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Gold and Oil Markets Report – 25 September 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices are balancing well above USD50 /barrel and might rise higher this week. Technically, we notice the support has firmed up at USD49 /barrel and will be threading from this aforementioned support to USD53 /barrel. Beside the recent production cut in OPEC and U.S. shale oil, we shall observe the Dollar trend as a potential lead factor to estimate an inverse relationship to Crude prices.

Gold

Gold prices dipped down to USD1290 /oz last week after piercing beneath USD1310 /oz support. Market is now testing the secondary support and should be recovering soon in due time. An impending strengthening in Euro after German election may revive higher against Dollar that will push yellow metal into new demand. This week, we reckon the trend will trade higher while ranging from USD1290 – USD1320 /oz region.

Silver

Silver prices have hit the support at USD16.80 /oz as this level is confluent to EMA200 line. This week, we forecast the trend will recover in demand as it moves higher from USD16.80 – USD17.40 /oz range. From the technical outlook, it is good to bargain-hunt in market at current prices below USD17.00 /oz in-lieu of forthcoming recovery. Risk control should be practiced in case of unexpected falling prices till month-end.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives drifted lower in correction for a long weekend. Weaker sentiment might be due to temporary loss of market interest amid observation by traders. Active month in December contract closed at RM2737 /MT. This week, the market may drive lower to RM2680 – RM2700 /MT as our next support area as market has low interest in demand. Resistance will emerge at RM2800 /MT region.

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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