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Gold and Oil Markets Report – 30 June 2014

A guest post written by DAR Wong and Chong HC

Iraq militant war escalates in Northern part of the country. Gold remains at high prices but also fails to climb higher due to growing selling pressure. Last Thursday, weekly crude inventories increased 1.7 million barrels and managed to soften the crude prices. Weakening Dollar fails to pull commodity prices higher as traders adopt hawkish view. This week, traders will be observing the regional manufacturing PMI data that will lead the commodity prices into new territory.

Crude Oil

WTI Crude prices traded amid some profit-taking activities last week but buying interest still remains strong in market. In our opinion, the market should stay above 104.50 supports while continue to ascend higher after this correction. This week, overall trend should stay from 104.50 – 108.00 regions but breaking above 108.00 could climb further to 111.00 highs. Take note crude prices are prone to trade higher progressively in near future due to geo-political uncertainties in Gulf countries.

Gold

Gold prices traded in narrow range from 1305.00 – 1325.00 regions last week amid uncertainty. The reassurance of low interest rates from US FED officials has not been effective in pushing Gold prices higher. This week, we foresee the market will be prone to fall back to 1297.00 as corrective trends if it could not jump above 1325.00 resistances. However, shorting in market needs to be controlled with risk management because jumping above 1325.00 levels will probably ascend to 1340.0 targets in case of unforeseen fundamental factors.

Silver

Silver prices may follow the yellow metal trend and head down initially to 20.300 regions for correction. Technically, we reckon the market will be supported at 20.000 – 20.300 areas where bargain-hunting will rebound the market back to the topside towards this weekend. In our opinion, piercing above 21.200 resistances will escalate to 22.000 regions if strength could persist in market!

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded lower last week amid low demand. Market has begun to resume bearish trend after recent upward correction. September contract settled at 2445 on Friday with strong volume. This week, we foresee the market will be resisted at 2470 tops and probably will slide again after mid-week. Downside target lies at 2400 as our first support.

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 24 years of trading and hedging experiences while HC trades for 6 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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