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Gold and Oil Markets Report – 28 March 2016

A guest post written by DAR Wong and Chong HC

USDX made moderate recovery last week and pressed down precious metals and energies. Global glut in supply also adds pressure to Crude demand amid with higher inventories in weekly report from U.S. EIA department. Major stock indexes have been striving to climb higher but stay at high prices before weekend though traders foresee an imminent slide is inevitable.

Crude Oil

WTI Crude prices topped off 42.00 resistance as we predicted 2 weeks ago. Moving forward, the market is prone to correct further down with resistance remains at 40.00 – 42.00 regions. This week, we reckon the bears will test 36.00 supports before driving lower. Dollar strength and international fundamentals will remain as essential factors for direction in Crude prices. Dropping further will probably land at 30.00 regions again before mid-April.

Gold

Gold prices broke below 1230.0 supports and landed at 1216.0 regions for the weekend. Technically, we predict this week will continue to squeeze out long traders at below 1210.0 levels before the trend will recover. Support is expected to emerge at 1205.0 regions while the uptrend needs to clear above 1230.0 in order to resume demand. Traders are advised to plan long entry upon drawdown correction with risk control.

Silver

Silver prices also declined last week and threw off long traders. This week, it is possible to see the trend tests 15.000 regions before demand resurges in market. Going below 15.000 will expect many bargain hunters for long-term portfolio establishment. Risk management is advised while we foresee immediate resistance is aimed at 15.600 areas.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives stays strong as it closed at 2-year high. The El-Nino effect threatens with supply cut that pushes the demand higher for shoring as trade volume increases. June month closed at 2722 on Friday after reversing up from intraday demand. Technically, we are optimistic to see market climbs higher while sitting on 2650 supports. Resistance will emerge at 2800 regions as the demand drives up.

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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