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Gold and Oil Markets Report – 26 March 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices has also moved to near resistance area near to USD65 /barrel. This week, we predict tight range will be seen from USD63 – USD66 /barrel range. In the unexpected circumstances, the market may break above USD66 /barrel and move higher to reach out for USD70 /barrel in case of some fundamentals. In fact, the replacement of John Bolton as U.S. National Security Advisor has been anticipated to give negative impact on Iranian Deal that could drive up oil prices soon.

Gold

Gold prices rose from USD1310 /oz and closed at USD1347 /oz before weekend. Technically, we reckon the trend is near to resistance area which could meet profit-taking above USD1350 /oz this week. The market will probably be prone to strong demand this week while trading from USD1330 – USD1360 /oz range.

Silver

Silver prices stood well above USD16.20 /oz support last week and closed at USD16.55 /oz for the weekend. Market strength has not excelled Gold momentum and still trading beneath USD16.80 /oz resistance. This week, we propose to observe the expected range from USD16.20 –USD16.80 /oz until the demand might challenge UDSD16.80 /oz for another possible up rise.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in tight range amid small volume since traders are uncertain of the directional headway. June contract closed at RM2426 /MT on Friday. This week, we reckon an initial range will be expected from RM2400 – 2460 /MT with a hind side potential to drive higher. This could be due to the strong demand in Crude prices and advancing Ringgit.

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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