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Gold and Oil Markets Report – 18 July 2016

A guest post written by DAR Wong and Chong HC

Gold has begun its first week of downward correction and might continue for few more weeks. The military coup in Turkey on late market hours before U.S. market close (Saturday morning in Asia hours) send Gold prices in sharp recovery to 1336.00 regions. Crude prices traded in tight range around 45.00 pivot point and mixed sentiment. Traders are uncertain in direction trend and gradually have closed out their positions.

Crude Oil

WTI Crude prices is expected to trade in tight range from 44.00 – 48.00 regions this week. Technical patterns are prone to be bearish and might possibly break below 44.00 supports in near future. Taking a dip to test 40.00 levels is unsurprising or even might test 35.00 before the next FOMC meeting in end July.

Gold

Gold prices are moving into correction and may dip lower this week. We forecast the resistance will emerge at 1345.00 areas while southern trend could aim at 1310.00 as our target. The Dollar Index persists in staying strong and unfavorable for Gold to turn up yet. This week, yellow metal may complete its correction and ready to gather new strength from bottom before a new run up in August.

Silver

Silver prices traded in small range last week amid reducing buying interest. This week, we reckon the direction dip lower with 20.500 resistances act strong in countering upward force. Technically, we forecast the price might test 19.000 levels this week if demand slows further. Strong bargain-hunting at 18.500 levels will be expected to emerge if the prices trade lower for profit-taking.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range as short-covering begins. October contract settled at 2279 before weekend as short traders took profit. This week, the movement may continue to rise higher and aim at 2400 regions. Support is seen at 2250 which is near to Friday’s closing. Simply abandon your long-view if the support is violated.

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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