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Gold and Oil Markets Report – 30 March 2015

A guest post written by DAR Wong and Chong HC

Last week, Gold surged in recovery but met some profit-taking before weekend and settled on brim of USD1200.00 /oz. Crude prices recovered after the Saudi Arabia launched attack on Yemen extremist militants. The USDX has been trading lower from previous high 100.00 benchmarks and hovers around 97.00 areas that put supporting forces on general commodity prices. FED Yellen reassures on no immediate rate hike though it might come later this year.

Crude Oil

WTI Crude prices jumped up to 52.00 regions last week while settled at 48.000 for the weekend. This week, we have identified strong support at S1 – 45.00 and S2 – 42.00 levels while the resistances will emerge at 54.00 regions. Basically, the market trend is still unclear though some news could be driving the prices within this band. Technically speaking, the market needs to breaks beyond the extremes of this range in order to lead into new direction.

Gold

Gold prices reached 1219.00 highs last week but settle at 1198.00 regions for weekend. The market is moving into consolidation now but has strength to advance further in coming weeks. Technically, we expect the support to emerge at 1180.00 in case of some liquidation occur this week but the topside is temporary capped at 1225.00 regions. Hence, plan for long entry from bottom with risk control carries more potential to profit from market.

Silver

Silver prices have hit exhaustion at 17.000 regions for the time being after market has risen from 15.500 bottoms. This week, we reckon the trend will continue to drawdown into short-term correction at 16.250 areas for consolidation. The market is resilient at 17.500 for much selling pressure while the trend may be prone to be soft in coming week. Hence, plan your trading strategy for sideways swing but picking bottom may be safer for position traders.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives Futures traded in sideways though some liquidation came in before weekend. Indonesia government is considering tax levy on Palm Crude exports to aid biomass research and has added pressure onto prices. June contract settled at 2170 on Friday with lower open interest in market. This week, we recon the market may face some bargain hunting at 2130 areas though ultimate support is spotted at 2100 levels. Topside may test 2140 targets once buying interest reversed the current patterns.

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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