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Gold and Oil Markets Report – 22 October 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been trading firm on sideways due to many uncertainties on supply cut. Iraqi internal tension and Venezuela’s debt have nudged the demand slightly higher. This week, market looks good to stand on USD51 /barrel support and might climb higher though immediate resistance lies at USD53 /barrel. Range bound trading is expected until we see the trend breaks in either directional trend.

Gold

Gold prices made a small dip last week as we predicted. Market is well supported at USD1280 /oz regions and should be laid with heavy bargain-hunting at USD1270 – USD1280 /oz area. This week, we expect some sideways to continue in market and range is still largely expected to move from USD1270 – USD1310 /oz region. Yellow metal is sensitive to international uncertainties and favored by investors as safe haven in times of market fear.

Silver

Silver prices also traded sideways in consolidation in mixed sentiment. We propose a bargain-hunting from bottom in case of drawdown in market prices. This week, we forecast the range will trade from USD16.80 – 17.40 /oz by entailing yellow metal. Silver is presumed to rise faster than Gold once the two metals begin the new ascending phase.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small sideways last week. Traders are staying cautious and observe the market trend on weaker Ringgit. January contract closed at RM2744 /MT amid low open-interest. This week, the market is supported at RM2700 /MT and tend to rise to RM2850 /MT as our target.

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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