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Gold and Oil Markets Report – 25 July 2016

A guest post written by DAR Wong and Chong HC

Gold and Crude prices inched down gradually last week despite strong demand slipped into market. Traders are preparing for the FOMC to be released in coming week while USDX climbed to above 96.00 levels. European Central Bank holds the policy unchanged. Japan triggers sell off in regional indexes after central bank chief Kuroda ruled out the helicopter money as new stimulus to revive the ailing economy.

Crude Oil

WTI Crude prices edged lower to 44.00 regions as Dollar climbed higher. This week we reckon the trend may trust lower with 46.00 resistance pressing downward. First support may emerge at 42.00 areas and keep the trend in small trading band. Beware of breaking beyond the aforementioned range while risk control is advised in case the prices move beyond 42.00 – 46.00 ranges.

Gold

Gold prices approached 1310.00 levels last week and closed at 1321.00 for the weekend. As we forecast the demand will be resilient in yellow metals, the trend may hold till August then reverse into upward recovery. This week, the market might test 1300.00 benchmarks for quick dip before rebounding. Range is expected to move from 1290.0 – 1340.0 regions.

Silver

Silver prices have been standing firm above 19.000 levels last week. The market might make a “V” recovery on day chart after taking a dip at 18.500 areas this week. We predict the opportunity for picking long entry will be good below 19.000 before the trend begins to surge into new heights in August. Immediate resistance lies at 20.5000 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher last week after Ringgit devalued against Dollar. Profit-taking put a lid on market prices on Friday while October contract month contract closed at 2317. This week, we foresee the market will be supported at 2260 but climbing to 2400 levels is possible if the bulls gather new strength. Abandon your long-view if the trend breaks below 2260 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 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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