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Gold and Oil Markets Report – 3 April 2017

A guest post written by DAR Wong and Chong HC

Gold prices traded narrowly from USD1240 – USD1260 /oz last week but still in firm sentiment. We reckon the market is waiting for the non-farm payroll on this Friday for a potential turndown into correction. This week, chances of seeing a dive down to USD1220 /oz is rather high while topside resistance is maintained at USD1260 /oz region. In the unlikely event of piercing above USD1260 /oz level, we shall see USD1280 /oz as our next target.

Crude Oil

WTI Crude prices closed above USD50 /barrel on Friday and re-exhibited the strength. Technically, we will map the trading range from USD48 – USD52 /barrel in coming week. Only crossing persistently above USD52 /barrel benchmark will indicate a new bullish trend while consolidating sideways in the aforementioned range will eventually initiate a draw down trend. Observe the Dollar trend for the leas factor since there will be trade talk between the two big country leaders on 5-6 April.


Silver prices closed at USD18.40 /oz on Friday in bullish signal. This week, we foresee the bulls will continue to try higher at USD18.50 /oz before fizzling out. Downside is potentially aiming at USD17.60 /oz for a correction if draw down begins. In our opinion, there should be some correction coming before aiming higher towards end of Q2.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dived further last week in bearish trend. Higher palm output has dragged the prices lower amid selling pressure in market. The June contract closed at RM2647 /MT level. This week, we foresee the market will be resisted at RM2680 – RM2700 /MT in case of early pull-up. Continual bear trend is expected while we foresee the trend will land at RM2550 /MT as our next target.

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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