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Gold and Oil Markets Report – 27 February 2017

A guest post written by DAR Wong and Chong HC

Dow Jones benchmark scaled higher on Friday and closed at new historical high at 20,821 levels. President Trump fires at China by calling Grand Champion of currency manipulator but has been rebuffed by China’s Foreign Ministry. On Friday Gold prices climbed amid fear of uncertainty to 3-month high while Crude poised in price stability.

Crude Oil

WTI Crude prices moved in little tight range around USD54.00 /barrel region last week. Effective supply cut by OPEC members has been countered by an increased production in U.S. shale oil. Technically, we preset the range parameter from 52.00 – 55.00 in coming week while waiting to observe a breakaway. No clue for the trend forecast until we see the movement in Dollar or new announcement in global oil output for February.

Gold

Gold prices closed at USD1257.00 /oz on Friday after the trend broke above 1250.00 resistance. This week, we expect the bulls to move higher while aiming at 1285.00 as our next target. However, we also foresee an imminent profit-taking trend might occur soon from the proposed top relatively to the reversal in USD/JPY down trend. Dropping beneath 1250.00 support needs to abandon your long-view.

Silver

Silver prices broke form the USD18.000 consolidation range and settled at 18.330 before weekend. The market is strong demanded alongside with yellow metals after Trump instills uncertainty into market. This week, we predict there is a chance to see 19.000 being reached before the trend fizzles out. Support is identified at 18.000 level and should be guarded as risk control level in case the price declines beyond here.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly comparison. Rising output and weak demand jeopardize the market demand while traders await recovery. May contract closed at 2804 with surging volume. This week, we foresee the market may begin to recover with support resting at 2760 region. Trend is open to test 2860 area again if the open-interest rises with uptrend.

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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