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Gold and Oil Markets Report – 24 October 2016

A guest post written by DAR Wong and Chong HC

Gold rises moderately while Silver trades sideways. Crude prices float above USD50 /barrel after OPEC group vowed to cut supply in next meeting to be held in end November. The U.S. Crude inventories dropped 5.2 million last week and lifted the Crude prices above USD50 /barrel despite high rolling Dollar.

Crude Oil

WTI Crude prices are very toppish at 52.00 levels while waiting for another 1 month for OPEC meeting. Technically, we are doubtful of further rise in Crude prices until we get over U.S. Presidential Election and moving towards end November. This week, sideways trend is expected from 46.00 – 52.00 ranges. Trade cautiously for short-term profit with risk guarded on both direction.

Gold

Gold prices are hovering around 1270.00 regions and will likely consolidate further in coming week. Technically, we reckon the trend will be ranged from 1260.00 – 1285.00 regions with short-covering expected. Focus in market has diminished in rate hike fear and watches the coming U.S. Presidential Election in early November. Rising Dollar upon forthcoming correction will spike precious metals.

Silver

Silver prices have been trading sideways and act as usual follower behind Gold trend. This week, we predict the trend will be supported above 17.300 levels and will probably recover at 18.000 as first target. Picking long entry from current regions is advised with risk control since Silver will always bypass the Gold uptrend in later stage of the bull recovery.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on last Friday. The market went into a consolidation stage after hitting the highest level at 2752 levels. January contract closed at 2724 levels. This week, we foresee the market will make correction and range from 2650 to 2800 regions. However, potential of climbing further is possible after the sideways trend completes.

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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