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Gold and Oil Markets Report – 20 March 2017

A guest post written by DAR Wong and Chong HC

WTI Crude prices almost reached USD47 /barrel low last week and panicked market. OPEC announces the production cut and has helped to lift the Crude prices back to USD48 /barrel on Friday. However, technical study shows that the price trend is currently hovering around EMA200 average line at USD48 /barrel and still indicate uncertainty of direction. This week, we reckon the range will trade from USD46 – USD50 /barrel while waiting for more fundamentals news. Market needs to return above USD50 /barrel before we could interpret the firmness in demand again!

Gold

Gold prices bounced off USD1200 /oz last week after U.S. rate hike. Technically speaking, we have identified the strong resistance at USD1240 /oz region in case of continual uptrend. Drawdown is expected in coming weeks while support rises at USD1210 /oz. In summary, we forecast mixed trading sentiment in market as investors will take another 1-2 weeks to digest the U.S. rate hike news.

Silver

Silver prices traded firmer last week and closed at USD17.40 /oz on Friday. This week, we foresee the market trend is still uncertain and probably move from USD17.20 – USD17.70 /oz range while observing the Dollar sentiment. Beware of breaking beneath USD17.20 /oz support that will return to USD17 /oz bottom as our next support zone.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives rebound on short covering last week. Demand from overseas and general recovery in major commodities have helped to lift Palm prices. The newly rollover in June contract closed at 2804 on Friday. This week, we foresee the market will be supported at 2750 and climb higher to 2900 region. Trend is prone to bullish sentiment.

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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