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Gold and Oil Markets Report – 30 April 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices gradually narrow into a tight range as the market trades from USD67 – USD69 /barrel. It is a good sign to see the oil prices holding well despite Dollar ascension. This week, we forecast the range will remain unchanged but a possibility of Dollar decline after mid-May may spur the Crude prices to go higher eventually. Meanwhile, bargain-hunting is expected at USD66 /barrel region.

Gold

Gold prices dipped to USD1315 /oz last week. Market retraced down to where we predicted previously and is expected to recover this week. Technically, we reckon bargain-hunting will arise at USD1310 /oz and move high this week. Range is expected to move from USD1310 – 1335 /oz while in consolidating sentiment.

Silver

Silver prices melted down quickly last week after attained the top USD17.36 /oz level. The trend sank to 16.50 /oz area before weekend with new buyers entering market. This week, we expect tight range will move from USD16.40 – USD16.80 /oz region while traders will adjust their mixed position. The recent ascension in Dollar has triggered fund flight-out from precious metals but general commodities are holding well to the demand.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded lower last week but in tight range. Slow overseas demand and inactive movement in soft commodities have affected the FCPO trend. July contract closed at RM2381 /MT while trading volume dropped. This week, we foresee the market is neutral and might be trapped from RM2350 – RM2420 /MT until we see a breakout in either direction. No clear headway so long as the trend is loitering in the aforementioned region.

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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