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Gold and Oil Markets Report – 19 June 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have broken the previous support at USD46 /barrel and has turned this region into strong resistance in coming week. Technically, we forecast the bears may dip further to test the USD42 /barrel while possible trap in sideways trend from USD42 – USD46 /barrel range. Global glut remains an issue for completing with Crude prices and focus will turn to Dollar direction for influencing the energy prices.

Gold

Gold prices headed down for correction as we predicted last week. Trend approached the USD1250 /oz before weekend but slowdown in selling activity is noticed. This week, we reckon the trend will be well supported at USD1240 /oz that is confluent with the EMA200 line strongly ambushed with bargain-hunting. Topside resistance is seen at USD1270 /oz for the time being while the trend will likely into mixed sentiment this week. Picking bottom is ideal but need to be guarded with risk control.

Silver

Silver prices has sunken below our predicted support mentioned last week. However, we stay consistent in picking Silver after this head-down correction without hesitation. This week, we expect bargain-hunting will arise beneath USD16.50 /oz level since the selling activity has bene gradually slowing down for past couple of days. Tight range is forecast from USD16.50 – USD17.00 /oz in coming week with potential of picking the bottom. Risk control is advised.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives bounced off the RM2425 /MT low after the roll-over moved over to September contract. Ringgit strengthening against the Dollar has been a good sign in supporting the FKLI index by shifting fund out from FCPO market. This week, we forecast the trend will trade from RM2425 – RM2530 /MT but subject to either direction once the trend breaks beyond.

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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