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Gold and Oil Markets Report – 26 June 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices are very bearish on week-chart and might decline further this week. Technically, there is not much reason for a high rebound except some short-covering in early this week. Resistance is expected to emerge at USD45 /barrel while downside target is still open to test USD40 /barrel level. We suggest long traders should wait patiently for the week-chart to reveal reversal bar before setting up your new position.

Gold

Gold prices reached our predicted low at USD1240 /oz before turned up last week. Market is bound to recover in coming week but with some limitation. We foresee the support will emerge at USD1245 – USD1250 /oz in case of quick drawdown. Potential of ascension to USD1270 /oz is highly possible due to a recovery in technical pattern and rising volume in Futures market. Long traders should stay focus in picking bottom on pull-down pattern during intraday session.

Silver

Silver prices reversed from USD16.40 /oz support after falling for past 2 weeks. This week, we foresee the trend will recover in steady momentum with support still sitting at aforementioned region. The bulls might aim for USD17.20 /oz area for the immediate recovery before going into mixed trading. We forecast there might be another new bull run in coming July.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in very similar range as we predicted last week. Ringgit on slightly weakening trend against Dollar might be putting the traders on fence while waiting for clearer direction. September contract settled at RM2439 /MT and sat on the strong support area. This week, we foresee an initial range from RM2400 – RM2500 /MT will take place before the breakaway in either headway kicks the trend into a new directional way.

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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