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Gold and Oil Markets Report – 26 Nov 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices slid further last week and has created panic market sentiment after drawdown of 30 percent shortly over 7 weeks. Market landed at USD50 /barrel before the weekend and open-interest in Futures market is still recorded high. This week, we expect the trend to test USD48 – USD49 /barrel before short-covering arises. Overall range will be forecast from USD48 – USD54 /barrel as prices will recover ahead of OPEC meeting.

Gold

Gold prices were strongly resisted at USD1230 /oz though the price movement has traded narrowly. This week, we reckon a tight consolidation will initiate from USD1215 – USD1230 /oz but eventually will violate beyond this range. No clue for forecasting the directional headway while we place our next target on both side of the trend at USD1200 /oz and USD1250 /oz level.

Silver

Silver prices traded in flat pattern amid tight range from USD14.20 – USD14.60 /oz last week. Technically, we foresee the market will jump up very soon due to the Gold/Silver ratio at 25-year high 86.00 area. In our opinion, driving lower will be encountered by the next support at IUSD14.00 /oz but piercing higher above the USD14.60 /oz level will likely reach USD15.00 /oz or higher prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives recovers on week-chart after falling for past 4 weeks. The demand is believed to be short-covering exercise while supported at RM1970 /MT area. February contract settled at RM2045 /MT on Friday. This week, we predict the range will move from RM1970 – RM2070 /MT for consolidation. Breaking above the range will lead to a new strong demand that will lead to RM2200 /MT area.

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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