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Gold and Oil Markets Report – 3 Sep 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices were trading in firm sentiment amid slow demand last week. The market is approaching USD70 /barrel but unable to pierce above this benchmark before weekend closed. This week, we foresee the range will narrow as it trades slightly higher from USD68 – USD71 /barrel. Piercing above this range will initiate a new bullish trend in market if collate with new fundamental strength.

Gold

Gold prices have been balancing above USD1200 /oz benchmark last week. Technically, the trend is still uncertain and will be heading in either direction this week. We reckon the trend may either fall back to USD1285/oz area if Dollar rises. Otherwise, the yellow metal could rise further above USD1205 /oz and aim for USD1230 /oz target if recovery persists.

Silver

Silver prices traded in downtrend last week but the market has stood on USD14.40 /oz support. This week, the trend will entail yellow metal and likely to bounce off USD14.40 /oz support but trade in narrow recovery. Upside target aims at USD15.00 /oz if the trend reverses. However, abandon your long view in case of prices fall beneath USD14.40 /oz support.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher amid short week. Gains in soy oil has helped to lift the palm oil prices on moderate demand. November contract closed at RM2245 MT on Thursday before the long weekend. This week, the market may attempt to penetrate above RM2260 /MT resistance and rise to RM2300 /MT region. Support sits at RM2200 /MT and falling beneath this benchmark will start new bear trend.

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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