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Gold and Oil Markets Report – 21 March 2016

A guest post written by DAR Wong and Chong HC

USDX begins to fall to 94.50 regions while commodity prices react by showing recovery, Gold/Silver ratio hit the 8-year high above 82.50 last week and declined, inducing the Silver to run up faster than yellow metal. This week, we reckon both previous metals will elevate in prices while Crude may recede lower for profit-taking. Crude prices closed above USD40.0 per barrel for first time in 2016 but investors predict this uptrend may be short-lived.

Crude Oil

WTI Crude prices climbed up last week and nearing to 42.00 resistances. This week, we forecast the market will hit the aforementioned resistance at 42.00 regions and begin to fall. Global supply glut is still haunting the demand while trading volume thins down as prices escalate. Immediate support lies at 36.00 areas should the profit-taking activity arise according to our forecast.

Gold

Gold prices hovered on EMA200 line on week-chart and closed at 1255.0 for the weekend. This week, we reckon the support at 1225.0 – 1230.0 regions will emerge very strong bargain-hunting while upside potential is aimed at 1300.0 targets. Down trend in stock indexes and USDX will be main factors to push up Gold prices in coming weeks. Abandon your long-view in case the prices decline below 1230.0 again.

Silver

Silver prices are getting ready to fly soon if the precious metals begin the next rise. Technically, support is expected to emerge at 15.600 if the trend draws down in early week. Rising again in prices will summon good strength to aim for 16.200 as our next targets. However, the rear-end demand for Silver is expected to grow tremendously once the prices surpass 16.400 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher as inventories cut down from lower production. The effect of El-Nino weather changes has trimmed output throughout the world and is expected to push the FCPO prices higher in coming weeks. The new June contract closed at 2679 amid light profit-taking. This week, we reckon support sits tight at 2600 while the uptrend might continue higher at 2800 regions.

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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