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Gold and Oil Markets Report – 21 September 2015

A guest post written by DAR Wong and Chong HC

Dollar Index has been trading sideways while U.S. Federal Reserve confirms in holding rates unchanged. Market analysts and traders interpret not much recovery in U.S. economy to initiate credit tightening. Stock sentiments edge into sluggish pace and Crude demand wobbles. However, precious metals surged last week due to uncertainty in U.S. interest rates and currency fluctuation.

Crude Oil

WTI Crude prices traded in small sideways around 45.00 regions while waiting for more fundamental news. From technical outlook, we still predict the range is trapped inside 42.00 – 50.00 ranges with no certain clue of confirmed direction. Crude producing countries in Middle East have consistently reiterated in their regular production that keeps Crude below 50.00 levels. However, the U.S. Crude inventory was reported at minus 2.1 million barrels last week to support the prices.

Gold

Gold prices escalated from 1105.00 bottoms and closed at 1138.00 regions on Friday. This week, we foresee the support should lie firm at 1115.00 – 1120.00 areas while the bulls might continue to charge up at 1150.00 before profit-taking emerges. Definitely, the Dollar trend in near future will play an important inverse role to yellow metal prices.

Silver

Silver prices climbed up from 14.300 lows and closed at 15.170 for the weekend. Market shows strong bullish sign and top 15.600 areas in coming week. Technically, we reckon support lies at 14.800 regions. Market may take a breather before going higher to reach pour targets towards this weekend. Literally, we expect Silver to have better bullish strength when it runs concurrently with Gold.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives edged lower after the roll over moved to December contract. Profit-taking emerged last week amid slight recovery value in Ringgit. December Futures contract closed at 2104 on Friday with declining open interest. This week, we foresee the market will trade sideways in uncertainty and needs new strength to initiate a direction. Technically, we reckon movement will swing from 2070 – 2150 regions unless the trend breaks beyond the aforementioned range.

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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