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Gold and Oil Markets Report – 27 March 2017

A guest post written by DAR Wong and Chong HC

Gold prices challenged USD1250 /oz resistance but closed beneath this benchmark on Friday. The market is still resilient due to falling Dollar and fear of uncertainty among investors. This week, we forecast the trend will hold well above USD1225 /oz and trade sideways while respecting the USD1250 /oz resistance. However, beware of piercing above this resistance and the trend might advance to USD1270/oz in case of additional demand from global economic fear.

Crude Oil

WTI Crude prices have been trading in narrow range from USD47 – USD50 per barrel. The market is threatened by rising oil production in U.S. market despite OPEC has cut supply as planned. Technically, we project the price range will move from USD46 – USD50 /barrel but subject to fundamental influences of decline anytime. On the other hand, the trend has to conquer above USD50 /barrel in order to recover market confidence and move higher in coming months.

Silver

Silver prices continue to advance higher with support rising at USD17.40 /oz region. This week, we foresee the trend may aim for USD18.00 /oz before profit-taking arises in market. In overall, the trend is still well supported and will trade in gradual stronger sentiment. Abandon your long-view in case of breaking beneath 17.40 /oz support.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded lower after middle last week. Market went softer as energy and oil prices traded lower before weekend. June contract closed at 2755 on Friday amid diminishing open-interest. This week, we reckon the support will rise at 2700 and trend likely to trade sideways from 2700 – 2850 region. However, breaking beneath 2700 support with growing open-interest may indicate new bear trend.

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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