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Gold and Oil Markets Report – 22 Jan 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been trading mainly in small range from USD63 – USD64 /barrel amid resilient sentiment. Range has failed to pierce above USD65 /barrel while Dollar Index might have floored at 90.00 benchmark. This week, we predict the support will emerge at USD61 /barrel with topside resistance remaining unbreakable at USD65 /barrel. Range movement is expected with mixed sentiment.

Gold

Gold prices have been seen resisted at USD1345 /oz last week as market slowed down in advancement. This week, we forecast the trend will move into a small correction as support emerges at USD1310 /oz level. Range is expected to be contained from USD1310 – USD1350 /oz without high expectation of breaking beyond this region.

Silver

Silver prices met resistance at USD17.40 /oz as we predicted. The trend is gradually moving into correction and may trade lower this week if yellow metal begins correction. The market may drawdown due to some profit-taking and re-test USD16.50 /oz region. A following phase of consolidation is expected for Silver prices over next few weeks as traders adjust their positions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dropped last week due to advancing Ringgit. Traders remain cautious on reducing their interest as regional commodity prices have slowed down in price ascension. FCPO April contract closed at RM2441 /MT on Friday. This week, we advise extra caution in observing the market support at RM2420 /MT to be very versatile. Narrow range is expected in early week as selling pressure will ambush at RM2500 /MT region.

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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