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Gold and Oil Markets Report – 24 July 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices topped off USD47.50 /barrel last week and poised to stand around USD45.00 /barrel on Friday. Negative vibes on OPEC’s increasing supply will suppress on demand this week and likely to swing the trend from USD45 – USD47.50 /barrel. However, the consensus of breaking beneath USD45 /barrel will drive the prices lower at USD43 /barrel if there is no better news to stimulate market buyers.

Gold

Gold prices settled at USD1254 /oz on Friday with a push before closing. This week, we predict the uptrend will be countered by profit-taking at USD1260 /oz and begin for drawdown. Range is expected to move from USD1240 – USD1260 /oz with probability to see a dip after the trend fizzles out. We foresee the trend will consolidate for a while before going higher in mid-August.

Silver

Silver prices has elevated last week and likely to soar higher this week. Market may aim at USD16.80 /oz by tailgating yellow metal. Support is identified at USD16.00 /oz that outline the range from USD16.00 – USD16.80 /oz for coming week. We forecast the continuation of receding Dollar will push precious metal higher until first week of August.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives climbed after mid-last week due to rising export. Ringgit remains steady at 4.28 (USD/MYR rate) region and helps to drive some new demand for Palm oil. October contract closed at RM2572 /MT on Friday amid falling open-interest. This week, we foresee the trend may be weaker with resistance guarding at RM2600 /MT. Prices may fall to RM2500 /MT or lower at RM2400 /MT if the aforementioned first support is violated.

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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