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Gold and Oil Markets Report – 18 December 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices are narrowing into the end of consolidation. The trend is entrapped within USD56 – USD59 /barrel without new fundamental factors in market. This week, we reckon the same sentiment will remain in market as traders are unwinding down towards year-end seasons. However, breaking beyond the range might initiate a new directional trend in near future. Low market activity is expected towards end of week as festive seasons are approaching.

Gold

Gold prices have found support at USD1240 /oz and probably will trade slightly higher this week for short-covering. The market is still resisted at USD1270 /oz in case of recovery. Hence, the range is expected to move from USD1240 – USD1270 /oz while prone to be slightly bullish.

Silver

Silver prices have been supported at USD15.60 /oz last week before rebound, Range is still tight with selling pressure acting at USD16.10 /oz region. This week, we foresee the trend could be mild bullish due to year-end book closing and recover at USD16.60 /oz area. However, piercing beneath USD15.50 /oz needs to abandon your long-view for time being.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in strong recovery before weekend. The trend bottomed off RM2418 /MT on last Thursday as the market tested 6-month low record. February contract closed at RM2515 /MT as open-interest slashed on Friday. This week, we foresee the trend will sideways from RM2500 – RM2550 /MT in narrow range as the market becomes inactive towards end of month.

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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