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Gold and Oil Markets Report – 26 September 2016

A guest post written by DAR Wong and Chong HC

Gold moved into recovery last week after Federal Reserve confirmed no rate hike after the meeting. Silver has definitely advanced faster than yellow metal in excitement of sliding Gold/Silver ratio. Crude prices still lingers in tight range below 46.50 resistances amid heavy selling pressure. Saudi Arabia says the government is prepared to cut oil supply if Iran also agrees to reduce its output. Investors will observe the meeting of OPEC and non-OPEC discussion this week in-lieu of new market trend.

Crude Oil

WTI Crude prices traded in tight range without clear direction last week. This week, we expect the trend may be prone to downward pressure as Iran might be unwilling to compromise on cutting supply. Range could drive from 46.00 tops and re-visit the 42.00 supports towards weekend. However, observe the fundamental news as bears may engulf the market patterns.

Gold

Gold prices have recovered in strong confidence after no rate hike was confirmed last week. Technically, we reckon the support is lying firm at 1325.00 now and trend will possibly advance higher to 1360.00 this week. Sentiment is prone to climb higher unless the aforementioned support is broken due to unexpected news.

Silver

Silver prices have acted resiliently on advancing higher for many days. This week, we forecast the support will sit tight on 19.300 levels and shoot higher once yellow metal cross 1360.00 levels. Technically, we have identified the immediate resistance at 20.100 and breaking above this levels will probably reach 21.000 regions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives was capped under 2730 resistances last week. Market demand has been affected by Ringgit reversing stronger. December contract closed at 2675 on Friday. This week, we foresee the trend could be strongly supported at 2640 areas and re-try 2730 tops. Breaking higher will test 2800 targets while piercing beneath 2640 will sink to 2600 regions.

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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