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Gold and Oil Markets Report – 24 Sep 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices climbed slightly higher last week while poising around USD70 /barrel. On weekend, OPEC and Crude producers met on Algeria to discuss on production cut. President Trump chided them of attempt to push oil prices higher and stiffened the situation. This week, we reckon the trend will stay unchanged in tight range movement from USD67 – USD72 /barrel. Fundamentally, the Dollar direction after the FOMC meeting will be crucial to oil prices.

Gold

Gold prices have been trading in sideways trend as we forecast. Small buying demand is seen due to the gradual falling of Dollar Index (USDX) but majority interest still prefers to watch the FOMC outcome on this Thursday. Technically, we adopt no change in our market view that initial range will stay within USD1190 – 1210 /oz region. The next target on either direction might reach USD1170 /oz or USD1230 /oz area upon breakout.

Silver

Silver prices are still trading in tight range from USD14.00 – USD14.40 /oz. This week, we adopt no change in our market view until the trend lead into a new directional headway. Risk control is recommended in case of the trend moving against your position. The XAU/XAG ratio has shown the prices at 83.00 – 85.00 region that may imply an impending decline, which reflects the potential recovery in Silver prices in near future.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives fell again in weak demand. Potential output increase in the coming months suppresses on the demand on Palm oil. The newly rollover active month in December contract closed at RM2139 /MT. This week, the market will probably stay bearish and hit RM2100 /MT before staging a rebound. Tight range is expected from RM2100 – RM200 /MT since the trend is still uncertain in its direction over mid-term.

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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