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Gold and Oil Markets Report – 23 November 2015

A guest post written by DAR Wong and Chong HC

Paris was attacked by terrorism last week and causes alarm to global security measures. Gold prices trades higher as safe haven while U.S. Dollar Index also escalates near to 100.00 benchmarks as flight returns to greenback. Crude prices still trades in stagnate sentiment as demand slows amid declining global inflation.

Crude Oil

WTI Crude prices traded in very narrow range from 40.00 – 43.00 ranges last week. Slowdown in global inflation and growth forecast have put lid on crude demand while resistance emerges strong a 45.00 areas. Moving forward, we foresee likelihood to see bear trend further for testing 38.0 bottoms. Technically, driving below 38.00 may even sink to 32.00 as our targets. Long traders should control risk efficiently in case the trend moves as forecast above.

Gold

Gold prices have been slowing its fall for 2 consecutive weeks. The trend made 1065.0/oz lows last week and recovered to 1077.0/oz before weekend. This week, we reckon the market trend might climb higher for recovery at 1100.0 regions. Support will sit at 1060.0 areas and must counter the bear trend. Breaking this support will possibly land at 1040.0 as our next support target.

Silver

Silver prices closed at 14.185 for weekend but market has stabilized the fall by standing above 14.000 levels last week. The trend has not picked up like yellow metals did on Friday but might occur this week. We expect the trend to be moving up and reach 14.600 levels while supported at 14.000 regions. Abandon your long-view if the trend drives below 14.000 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in bear trend last week after active rolled over to February. The February delivery contract settled at 2289 for weekend. Volume has gradually increased in market as trend declines. This week, we expect the bear will continue to move lower and test 2220 supports before bargain-hunting emerges. In case of reversal, the pull-up will likely test 2330 resistances.

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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