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Gold and Oil Markets Report – 22 June 2015

A guest post written by DAR Wong and Chong HC

Gold has recovered to 1200.00 benchmarks last week and exhibited its strength again for the investors. Dollar index has fallen below 95.00 and probably will trade sideways inside 93.00 – 95.00 ranges in coming weeks. Crude oil also has been staying strong at 60.00 regions amid moderate demand. However, report on growing shale oil output and Greece debt debacle keep investors on their toes as commodity markets inch up.

Crude Oil

WTI Crude prices still threads around 60.00 with no direction. Technically, we foresee the trend will move sideways from 57.00 – 62.00 ranges without clear trend ahead. Only breaking below 57.00 supports will initiate new selling pressure in market. Trade cautiously for tie being with proper risk control.


Gold prices crossed the 1190.00 levels and beat 1200.00 major benchmarks on last Thursday. This week, the versatile level at 1190.0 has turned into support that cannot be broken in the event of continual ascension. Technically, we expect the trend to drive higher and possibly reach 1220.00 areas after middle this week. Weakening Dollar will continue to favor yellow metals for few weeks ahead.


Silver prices are stuck in neutral regions around 16.000 regions though we do not foresee any huge potential in declining anymore. Market has been well supported at 16.000 supports with progressive higher lows while waiting for bullish strength to gather. This week, we expect tight uptrend to occur from 16.000 – 16.7000 regions in line with uptrend in Gold prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis. The weak sentiment is mostly due to the profit-taking and also the general commodity weakening after Yellen’s remarks. The newly September contract as active month closed at 2240 levels on Friday. This week, we predict the market will reverse up and go back to 2320 areas for recovery. However, the support at 2240 is a crucial level for turning up because breaking down might drive to 2210 as next lower target before bargain-hunting comes in.

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 25 years of trading and hedging experiences while HC trades for 57 years and now coaches institutional customers. They can be reached at

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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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