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Gold and Oil Markets Report – 18 June 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have submerged on downside prices within USD64 – USD67 /barrel amid tight trading. This week, we reckon not much change in market sentiment until the OPEC meeting begins in Vienna on next weekend. There is a possibility of price recovery to USD70 /barrel in post-OPEC meeting in case of Dollar fall or global revision in supply cut of Crude output.

Gold

Gold prices fell on Friday after Dollar Index (USDX) climbed to 95.00 level. The long haul decline of yellow metal from above USD1300 /oz to below USD1280 /oz has chilled off long-traders. This week, we forecast the market will recover once Dollar recedes. Range will be contained from USD1270 – USD1300 /oz with bargain-hunting arises from bottom. Dollar is the vital indicator now and should not pierce above 95.50 level.

Silver

Silver prices rose as we predicted last week but dipped on Friday from USD17.20 /oz to USD16.50 /oz. This week, we supposed the trend will trade in mixed sentiment from USD16.40 – USD16.80 /oz and oust out long-traders. Patience needs to be observed for another week before recovery returns around end June, should Dollar soften.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dipped lower last week to 2-years’ low record at RM2300 /MT. bearish trend may be due to Government export tax unchanged and low demand from regional countries. August contract closed at RM2336 MT on Friday. This week, we foresee a rebound after mid-week with range containing RM2300 – RM2400 /MT region.

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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