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Gold and Oil Markets Report – 30 July 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been rattling sideways while no directional headways is spotted in market. Traders are expecting the trend to rise again in August when the effect on Iran’s sanction kicks in. Technically, we foresee the trend will remain unchanged from USD67 – USD70 /barrel this week and not much fundamental change is expected to emerge. OPEC members stay on track to reduce production output till year-end.

Gold

Gold prices traded in tight range throughout last week while settled near to support USD1220 /oz on Friday. Market is in fatigue without new demand but bargain-hunting will emerge very strongly at USD1200 – USD1220 /oz region. This week, we foresee the trend will climb higher in recovery but resisted at USD1245 /oz area. On the other hand, it may also be possible to loiter at bargain-hunting region if Dollar stays firm.

Silver

Silver prices literally hovered around USD15.50 /oz throughout whole week. The market is stagnated in scare trading activity while waiting for new directional headway. This week, we reckon the trend has potential to make small recovery with range expecting from USD15.30 – USD15.80 /oz area. Technically, we need to see yellow metal moves as first market before silver follows.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives stagnates in price movement as major food oil market persists gloomy. The demand for FCPO stays sluggish as Ringgit weakens to 4.06 against Dollar. October contract settled at RM2185 /MT on Friday. This week, we predict resistance will emerge at RM2220 /MT and likely to test support at RM2150 /MT again. In summary, the market needs to pierce above the aforementioned resistance before protruding a new upward trend. Breaking beneath RM2150 /MT might drive down to RM2090 /MT 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 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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