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Gold and Oil Markets Report – 29 August 2016

A guest post written by DAR Wong and Chong HC

WTI Crude prices have been trading in liquidation after it failed to cross above USD50/ barrel recently. Gold and Silver prices also drew down last week in waning demand as investors stay sideways cautiously. FED Yellen held their annual meeting at Jackson Hole on final weekend of August and voiced favor of rate hike in-lieu of jobs recovery and higher inflation. Stocks slid with commodity before weekend closed.

Crude Oil

WTI Crude prices are still threatened by global supply glut despite Russia and Saudi governments have voiced recently of supporting the price recovery. This week, we reckon the range will unwind lower with range expecting from 43.00 – 48.00 regions. Watch the major stock indexes that may slide with Crude prices in weaker demand.

Gold

Gold prices held around 1320.00 regions on Friday after it fell from 1340.00 highs in early last week. Technically, we are optimistic in picking long when yellow metal retreats. This week, range is expected to trade higher from 1320.00 – 1350.00 as we approach September. Observe a possibility of testing 1305.00 before recovery in case the current support at 1320.00 fails to hold.

Silver

Silver prices have been holding firm above 18.500 levels after dipped down last week. However, we foresee the trend will recover this week towards end August. Technically, we favor the entry at 18.300 – 18.500 regions in early coming week while aiming higher at above 19.000 levels or higher towards September. Gold/Silver ratio has shown a possibility in recovery among the 2 precious metals in near future.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower as energy and food oil sector weakened last week. November month closed at 2549 with dropping open interest. This week, we expect down trend will occur in market with target possibly aim at 2450 regions. Resistance caps at 2600 areas if trend recovers but unlikely since open interest reduces.

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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