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Gold and Oil Markets Report – 2 April 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices traded in small range while resisted beneath USD66 /barrel last week. The Shanghai Futures Exchange launched its first Crude Oil Futures contract on 26 March with settlement in Yuan. Analysts believe the physical import in Yuan settlement will be implemented before year-end. This week, we are consistent in our view of the market to be contained from USD63 – USD66 /barrel.

Gold

Gold prices were resisted at USD1360 /oz last week as we predicted. The market has moved into a correction that is believed to be short-termed. This week, we reckon strong demand will rise at USD1320 /oz for driving the trend into a sideways trend. In case of falling, bargain-hunting will emerge at USD1305 /oz area while Dollar Index (USDX) is still capped beneath 90.50 level. For the time being, resistance remains unchanged at USD1360 /oz level.

Silver

Silver prices moved in our predicted range USD16.20 – USD16.80 /oz last week but settled on low side on Friday. This week, we remain unchanged in our view and prefer to hunt for entry from bottom prices. Silver is still following as secondary market to Gold since the Gold/Silver ratio has climbed back to 81.00 area that is near to 83.00 highs (dated March 2008 and August 2016).

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in flat sideways last week. The uncertainty in the other edible oil markets has affected the market interest. June contract closed at RM2425 /MT. This week, we foresee the market may gradually consolidate before ascending. Initial range is expected to move from RM2400 – RM2460 /MT and eventually pierce to higher prices. Risk control is advised if the support is violated.

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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