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Gold and Oil Markets Report – 23 January 2017

A guest post written by DAR Wong and Chong HC

Crude inventories continue to cut lower on weekly basis filed by EIA. Production from OPEC members also reduced from market sources that lifts the Crude prices off USD50.00 per barrel. Dollar Index (USDX) trades lower after Trump comments on stronger Dollar may jeopardize trade recovery of U.S. exports. Gold and Silver have been trading in firm sentiment throughout last week.

Crude Oil

WTI Crude prices have been trading sideways from 50.00 – 54.00 range amid cautious activity. Traders are observing the official number on OPEC production after January ends. Meanwhile, no directional trend is forecast but a lower Dollar Index beneath 100.00 benchmark might push the WTI Crude on higher demand.

Gold

Gold prices topped 1218.00 region last week and receded. This week, the trend may correct at 1190.00 before climbing again. However, the trend may ascend faster once the Dollar recedes further below 100.00 in coming week. Breaking above 1220.00 will probably reach 1235.00 region as our next target.

Silver

Silver prices reached 17.330 high last week and countered by EMA200 resistance. Market is expected to trade sideways for consolidation with support rising at 16.700 level. Range bound might occur for short while before new directional trend emerges again. Resistance may be seen at 17.500 level if the high of last week is challenged.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives trade sideways last week amid lower open interest. Activity reduced due to coming festive seasons and anticipated growing supply in coming months. April month closed at 3102 on Friday. This week, we forecast the trend will trade lower while trending from 3050 – 3170 range. Beware of breaking beneath the aforementioned support as it could lead to 3000 benchmark.

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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