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Gold and Oil Markets Report – 21 November 2016

A guest post written by DAR Wong and Chong HC

The Dollar Index (USDX) closed above 101.00 on Friday at 11-year high record. Gold and Silver prices declined last week in reaction to rising greenback. Crude prices are still wavering sideways while waiting for end November in-lieu of OPEC meeting. Traders are observing the Chinese stock markets in Shenzhen and Hong Kong to react on coming Monday when they become mutually connected for cross-border trades.

Crude Oil

WTI Crude prices moved back to above 46.00 levels on Friday closing. Resistance is expected to emerge here around 46.00 and likely might fall again to 42.00 levels. In short, we reckon sideways trend will prevail in aforementioned range until we hear from OPEC meeting’s decision after 30 November.

Gold

Gold prices have become very uncertain as Dollar rises recently after Trump’s winning. The trend is seen supported at 1200.00 – 1210.00 regions after dropping for 2 weeks. Technically, we foresee this week may have short-covering and trend will return to 1235.00 regions. Beware of violating beneath 1200.00 supports though we feel the chance is slim due to the possible fund flight to China and Hong Kong for the stock-connect commencement.

Silver

Silver prices are falling slower than yellow metal as demand wanes in both of them. This week, we foresee the trend will be supported at 16.25 and range beneath 17.25 resistances. The prices are likely to thread sideways inside this range with no clear direction yet until we see the new lead from Dollar Index.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small sideways consolidation last week. The market is prone to climb further due to falling trend of Ringgit against greenback. February contract closed at 2869. This week, we foresee the market is still in the uncertainty and could range from 2800 – 2950 regions. Beware of breaking beyond this range for new initiation of direction.

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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