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Gold and Oil Markets Report – 19 Nov 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices climbed quickly after took a dip beneath USD55 /barrel at 12-month low. This week, we predict the initial range will be contained from USD55 – USD60 /barrel until we see a breakthrough in either direction. The trend needs to settle above USD60 /barrel in order to resume the bullish strength, which is in-line with piercing above the EMA200 average line.

Gold

Gold prices bounced off the USD1200 /oz bottom after briefly took a dip beneath this level. Market recovered to USD1220 /oz on Friday due to short-covering. This week, we are remaining unchanged in our opinion that the trend is still trapped in large range from USD1200 – USD1240 /oz region. In our opinion, Dollar is returning to main focal instrument by traders for watching the inverse relationship in yellow metal.

Silver

Silver prices marched up after hit USD13.90 /oz bottom. This week, we expect a very tight range for the trend to move from USD14.00 – USD14.80 /oz as traders will focus more on trading Gold market. Nevertheless, beware of the bear breaking beneath USD13.90 /oz again as this will lead a new selling force to test lower ground at USD11.80 /oz in an extremely unexpected behavior.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dropped lower in prices last week as demand fell. Weaker Ringgit, receding energy prices and falling soy oil are main reasons for pushing FCPO lower. New rollover month in February contract closed at RM1975 /MT on Friday. This week, we foresee the market may stay sideways at bottom or recover only slightly since momentum shows to maximal negativity. We uphold bearish outlook at RM1900 /MT as our next target. In case of recovery, we foresee the resistance will emerge at RM2050 /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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