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Gold and Oil Markets Report – 25 June 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been hovering at USD64 /barrel region before the OPEC meeting. The outcome has pushed the market to USD69 /barrel before the weekend. Technically, a new bullish trend has been spotted and probably will return to USD72 /barrel this week. Support will emerge at USD67 /barrel in case of drawdown.

Gold

Gold prices bounced off USD1260 /oz last week and exhibited support at this area. Some recovery is expected this week while the movement will be contained from USD1260 – USD1290 /oz range. Take note the yellow metal is well supported at USD1260 /oz level on week-chart that is confluent to the EMA200 line. However, we reckon the Dollar will be an essential lead to trigger the Gold direction in coming weeks.

Silver

Silver prices tested the support at USD16.20 /oz again and closed slightly higher before weekend. This week, we foresee the range will continue to recover but resisted at USD16.70 /oz. Patience needs to be exercised for picking bottom in Silver prices and we expect a new bullish trend will emerge only after piercing above USD16.80 /oz in near future.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dipped to RM2238 /MT at 2-year low last week. Fear of US-China trade war has caused commodity prices to fall across the board. September contract closed at RM2282 /MT on Friday with slight short-covering in market. This week, we expect the trend to be based at RM2250 /MT and continue its recovery to RM2350 /MT.

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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