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Gold and Oil Markets Report – 29 Jan 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices climbed above USD65 /barrel last week after the OPEC leaders emphasized on supply cut through year-end in conjunction with Dollar fall. Market closed at 5-year high record at USD66 /barrel region on Friday. This week, the trend will remain tricky as traders watch Dollar direction as clue to gauge commodity prices. The market may ascend higher to USD69 /barrel before profit-taking occurs, or else might fall back to USD62 /barrel if Dollar recovers.


Gold prices spiked above USD1360 /oz at 4-month high and declined to at USD1349 /oz for weekend close. We foresee the trend could be strongly resisted at USD1360 /oz this week and begin to make correction. We expect the range to be prone southward with support rising at USD1325 /oz level. Dollar will remain as market catalyst to metal commodity in strong inverse trend.


Silver prices were resisted at USD17.60 /oz level last week while settled at USD17.40 /oz on Friday. This week, we foresee mixed sentiment will trade in market inside the range from USD17 – USD17.60 /oz. Short-term outlook is prone to profit-taking unless the trend pierces above USD17.60 /oz and trigger a new bull run.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded sideways last week. Stronger Ringgit has put a lid on demand for physical CPO amid slower exports. April contract closed at RM2481 /MT on Friday amid falling oen-interest. This week, we forecast the trend may decline but support identified at RM2430 /MT. Immediate resistance will emerge at RM2525 /MT region.

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

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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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