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Gold and Oil Markets Report – 3 August 2015

A guest post written by DAR Wong and Chong HC

The U.S. Dollar Index (USDX) traded below 98.00 last week and allowed general commodities to take a breather from falling. Recent strength in greenback have suppressed commodity prices to revisit the low prices created in Q1 of this year as demand slide. Royal Dutch Shell announces the plan to lay off 6500 jobs as Crude prices ebb lower.

Crude Oil

WTI Crude prices reversed down on Friday to 46.80 regions where it started to climb since Monday. This level also serves as crucial support to the market lest breaking beneath will drive down to 42.00 low again created 18 March. This week, continue to observe the Dollar Index in case of a drawdown will lift the Crude prices to 50.00 for short-covering. Range trading is still expected in near-future as market situation is uncertain.

Gold

Gold traded in uncertain sideways last week while waiting for Dollar Index (USDX) to lead the trend. Yellow metal submerges below 1100.00 benchmarks but support has been staying resilient at 1080.0 levels. This week, it is crucial to observe the trend for breaking above 1100.0 levels in order to make recovery at 1120.0 regions. Sinking below 1080.0 supports will indicate new bears towards 1050.0 levels. Dollar will be lead role inversely to Gold prices.

Silver

Silver prices swung in uncertainty but stayed below 15.000 levels last week. Technically speaking, the trend is finding its stance above 14.500 levels as bargain-hunting emerges. The trend may be moving from 14.500 – 15.000 ranges in coming week while waiting to break beyond in either way. Personally, we reckon precious metal prices are cheap now since they carry property to hedge against future inflation. Below the 14.500 has another strong buying demand at 13.30 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on week chart. Bearish trend revisited market due to low demand from overseas market especially China. General commodity prices ebbed lower last week after reacting to FOMC statement. The October contract closed at 2118 levels amid selling pressure. This week, we foresee the market will continue to trade lower with next support rising at 2080. Possible recovery may reach 2160 in early coming week.

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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