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Gold and Oil Markets Report – 23 April 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices continue to climb at 3-1/2 year high while almost reaching USD70 /barrel before weekend. The week-chart has clearly shown the bullish factor has stepped into market for coming weeks with strong momentum. In case of falling back, we reckon support will emerge at USD65 /barrel and quick recovery is expected. Market may simply trade within the price range from USD65 – USD70 /barrel for coming weeks.

Gold

Gold prices have been trading sideways like we predicted last week. Range is rather tight from USD1320 – USD1360 /oz amid mixed sentiment. Other than Crude prices surge, there is no movement in Dollar Index which could be the reason for triggering sideways in yellow metal. This week, we foresee similar market sentiment unless the trend goes beyond the aforementioned range in either direction.

Silver

Silver prices shot up last week as we predicted. The trend has risen faster than yellow metal as Gold/Silver ratio falls from 81.00 high to 79.00 region. This week, we foresee the trend will make small correction but supported at USD16.80 /oz level. Overall movement is expected to trade from USD16.80 – USD17.60 /oz range. Silver has shown the initiation of recovery and may be ideal for picking bottom on each pull-down retracement.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed marginal higher on weekly basis as most traders flight into FKLI last week. Weak overseas demand from China & India regions have put a lid on the FCPO market. July contract closed at RM2416 /MT on Friday amid small trading activity. This week, we forecast the trend will be moving tight from RM2380 – RM2430 /MT initially but prone to ascend after mid-week. Next higher target is identified at RM2500 /MT level.

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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