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Gold and Oil Markets Report – 23 March 2015

A guest post written by DAR Wong and Chong HC

In FOMC meeting held last week, FED Chair Janet Yellen begged for more patience in market as US economy may need a credit tightening but not on immediate urgency. Dow Jones benchmark rose after her remarks as Bond yields fell. USDX declined from 100.00 regions to 97.00 levels as Gold recovered to 1180.00 prices. WTI Crude has begun in new fall as Crude inventories increased to 9.6 million barrels in weekly report ended 14 March.

Crude Oil

WTI Crude prices revisited a 6-year low at 42.06 last week before it settled at 46.50 on Friday. The market has formed a double bottom at 43.00 regions and should be supporting the market for the time being. However, the market sentiment is very mixed now as resistance emerges at 48.00 areas. Technically speaking, we have no clue to predict the trend for this week except to see sideways trend from 43.00 – 48.00 regions. Beware of breaking below 42.00 levels as this will generate new aggressive selling pressure.

Gold

Gold has proven strong above 1150.00 as we expected. The market trend will continue to ascend in coming week if it can sit tight on 1160.00 supports. Technically, we foresee the bulls will recover at 1210.00 regions as short-covering rises in market. However, falling back below 1160.00 could be a new bearish sign in case of fundamental changes.

Silver

Silver prices had a big jump from 15.500 to 16.700 last week. The market has revealed strong buying interest once the trend reversed up. This week, we reckon the support will emerge at 16.000 regions while market may be threading from 16.000 – 17.000 ranges. Piercing above 17.000 resistances will probably climb higher to 17.500 targets in case yellow metal ascend as we forecast.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives rebounded during mid last week after falling Dollar triggered most agricultural commodity prices to rise. The active month in June contract closed at 2155 on Friday. The week, the trend may trade in sideways from 2120 – 2220 ranges. In overall view, market is still bearish though it may perform short-term pull-up retracement.

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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