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Gold and Oil Markets Report – 19 February 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices returned to above USD60 /barrel before weekend. This week, we foresee the market will move in sideways trend without realistic action. Range is expected to swing from USD59 – USD63 /barrel unless we see a lead movement in Dollar Index. Gulf countries are remaining calm amid the dispute with Qatar while OPEC countries stay positive in cutting production.

Gold

Gold prices topped USD1360 /oz again last week before traded lower for weekend close. Resistance is still strong at USD1360 /oz unless the Dollar Index falls this week for pushing the yellow metal above this benchmark. Technically, we forecast the trend will trade in tight range from USD1330 – USD1360 /oz while making consolidation. Risk control is advised in case the bulls pierce above USD1360 /oz level.

Silver

Silver prices remain resilient at USD17.00 /oz for encountering the uptrend. The market is struggling to make a recovery while sitting on USD16.40 /oz support. This week, sideways trend is expected to move from USD16.40 – USD17.00 /oz. We reckon the new directional trend will emerge only after it has broken beyond the aforementioned range.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range last week due to rollover activity. Market is expected to be low volume this week due to Chinese New Year season. May Futures contract closed at RM2505 /MT before the long weekend. This week, we reckon the market will consolidate at RM2480 /MT area with good bargain-hunting strength. Topside resistance is identified at RM2550 /MT level.

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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