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Gold and Oil Markets Report – 26 December 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have not changed much in the range bound trading while movement constricts from USD56 – USD59 /barrel. This week, we reckon the sentiment will remain the same while traders take a break for year-end seasons. Theoretically, the dip in Dollar after tax bill implement will be favorable for lifting the Crude prices above USD60 /barrel.

Gold

Gold prices have recovered for second consecutive week above USD1270 /oz. The rise came amid the slight dip in Dollar Index after U.S. tax bill was in preparation and finally signed on Friday by Trump. This week, the trend may trade in tight range from USD1260 – USD1280 /oz as activity winds down.

Silver

Silver prices climbed higher last week for year-end recovery as short sellers closed positions. This week, we forecast the support will sit on USD15.90 /oz while the movement may be small. Topside resistance will emerge at USD16.50 /oz if the rising trend continues. Overall, range trading is expected until we move into January for a possible next ascension.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dipped for double-bottom last week amid weak market sentiment. Ringgit stays unchanged as trading activity slows down. USD/MYR has been moving from 4.05 – 4.08 in steady pace. March delivery settled at RM2458 /MT on Friday. This week, we forecast the trend will be supported at RM2420 /MT and possibly resisted at RM2500 /MT in case of recovery.

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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