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Gold and Oil Markets Report – 20 November 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices showed good support at USD55 /barrel last week though the market did not pierce above USD58 /barrel. The trend is trapped in mixed sentiment as international traders are tracking the outcome of political purge expanding in Saudi Arabia. This week, we predict the range pattern will remain not much changes as the month-end meeting of OPEC and non-OPEC producers will stay as prime focus.

Gold

Gold prices surged on Friday as Dollar receded. Market has formed a strong base below USD1280 /oz as bargain-hunting has cemented this demand area. This week, we forecast the trend will rise to USD1310 /oz and begin to draw market attention. Direction of Dollar is important as an inverse lead to the yellow metal. Breaking beneath USD1275 /oz level may need to abandon long-view for the time being.

Silver

Silver prices have stood well above USD16.80 /oz from recent trading activity. This week, we reckon the trend will continue to rise while sitting on USD17.00 /oz support. Range is temporarily capped at USD17.60 /oz in case of price recovery. Long traders should plan to establish position below USD17.00 /oz if market retraces over short-term window.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives fell last week after the roll-over activity. Ringgit continues to strengthen against Dollar and should be positive for FCPO demand in coming week. We foresee the USD/MYR will decline further to 4.13 from the current 4.16 region. February contract closed at RM2712 /MT on Friday. This week, we predict the support will lie strong at RM2680 /MT and push up the demand at RM2860 /MT till end of week.

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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