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Gold and Oil Markets Report – 30 November 2015

A guest post written by DAR Wong and Chong HC

Dollar Index (USDX) reaches 100.00 benchmark while putting a lid on commodity prices. Gold prices slumped below 1070.00 /oz for settlement at 1057.00 levels for the weekend. Silver holds well in the weak market trend. Crude also behaves wobble sentiment amid supply glut. China stocks posted worst performance of 5 percent slump in Shanghai Composite Index on Friday after regulators investigated Haitong Futures.

Crude Oil

WTI Crude prices have been trading from 40.00 – 43.50 ranges for past 2 weeks. Supply glut in global market and slowdown in emerging markets have caused weak demand for energies. This week. We reckon resistance will be resilient at 43.00 areas but declining below 40.00 will initiate panic selling to test 35.00 levels.

Gold

Gold prices closed below 1070.00 levels and will turn this level into resistance for a while. This week, we foresee the bear will continue to decline and test 1040.00 levels before bargain-hunting steps in market. Range trading form 1040.00 – 1070.00 is expected but risk control needs to be observed in case the trend falls below 1040.00 for settlement.

Silver

Silver prices hold well above 14.000 despite Gold fall. This week, we reckon the market may fall slightly to test 13.700 supports before rising. Gold /Silver ratio trades above 74.0 benchmarks and will be difficult for Silver to devalue faster than yellow metal. Currently, resistance will acts at 14.500 regions.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives reversed from 2260 lows last week. Markets news of Chinese leader Li Keqiang’s announcement of buying Malaysia government bond helps to halt the falling Ringgit and trigger short-covering in Palm Oil prices. February contract closed at 2361 on Friday. This week, we foresee will test 2380 – 2400 resistance market while support rises at 2320 regions.

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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