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Gold and Oil Markets Report – 29 June 2015

A guest post written by DAR Wong and Chong HC

Gold slid last week after Greece failed to reach debt repayment plan with European creditors. The Dollar index (USDX) also recovered from 94.00 to 95.00 regions that suppressed the prices of general commodities. The pressure of Greek possible default has lifted the Dollar and fuels headwinds to most commodity prices. Crude prices hold up well in-line of talks between international oil groups with Iran on developing nuclear deal.

Crude Oil

WTI Crude prices have been oscillating around 60.00 benchmarks for many weeks. The market is gradually forming a plateau formation that is prone to fall eventually. Technically, we remain the same technical view on projecting the market range from 57.00 – 62.00 in coming week. Only breaking beyond any side of this range constriction will lead into new trend direction. However, pay attention to the increasing closure of U.S. oil rigs that will affect the Crude supply.

Gold

Gold prices slid last week from 1200.00 levels to 1170.00 bottoms and tested the aforementioned support again. This week, traders will become wary if the trend can stage a rebound back to 1200.00 benchmarks or break loose beneath 1170.00 supports. In our opinion, market trend may most likely thread sideways and begin to consolidate within 1170.00 – 1195.00 ranges as yellow metal is greatly supported by many large investors.

Silver

Silver prices dipped to 2 months’ low at 15.515 on Friday before closing higher at 15.780 levels. Market is tailgating the yellow metal in price drawdown while bargain-hunting has moved into market. This week, we reckon support will emerge at 15.600 regions while upward trend might occur for making a recovery at 16.200 areas. Technically, the Gold/Silver ratio has risen again to 74.00 regions again which is very toppish with strong resistance at 74.00 – 76.00 regions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on weekly basis due to lower output amid Ringgit loss against Dollar. September contract closed at 2278 level and traded higher throughout last week on short-covering. This week, we reckon the market will be bullish and supported at 2250 levels. Surge may test 2300 – 2320 regions.

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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