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Gold and Oil Markets Report – 18 September 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices traded in firm demand last week but still failed to pierce above USD51 /barrel. As the second largest OPEC producer, Iraq is having internal squabble as the oil-rich Northern Province proposes for a referendum to become independent. This week, we reckon the trend will move within USD48 – USD51 /barrel range but shooting above the resistance will lead to new bullish trend in the Crude demand.

Gold

Gold prices take a breather from recent high USD1357 /oz and makes correction. This week, the market might drive down to USD1310 /oz before recovering for another new uptrend till year end. Bullish sentiment stays vibrant for yellow metal as Dollar trend stays weak. Range is expected to move from USD1310 – USD1350 /oz in mixed sentiment.

Silver

Silver prices has taken a small dip in correction as prices fell before weekend. Technically, the market is still well support but may test USD17.30 /oz this week before new bulls come into market. We target the range to trade sideways from USD17.20 – USD18.20 /oz in mixed sentiment. However, the outcome of the FOMC after Wednesday should give a clear indication for the Dollar trend versus precious metals.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives climbed higher to 6-month high. Production cut in Palm Oil has triggered higher prices in market while Ringgit recovers slightly against Dollar. November contract closed at RM2860 /MT while rollover will move to December on Monday. This week, we foresee the market will trade sideways by taking initial dip. Range will move from RM2800 – RM2900 /MT while waiting for open-interest to increase.

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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