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Gold and Oil Markets Report – 25 May 2015

A guest post written by DAR Wong and Chong HC

Gold traded in slight bearish sentiment last week due to rising Dollar. Crude prices have been holding at 60.00 regions but may be prone to fall in coming week amid tension in Middle East. Violence in Middle East has increased worries of supply in oil after one suicide bomber blew up himself in Shi’ite mosque in Eastern Saudi Arabia on last Friday.

Crude Oil

WTI Crude prices have been moving in tight range from 57.00 – 62.00 regions. This week, it will be interesting to observe the market trend as either direction is possible. The trend may pierce above 62.00 resistances and test 64.00 areas before the bulls fizzle out. However, winding down below 57.00 supports will land at 54.00 as our secondary supports.

Gold

Gold prices slid from 1232.00 highs last week and found its support at 1200.00 areas. This week, we predict the market will find its way back to 1220.00 while threading in sideways trend. The bargain hunting will lift the prices in 1195.00 – 1200.00 areas which should not be broken. Weekly chart of yellow metal has shown the gathering strength unless the prices drive below 1195.00 levels.

Silver

Silver prices are hovering at 17.000 regions that is confluent with 200 day average line. The market is prone to loiter around 16.800 – 17.400 ranges for few more days before making a breakaway. Technically, we are optimistic of the bullish trend in higher probability as bargain hunting seems to be resilient at aforementioned bottom. However, strength of Dollar will remain a leading influence to precious metal prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives stays in weak demand though some physical players predict the price reversal-up will come very soon. Currently, weak prices are mainly due to heavy harvest of soy oil and regional slowdown in demand. August contract closed at 2136 on Friday in contracting open interest. This week, we reckon the market might turn up to 2200 regions. Support lies at 2130 that should not be broken, otherwise might drive down to 2100 grounds.

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 24 years of trading and hedging experiences while HC trades for 6 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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