Share

Tweet this

Dealing Desk Hotline

(603)-2181 8848

Gold and Oil Markets Report – 2 July 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have regained the bullish strength and reached the high above USD74 /barrel since November 2014. This week, we predict a small retracement may appear in early week with USD71 /barrel as firm support. Overall range is expected to move from USD71 – USD76 /barrel as demand grows gradually. Take note that the level at USD70 /barrel should not be violated in order to maintain the uptrend.

Gold

Gold prices have been falling for past 2 weeks after President Trump declared trade war against China and European countries. This week, we reckon the trend will recover due to short-covering in market. Range is expected to move from USD1245 – USD1275 /oz in healthy correction. Observe the Dollar influence on metal prices in coming weeks.

Silver

Silver prices broke the support at USD16.20 /oz and dipped to USD15.90 /barrel before turning up. Technically, we foresee the trend will recover this week while entailing the yellow metal. Range is expected to move from USD16.00 – USD16.50 /oz with demand gradually growing. Market has to rise above the USD17.00 /oz level before it can outdo the speed of uptrend in Gold prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher last week as traders short-covered for profits. Market also rose with other oil-based commodities as Crude prices expanded. September contract settled at RM2323 /MT on Friday. This week, we predict the range will be contained from RM2280 – RM2350 /MT but breaking beyond in either direction is possible for leading into a new headway.

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

Subscribe to OPF Blog via Feed Reader or Email

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.

 












Share and Enjoy:
[del.icio.us] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here

PLEASE NOTE:

OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.


SiteLock