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Gold and Oil Markets Report – 21 April 2014

A guest post written by DAR Wong and Chong HC

The WTI Crude prices surged due to civil war broke out in Ukraine. Crude inventories rose to 10 million barrels in the week ended 12 April by EIA report but posed no effect in pressing on Crude prices. Surprisingly, Gold prices behaved weak last week as flight of funds were believed to have driven into US equities and Dollar that sold off yellow metals. FED Yellen reassured of low interest rates to lead the road of economic recovery while policymakers will focus in bringing down the unemployment for stimulating growth.

Crude Oil

WTI Crude prices closed at 104.50 levels for a short week on last Thursday. The market is prone to create a double-top formation at 105.22 levels in coming week. Technically, we reckon that the trend will sit well on 103.00 supports and piercing above 105.22 resistances will probably reach up to 108.00 regions in near future. This is highly possible if the Ukraine civil war spreads into deepening situation involving ispute between Russia and European Union!

Gold

Gold prices closed at 1294.00 regions for the weekend ahead of long holidays. The market has revealed bear sentiment in technical outlook while strong resistance emerges at 1310.00 levels. This week, we target to see 1305.00 – 1310.00 regions as our selling range before the rend slides again. The 1277.0 supports become crucial in case of driving down as breaking beyond here will initiate heavy liquidations.

Silver

Silver prices turned bearish after it broke our predicted support at 19.600 levels last week. The market closed at 19.630 levels for the weekend in weak sentiment. This week, we predict it may make a fast pull up at 20.000 resistances before decline. The market is prone to fall anytime since the bull factors failed to reach 21.000 tops last week. Downside target at 19.000 areas could be reached be end of coming week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on Friday amid light trading over holiday weekend. The sentiment slid on profit-taking from 2700 highs as traders remain cautious ahead of China data in coming week. The July delivery contract settled at 2635 with support still rising at 2600 levels. This week, we expect to see a rebound in prices from 2600 – 2700 ranges while prone to more buying interest.

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 24 years of trading and hedging experiences while HC trades for 6 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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