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Gold and Oil Markets Report – 23 February 2015

A guest post written by DAR Wong and Chong HC

Gold closed lower on weekly basis while Crude was resisted at 54.00 regions as we forecast last week. EIA report records growth in weekly crude supply by 7.7 million barrels in the week ended 14 February. Dollar index stays in small sideways with little effect on commodity. However, the grant of bailout extension to Greece by another 4 months has lifted the Dow Jones and European markets and may press Gold lower in coming week due to flight of funds.

Crude Oil

WTI Crude prices have revealed weakness in weekly and day charts. The market failed to conquer 54.00 resistances last week and might be heading down soon. Increasing supply and rising Dollar index might be the leading factors to push oil prices lower in coming weeks. Technically, we reckon the support will lie at 47.00 regions while resistance still presses at 54.00 areas. Risk control is advised for short traders as you enter the market for taking a short ride.

Gold

Gold prices approached 1200.00 benchmarks last week as we featured. This week, we foresee the resistance will emerge at 1220.00 regions while the bears may engulf the market to lower grounds. Overall, we predict the range will move from 1170.00 – 1220.00 regions but prone to downfall before bargain hunting comes into market. In our opinion, this projected quick dip might target to remove long traders and will reverse upward in March.

Silver

Silver prices dipped down with yellow metal while it closed at 16.231 for weekend. The market is prone to fall further from technical patterns while tailgating the downfall in Gold. This week, we forecast the trend will be resisted at 16.500 and may head down to 15.700 targets to complete the correction. Over long term, we still favor in picking up Silver as the prices carry potential to rise over future months.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at 2300 on Wednesday for long weekend over celebrating Chinese New Year. The market has low liquidity amid holiday seasons while technical patterns have revealed weakness. This week, we foresee the market will fall once it breaks below 2280 supports and might possibly dive down to 2200 targets. Topside resistance emerges at 2325 levels and should not be pierced if we perceive bearish trend.

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 24 years of trading and hedging experiences while HC trades for 6 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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