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Gold and Oil Markets Report – 29 May 2017

A guest post written by DAR Wong and Chong HC

Gold prices broke the resistance and settled at USD1266 /oz on Friday. This week, the trend might climb higher if it could stand firm above USD1245 /oz level. Ascension target aims at USD1290 /oz if further military threat erupts from North Korea or unexpected terrorism in European regions. Stay alert and do swing trades if the trend moves back into consolidation from USD1245 – USD1265 /oz range.

Crude Oil

WTI Crude prices once again exhibits strong resistance at USD52 /barrel after the price fell last week. Technically, we foresee selling activity will ambush at USD52 – USD54 barrel in near future but might trigger a short-squeeze if this hurdle is jeopardized. This week, we expect the range will thread from USD47 – USD51 /barrel which hovers around EMA200 line. The Dollar strength may be a catalyst to Crude trend if no further fundamental news come from OPEC group.

Silver

Silver prices climbed higher last week and advanced for 3 consecutive week-bars. Moving forward, we reckon the trend will thread sideways for a while from USD17 – USD17.40 /oz range. However, piercing above USD17.40 /oz will aim at USD18 /oz as our next target and possibly complete the 4th week climb in a consecutive row. Risk control is advised at USD17 /oz level for long traders.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives slid last week due to low demand from overseas market especially China. August month contract closed at RM2554 /MT as open-interest dropped on Friday. This week, we predict the market might continue weaker but support is identified at RM2500 /MT region. Range trading is expected from RM2500 – RM2600 /MT until we see a breakout in this range for a new direction.

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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