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Gold and Oil Markets Report – 31 July 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have crossed above USD48 /barrel that acts confluent to EMA200 line. This week, the trend may encounter profit-taking at USD50 /barrel region while drawdown might occur at USD46 /barrel. Range is still largely moving from USD46 – USD50 /barrel unless we could see the rise above the aforementioned resistance and drive into a new directional headway.

Gold

Gold prices broke above USD1260 /oz and maintained good momentum before weekend. This week, we reckon the bulls may reach up to USD1280 /oz before liquidation emerges. Downside support will rise from USD1250 /oz in case of correction. In our opinion, the weakening of Dollar will give a push in yellow metal but profit-takers will still ambush on topside before non-farm payroll on coming Friday.

Silver

Silver prices reached our predicted target at USD16.80 /oz last week. The market is still in bullish trend with yellow metal and drive higher due to devaluing Dollar. This week, we foresee the bulls will encounter resistance at USD17.00 /oz and thereafter turn down for some profit-taking activity. Support will emerge at USD16.40 /oz and constrict the range into range trading amid mixed trading.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on Friday. Demand from overseas and low output are main reason for price surge. October contract closed at RM2653 /MT with a strong spike on week-chart. This week, the trend may ascend to RM2720 /MT while downside support at RM2600 /MT can remain intact. Staying above the RM2650 /MT after mid-week gives a strong fundamental reason to climb higher as we forecast.

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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