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Gold and Oil Markets Report – 29 October 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices exhibited good demand last week but capped beneath USD55.00 /barrel. Brent Crude has reached USD60 /barrel while U.S. WTI Crude follows suit. This week, we foresee a tight range will impose on market from USD52.00 – USD55.00 /barrel until the trend breaks beyond in either direction. . OPEC and shale oil production continues to play as catalyst role in pushing up Crude demand.

Gold

Gold prices rebound on Friday but still loiters at USD1270 /oz area. This week, we forecast the trend will be supported at USD1260 /oz in case of further drawdown. For the time being, we believe the trend is closely related to Dollar weight and might thread from USD1260 – USD1290 /oz without a sure headway yet. Focus is still laid on European fundamentals in Spain’s debacle before shifting to yellow metal at latter time.

Silver

Silver prices stabilized at USD16.80 /oz on Friday after making a fast dip at USD16.60 /oz. This week, we predict the trend will recover in sideways while consolidating from USD16.60 – USD17.10 /oz range. The study on Gold/Silver ratio chart tells the possibility of bottoming out in Gold and Silver prices, thus might expect a recovery in November in their separate trends.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives rose last week due to weaker Ringgit. The USD/MYR climbs to 4.24 and probably will ascend higher to 4.28 this week. January contract closed at RM2817 /MT in strong volume. This week, we foresee the trend is supported at RM2760 /MT in case of quick correction. Market bulls might reach higher to RM2900 /MT if the demand could stay above RM2800 /MT level.

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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