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Gold and Oil Markets Report – 23 July 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices decline to USD67 /barrel and hover at this region. Market has fallen as we expected due to firm Dollar. Nevertheless, the range is moving widely from USD67 – 74 /barrel and might swing sideways within this region in coming weeks. From now onwards, the Dollar has become a lead factor in observing the Crude trend among the mixed trading sentiment.

Gold

Gold prices have shown bargain-hunting below USD1220 /oz last week. The trend may be tight ranged in coming week from USD1220 – USD1250 /oz without high expectation. Generally, the yellow metal and energy commodities move in same trend now due to uncertainty of market instruments measured against Dollar movement. Risk control needs to be exercised if the Gold prices fall below USD1220 /oz again.

Silver

Silver prices broke the support of USD15.60 /oz last week and visited USD15.20 /oz before reversal. This week, we reckon the trend will trade in gradual recovery with support lying at USD15.20 /oz. Nevertheless, the topside target is limited at USD15.80 /oz in case of advancement. On the other hand, the Gold/Silver ratio has shown convergent pattern that might signal an impending rise in the dual metal prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives made small rebound last week due to weaker ringgit. Edible oils recover in China market and has helped to lift FCPO trend. The newly rollover October month closed at RM2194 /MT on Friday. This week, we foresee the market might retrace back to 2250 regions while the support stays at 2150 regions.

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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