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Gold and Oil Markets Report – 21 August 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices recovered from USD46.50 /barrel bottom on Friday and closed at USD48.70 /barrel. Besides falling stockpile in U.S. report, weakening Dollar Index topping off 94.00 is one reason for seeking hedge haven in risker assets. This week, we reckon the trend will be constricted from USD47 – USD50 /barrel without a breaking signal.

Gold

Gold prices fizzled out at USD1300 /oz on Friday and closed at USD1283 /oz area. Market should be temporarily resisted at USD1300 /oz as we predicted last week. We foresee the range will be prone to some profit-taking this week while strangled between from USD1270 – USD1300 /oz. On hind side, beware if the market pierces above USD1300 /oz due to unforeseen circumstances as tension in U.S. –North Korea may magnify.

Silver

Silver prices fell from USD17.30 /oz top on Friday as the trend hovered around EMA200 line on day-chart. Like the yellow metal, Silver could trade lower this week due to profit-taking. Range might take a dip to USD16.50 /oz while resisted at USD17.20/oz level. Expect some sideways trend for 1-2 weeks before a new headway begins again.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on Friday with 3 consecutive bullish sentiment. The rise in export and overseas demand have lifted the prices higher. The new active month in November contract closed at RM2682 /MT. This week, we expect the trend to break up above RM2700 /MT and this would pull up to RM2830 /MT as our next target. Support lies at RM2600 /MT level in case of draw down.

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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