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Gold and Oil Markets Report – 24 Mar 2014

A guest post written by DAR Wong and Chong HC

Gold prices began to decline last week after Crimea voted to be part of Russia. Market faced profit-taking and reached down to 1320.00 regions though US pinpointed to Russia for annexing Crimea. Crude prices softened too amid increasing supply that drove the demand lower. Another reason for commodity falls over past few days was due o the recovery in US Dollar index moving up from 79.30 to 80.20 regions.

Crude Oil

WTI Crude prices pulled up from last week’s low at 97.00 levels while it has been hovering around EMA200 average line. The market will continue to thread from 97.00 – 100.00 regions but picking to short from topside may be more sensible from technical appearance. We have spotted the resistance to lie at R1 – 100.00 and R2 – 101.50 in case the pull up is trigged by fundamental news.

Gold

Gold prices bounced from 1320.00 bottoms and closed at 1334.00 regions for the weekend. This week, we reckon the market will be based at 1320.00 supports and climb higher at 1360.00 for short-covering. The market may consolidate and subject to trend breakout in either way due to fundamental reasons. The continue buying interest from Chinese government and Russia tension may push the trend above 1360.00 resistances while the rising Dollar and weak global economy may suppress yellow metal below 1320.00 supports!

Silver

Silver prices turned down and broke beneath 20.6000 supports while closed at 20.320 on Friday This week, we interpret the technical chart as bearish with possibility to pull up in fir few days. We foresee the market may climb up to 21.000 – 21.200 regions to challenge the selling interest. Support still stays at 20.000 areas but breaking below here will initiate new bear trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded sideways while it closed lower on Friday. Market demand has been declining in tandem with general commodity prices. The May delivery contract settled at 2731 after trading in tight range from 2730 – 2780 regions. This week, we foresee the market will decline further with support resting at S1 – 2700 and S2 – 2640 areas. Topside resistance remains at 2800 levels.

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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