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Gold and Oil Markets Report – 22 Oct 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices declined beneath USD71 /barrel support and settled at USD69 /barrel region on Friday. This week, we expect the trend will be in lower demand and range from USD67 – USD71 /barrel in mixed sentiment. Firm Dollar is another factor that adds pressure onto energy prices despite fund is likely to rush into precious metals. Fundamentally, we shall wait for other new market news in November to rekindle new buying demand in Crude market.

Gold

Gold prices have slowed down and rattled around USD1230 /oz for few days before weekend. Technically, we predict the trend will be constricted from USD1215 – USD1230 /oz until it breaks beyond either direction. In case of Dow Jones market falling further in coming week, there is a possibility to see yellow metal rising higher due to flight of fund movement. Topside resistance is identified at USD1250 /oz region.

Silver

Silver prices have been pressed from USD14.80 /oz as selling forces emerged last week. Technically, we reckon the support will be strong at USD14.20 – USD14.40 /oz region while the potential to lift market is still in sight. This week, we shall observe the uptrend to test USD14.80 /oz resistance, which piercing above this level will rise higher to USD15.50 /oz as our next target.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives slid before weekend after followed weaker Crude prices and vegetables oil. New active month in January 2019 contract closed at RM2222 /MT. This week, we foresee the market might test RM2150 /MT support again before making a new recovery. Tight range is expected to be capped at RM2260 /MT but piercing and settling above this level will lift up to RM2320 /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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