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Gold and Oil Markets Report – 27 August 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices rose after the sanction on Iran began to cloud market sentiment. Saudi Arabia denies scrapping IPO plan and helps to lift Crude trend. This week, we forecast the trend might top USD70 /barrel in-lieu of supply shortage. Support will emerge at USD66 /barrel in case of drawdown. Beware of breakout on surging trend due to fundamental changes on supply squeeze in market.

Gold

Gold prices made technical recovery last week and closed above USD1200 /oz level. This week, we forecast the resistance lies at USD1215 /oz in case of continual ascension. The market will probably trade in tight range while downside support emerges s at USD1285 /oz. in our opinion, we presume Gold prices will be stagnated due to liquidity rush into technology stocks. Dollar remains as lead catalyst for affecting the yellow metal on inverse correlation.

Silver

Silver prices bounced off USD14.50 /oz level after taken a brief dip below the benchmark. Technically, the market could be making short-term recovery while extending to USD15.50 /oz region. Broadly speaking, we foresee the range will move within USD14.50 – USD15.50 /oz in coming week in mixed trading activity. However, beware of breaking beyond the aforementioned range and risk control is still recommended to reinforce your position.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in weak trend amid falling export in August by 10.6 percent. Ringgit stays weak against Dollar but does not help to support the palm oil prices. November Futures contract settled at RM2218 /MT after fizzled out at RM2260 /MT last week. Technically, the market is still trapped inside RM2180 – RM2260 /MT but prone to bear trend in coming week.

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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