again. Therefore, initial range will be viewed within 1220.0 – 1240.0 while waiting for Dollar trend to be affected from European Central Bank meeting on Thursday.

Silver

Silver prices behaved very strong last week and closed above 16.000 benchmarks on Friday despite Gold prices receded. This week, we foresee the market will make mild correction at 15.800 regions before climbing higher. Week-chart is revealing strong buying interest while we aim for next target at 17.200 areas. Observe the flight of fund to precious metals if Crude and stock indexes fall in coming week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis. Risk in western economies cause the commodity prices to slide on majority basis. July contract closed at 2644 with reducing open interest. This week, we foresee the market will continue downward forces with resistance emerging at 2680 regions. Downside target might reach 2550 areas should the Ringgit weakens against Dollar.

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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