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Gold and Oil Markets Report – 28 August 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices are moving into a flag formation as the trend is reaching an end of the narrowing formation at USD48 /barrel. This week, we foresee the trend might pierce above USD49 /barrel and climb higher to USD51 /barrel. Downside support sits at USD47 /barrel with much bargain-hunting interest, which in case of giving way will open to new selling pressure. Hurricane Harvey affecting the U.S. output with weakening Dollar will aid to lift Crude prices.

Gold

Gold prices maintain at strong demand despite there was a swing down on late Friday during Jackson Hole symposium. Market is being sought after as safe haven as Dollar falls. However, the trend ls sitting at crossroad again due to triple-top formation at USD1300 /oz level. This week, we reckon the trend may either fall in profit-taking while ranging from USD1270 – USD1300 /oz region, or breakout beyond USD1300 /oz resistance and attempt the USD1340 /oz.

Silver

Silver prices loiter at USD17 /oz region while resisted beneath EMA200 line on day-chart. Technically, we foresee the range may constrict from USD16.60 – 17.60 /oz in coming week as traders turn cautious. The lead focus will be staked at Gold prices and followed by Silver trend. In summary, we always target to pick entry position as precious metals retrace lower for temporary correction.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives soared higher last week as output is expected to reduce in coming month. Ringgit moves in tight range around 2.28 in USD/MYR rate and has not affected the demand for Palm oil. November contract closed RM2751 /MT in mild profit-taking. This week, we foresee the market may climb higher to RM2850 /MT region while the support lies at RM2700 /MT area.

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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