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Gold and Oil Markets Report – 26 February 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have shown good demand as prices recovered last week. Technically, the trend will stand firm on USD61 /barrel support and gradually consolidate the buying interest further. Resistance is identified at USD64 /barrel as we foresee range trading within this target window will persists for a while.

Gold

Gold prices found support at USD1320 /oz last week as buying interest recovered from here. This week, we reckon the trend will be moving sideways from USD1320 – USD1345 /oz in-lieu of lower Dollar. However, the market forces will find another support around USD1305 /oz in case the bear engulfs beneath the current support at USD1320 /oz.

Silver

Silver prices consolidated last week in sideways trend. Range trading is constricted from USD16.40 – USD16.80 /oz in tight range while waiting for a breakout. Technically, we reckon a strong bargain-hunting will ambush at USD16.20 – USD16.40 /oz while upside room is opened at USD16.80 /oz or higher. Patience is required to capture a good entry after mid-week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in small range but closed stronger on last Friday. Physical market may face shortage in coming months that will push up prices. May contract closed at RM2524 /MT. This week, the trend will be well supported at RM2480 /MT and potentially climb to RM2580 – RM2600 /MT as traders return to market after festive seasons.

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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