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Gold and Oil Markets Report – 27 June 2016

A guest post written by DAR Wong and Chong HC

Gold surged from flight to quality after European currencies declined last week. Yellow metal jumped about USD80 ranges on Friday but settled at mid-ranged prices 1314.00 for the weekend. Crude prices also sank after BREXIT swarmed the market into fear of selling sentiment. Moving forward, we foresee fund will move back into Dollar index for short-term as safe haven due to uncertainty in European markets.

Crude Oil

WTI Crude prices failed to close above 50.00 levels last week after 3 days of attempt. Hence, we foresee the market will dip this week and begin to bear trend. Range is expected to test 43.00 as our first target when downtrend materialized. Piercing above 50.00 again might reverse our forecast though chances are slim.

Gold

Gold prices rose to 1358.00 highs on Friday but receded to 1314.00 for weekend closing. In our opinion, the market is still in swing movements due to mixed trading sentiment. Range might test 1280.00 again in case of rising Dollar while topside caps at 1350.00 areas. However, draw down in prices are good for picking new long entries with proper risk management.

Silver

Silver prices surged above 18.000 benchmarks on Friday but settled below this level again at 17.725 for the weekend. As mentioned earlier, Dollar may rise in coming week and cause some profit-taking in Gold and Silver prices. Technically, we foresee the market is well supported at 17.000 while initial range is expected from 17.500 – 18.000 areas. We favor to establish long entry in case of drawdown correction in Silver prices.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives slid last week as fear of Brexit pushed Dollar higher against Ringgit. September contract closed at 2382 amid selling pressure. This week, we foresee the trend may be capped under 2450 in case of short-covering while sentiment prevails in bear trend. Continual slide carries potential to reach 2350 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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