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Gold and Oil Markets Report – 19 March 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices remain unchanged in market sentiment as the range is contained from USD60 – USD64 /barrel. We reckon the market will stay similar like we have been forecasting. Only breaking the support at USD60 /barrel will shatter the buyers’ confidence in case of Dollar too strong. Moving forward, the Dollar news and OPEC fundamental will be main market catalysts for triggering movements in Crude prices.

Gold

Gold prices dipped to USD1310 /oz on Friday while getting ready for the FOMC outcome on this coming Thursday wee hour (Asia time). Technically, we predict the trend will loiter but well supported at USD1300 – USD1305 /oz region this week. Topside resistance is temporarily acting on USD1325 /oz and need more time to observe the initiation of a new directional headway.

Silver

Silver prices traded in lower demand last week but well protected at USD16.20 /oz as forecast. This week, we remain unchanged in our view on the range movements from USD16.20 – USD16.80 /oz. However, beware of breaking beneath USD16.00 /oz in case of strong rising Dollar after FOMC statement. Long traders are advised to exercise caution though we foresee the market is near to bottom.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives has rolled over to new active month in June contract. Market sentiment remains weak in mixed trading as no clear sign of buying interest is found. June contract settled at RM2418 /MT on Friday. This week, we foresee the trend is resilient at RM2450 – 2480 /MT region in case of recovery. Overall range is forecast at RM2380 – RM2480 /MT in sideways direction.

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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