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Gold and Oil Markets Report – 29 Oct 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices fell to 3-month low beneath USD66 /barrel and bounced before weekend closed. Technically, there is a strong support at USD66 /barrel that is confluent to EMA200 line on day-chart. Fundamentally, we expect the market is taking a breather sue to rising Dollar trend. This week, some recovery is expected and the range could move from USD66 – USD70 /barrel amid moderate activity.


Gold prices trade higher amid slowing demand. Trend seems to behave in fatigue at USD1240 /oz resistance. This week, we reckon the trend may test briefly above USD1240 /oz and begin to correct. Range will be toppish at USD1250 /oz while landing at USD1220 /oz area will meet the first buying demand. Nevertheless, we do not discount the possibility of market staying flat on topside resistance in case of Dollar recedes.


Silver prices traded in flat pattern as the trend was capped beneath USD14.80 /oz last week. Technically, the market is trapped inside the range from USD14.40 – USD14.80 /oz as trading activity slows down for time being. This week, we reckon the range will remain unchanged until it breaks beyond the region. Market interest should return after the market reveals a clearer directional trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives decline last week due to slower demand and falling Crude prices. January contract slid below RM2200 /MT benchmark and closed at RM2147 /MT on Friday. This week, we identify the strong support at RM2135 /MT region and the trend is likely to thread sideways from RM2135 – RM2185 /MT range. However, beware of unexpected dip beneath the aforementioned support that will lead to test RM2100 /MT before bargain-hunting steps into market.

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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