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Gold and Oil Markets Report – 27 April 2015

A guest post written by DAR Wong and Chong HC

Dollar has started to correct into weaker prices but Gold prices have not exercised the bullish strength. Crude prices remained firm throughout last week above 55.00 levels and might make a final spike to reach 60.00 benchmarks before fizzling out. Weekly Crude inventories rose 5.3 million barrels in the week ended 18 April and has to slow down in order to lift the prices in coming week. Saudi Arabia resumes air strike at Yemen that caused the oil prices to be supported as short-term supply may be disrupted.

Crude Oil

WTI Crude prices have been hovering from 56.00 – 58.00 for many days. This week, the trend has to be supported at 54.00 areas and cannot be penetrated down if we presume the uptrend to follow through. Technically, we reckon the ascension will reach 61.00 regions as price –recovery target before selling activities arise. Traders must control your risk well in case market trend reverses very fast against you due to unforeseen matters.

Gold

Gold prices fell back from 1200.00 regions to 1180.00 closing on Friday. The market is standing on support area that is crucial to decide a reversal up or plunge in coming week. Fundamentally, we favor a rebound in yellow metal and target a lift to 1210.00 regions if Dollar weakens further. However, going down further will probably re-test 1255.00 bottoms before bargain hunting comes into market.

Silver

Silver prices dropped last week after tailgating the yellow metal in price decline. The market closed at 15.710 regions on Friday in bearish sentiment. This week, we foresee the trend may drop further at 15.400 grounds before rebound comes into market. The sentiment is very uncertain now and the imminent possible will spring up to 16.000 or higher after this down move completes.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives Futures closed lower for the weekend. Market sentiment is still uncertain as supply is growing amid tax waive in coming May. The July contract closed at 2154 level while in slight bearish sentiment. This week, we predict the trend to be mixed with selling pressure emerging from 2180 regions. Range is expected from 2080 – 2180 regions in either direction.

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 24 years of trading and hedging experiences while HC trades for 6 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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