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Gold and Oil Markets Report – 3 July 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices rebound back to USD46 /barrel and project strong recovery. However, we remain consistent that the trend may just trade sideways from USD42 – USD46 /barrel for time being as short-covering is yielding for profit. Only crossing above USD46 /barrel level will induce the probability of price recovery as market sentiment indicates growing demand. The fear of Qatar’s armed conflict could set the trend into USD46 – USD50 /barrel in coming week.

Gold

Gold prices dipped to USD1240 /oz before weekend as all three major pairs in USD/JPY, EUR/USD and GBP/USD rose last week. Technically, we presume Monday’s closing price will be very crucial as the settlement will indicate a continual dive to USD1230 /oz or a reversal in yellow metal. Literally, we have identified support at USD1240 /oz that could lift the trend to USD1265 /oz in case of short-covering. Dipping further will probably still be supported at USD1230 /oz area.

Silver

Silver prices are poising in mixed sentiment around USD16.50 /oz as demand is still strong. This week, we reckon the trend will thread from USD16.30 – USD16.80 /oz until mid-week then take a new headway in either direction. Breaking away from this range will indicate a new extension that need to be safeguard with risk control in case of adversity towards your position. We are more prone to expect a northward direction as the general commodity trend seems to be well supported.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives has been trading in small sideways for past week that could signal an impending rebound. Market seems to be limited at RM2420 /MT on good demand while Ringgit strengthens. September contract closed at RM2455 /MT as momentum is gradually digesting all negative force. This week, we expect the trend to trade initially from RM2420 – RM2500 /MT range but crossing above the resistance region will build up new buying interest very rapidly. Abandon your long-view should the trend fall beneath RM2400 /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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