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Gold and Oil Markets Report – 25 April 2016

A guest post written by DAR Wong and Chong HC

Gold prices swung last week from USD1227.0 – 1270.0 per troy ounce as Dollar whipsaw. Pound escalated against Dollar after U.S. President visited London and spoke in disfavor for Brexit. Meanwhile, Japanese Yen weakened against Dollar before weekend after central bank expressed intention to start negative rates for lending to commercial banks. Crude prices still stay high despite Saudi Arabia and Russia reiterate they will continue to increase supply.

Crude Oil

WTI Crude prices met strong resistance at 44.00 levels and could not close above here for more than 3 days. Going forward, the fundamentals and technical aspects of market are pointing to a potential down move in prices with strong selling pressure emerging at 45.00 regions. Piercing beneath 40.00 immediate supports will initiate new selling forces in market and probably dive down to 34.00 regions. Trade patiently for time being with proper risk control.

Gold

Gold prices closed at 1231.0 regions for the weekend after falling from 1270.0 intra-week highs. Technically, we predict the market will lie low for a while with support still sitting at 1220.0 areas. Once Dollar begins to recede in near future, yellow metal carries big potential to run up again with immediate resistance emerging at 1265.0 – 1270.0 regions. Trade prudently before you follow through the breakout of the aforementioned range.

Silver

Silver prices have broken up after it pierced above 16.20 levels last week. Market might be making small correction this week and re-test the 16.20 supports before the next bull run. Be patient to capture new long entry in Silver since this market will be one of the most potential instruments in bull markets. Resistance is identified at 17.50 for time being but we foresee it will reach up to 19.00 regions once the aforementioned resistance is violated.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range last week. Resistance caps under 2750 while the trend has been prone to bear forces. July contract settled at 2689 on Friday after market dropped slightly. This week, we reckon the trend will trade from 2625 – 2750 ranges while observing a breakout beyond this region. Pay attention to Crude prices that may lead the palm oil trend.

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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