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Gold and Oil Markets Report – 24 April 2017

A guest post written by DAR Wong and Chong HC

Gold prices have exhibited a reversal pattern in week-chart and likely to drawdown for correction this week. Range is target to recede lower at USD1250 /oz region in case of liquidation. Market has not seen profit-taking for last 3 weeks and might be commencing soon. However, beware of geo-political tension in DPR Korea that could spike the yellow metal as safe haven while bypassing above USD1285 /oz will climb higher to USD1310 /oz region.

Crude Oil

WTI Crude prices have shown waning confidence in buying interest as the bulls have failed to clear above USD54 /barrel. As the consolidating range is still restricted from USD50 – USD54 /barrel, we are seeing a danger of demand that might probably slide out of the range and kick-off a new bearish sentiment in market. We foresee the next range will be mapped from USD46 – USD50 /barrel if the trend could not climb back above USD50 /barrel benchmark.

Silver

Silver prices have moved into drawdown correction faster than yellow metal while plunged from USD18.40 /oz to USD17.80 /oz. This week, we reckon the support will rise at USD17.60 /oz and the trend will possible trade sideways from this support area with topside resistance emerging at USD18.40 /oz. No definite directional trend is seen at the moment while the market is still in consolidation.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives recovered higher on Friday after short-covering. Technical pattern shows the strong support arises at RM2450 /MT region after July contract closed at RM2528 /MT on Friday. This week, we reckon some buying interest will return to market and recovery trend could be seen from RM2480 – RM2620 /MT range. Beware of piercing beneath RM2450 /MT again as this might initiate new bear sentiment out of unexpected fundamentals.

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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