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Gold and Oil Markets Report – 28 September 2015

A guest post written by DAR Wong and Chong HC

Among all commodities that subsided last week, Gold recovered amid short-covering and weaker sentiment in global stocks. Dollar Index actually traded firmer from 95.00 to above 96.00 before weekend. Crude prices traded in small range around 45.00 regions without clue to directional trend. The U.S. Crude inventories slid 1.9 million barrels in the week ended 19 September has helped to support Crude demand.

Crude Oil

WTI Crude prices have been hovering largely from 44.00 – 47.00 ranges in stagnation. The market sentiment is affected by Dollar strength, output from oil producing countries and global slowdown. This week, we reckon the market trend may climb higher to 50.00 targets since it has been trapped in low volatility for past 4 weeks. Breaking below 44.00 for settlement needs to abandon long-view.

Gold

Gold prices climbed higher after mid last week. Trend will remain bullish in coming week if it can stand firm above 1140.00 levels. Technically, we expect the ascension will re-test 1170.00 highs created in August. Overall range is expected to move from 1140.00 – 1170.00 regions while waiting for favorable news. Risk control is needed for long traders in case the trend falls below 1140.00 supports.

Silver

Silver prices traded in sideways last week with recovery before weekend. This week, we derive strong technical support at 14.800 regions and likely to re-visit 15.400 highs. Range could be limited from 14.800 – 15.400 by entailing the yellow metals. However, observe the chances of Gold spike above 1170.00 levels that might lift the Silver from 15.400 to 15.800 regions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on last Friday. The impact of El Nino weather destruction that may deter production in coming months have made merchants shored up stocks. The December contract closed at 2342 levels amid rising volume. This week, we foresee some profit-taking activities may arise and market will be resisted at 2370 areas before receding down to 2250 levels.

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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