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Gold and Oil Markets Report – 20 July 2015

A guest post written by DAR Wong and Chong HC

Gold dipped further last week after USDX gained strength to 98.00 levels. Crude oil also traded lower to almost 50.00 benchmarks inversely to higher greenback. Last week, Iran has reached nuclear agreement with western power countries and China in exchange for lifting some sanctions. Analysts reckon energy prices will begin to decline as more oil supply will come from Tehran government.

Crude Oil

WTI Crude prices traded in small range last week but edged lower to 50.20 on Friday. Higher Dollar is pushing the Crude trend downward together with Iran news of sanction lifts. This week, we foresee support will emerge at 50.00 regions and probably see some rebound on short-covering. Resistance stays strong at 54.00 levels in case of sideways consolidation begins. Breaking below 50.00 supports will attempt lower grounds at 47.00 areas.

Gold

Gold prices have reached 1130.00 support regions that might stage a rebound this week. It is crucial to see this upward reversal otherwise the bears will probably engulf to 1100.00 benchmarks. This will depend of the rising strength of Dollar that will put yellow metal on declining trend. In case of turning up, we foresee the recovery will aim at 1165.00 targets.

Silver

Silver prices declined with yellow metal inversely to strong Dollar. Gold/Silver ratio is approaching near to 76.00 again on very high levels that may begin to plunge very soon. Effectively speaking, dropping ratio will trigger the Silver to rebound faster than Gold when both metals reverse up. This week, we reckon market support will emerge at 14.600 for Silver while immediate resistance will lie at 15.200 regions. Be patient to pick long from bottom during mid-week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives

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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