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Gold and Oil Markets Report – 31 August 2015

A guest post written by DAR Wong and Chong HC

Gold declined after hitting a monthly high record at 1170.0 levels last week. USDX swung down to 92.50 but quickly recovered after last Monday’s slide and lured investors to return to greenback safe haven. Crude prices resurged back to past 2 weeks’ high and began short-covering while it closed at 45.00 regions on Friday.

Crude Oil

WTI Crudes shot up from 6 years’ low record 37.75 and climbed to 45.00 closing before weekend. This week, we reckon the trend has met temporary resistance at 45.00 levels and will begin to swing sideways from 40.00 – 45.00 regions. However, beware of large buying interest moving into market that may push the trend up to test 50.00 levels as our next higher resistances.

Gold

Gold prices hit 1114.0 low regions last week after falling from 1170.0 highs and closed at 1133.00 for the weekend. This week, we predict the market will consolidate from 1125.0 – 1145.0 ranges in mixed sentiment. Trend is uncertain but may stay firm throughout the week. Picking bottom is preferred whenever there is a pull down in prices.

Silver

Silver prices dipped down to 13.960 last week at 6 years’ low record. Technically, we believe the trend will be strong this week and stand above 14.250 supports. Resistance will emerge at 15.000 in case of rising up. However, breaking above 15.000 will confirm a strong indication of bullish trend. Risk control needs to be reinforced for long traders.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher for the weekend due to short-covering in general commodities. Drastic depreciation of Ringgit and cheap prices in oil palm have made Indian buyers to begin buying stocks from Malaysia. November contract closed at 1994 levels on Friday. This week, the immediate resistance will emerge at 2030 regions while support will lay firm 1900 areas.

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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