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Gold and Oil Markets Report – 28 December 2015

A guest post written by DAR Wong and Chong HC

The metals and energy markets traded in thin volatility last week as both made mild recovery before year-end. Dollar Index trades slightly lower while lending strength to lift the commodity prices. Pay attention to FCPO prices in Bursa market as palm prices might climb higher in coming weeks due to weakening Ringgit. The U.S. Crude inventory was cut by 5.9 million barrels last week and helped to recover the Crude demand.

Crude Oil

WTI Crude prices dipped below 35.00 levels last week and panicked market traders. It closed higher at 38.00 regions after Dollar Index slid. This week, we forecast the trend will be supported at 36.00 and may ascend slightly to 40.00 benchmarks. Expect range bound trading with low liquidity in market for this week!

Gold

Gold prices settled at 1074.00 regions before Christmas Day. The market is in good strength and is well supported at 1065.00 areas while aiming to climb higher. This week, we reckon the trend may reach 1090.00 levels to close for year-end window dressing. Range may be limited but prone to be bullish due to no negative fundamentals.

Silver

Silver prices traded in small range but retained bullish sentiment last week. The market closed at 14.350 regions and looking to be strong. This week, we predict support will emerge at 14.000 areas and small pull-up may reach 14.500 tops before year-end closing. Control risk for long traders though we expect not much uncertainty will occur in market.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher despite short week before Christmas holidays. Short-covering before year-end and rise in general commodity trends have helped Palm prices to escalate. March contract settled at 2486 and prone to climb higher in coming week. Technically, the bulls have surpassed the EMA200 resistances on week-chart and sit well on 2455 supports. We reckon the trend will reach 2520 as immediate target.

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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