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Gold and Oil Markets Report – 4 December 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices traded mainly on high-side range of USD57 – USD59 /barrel after the OPEC news of continual supply cut with Russia. Oil prices might be resisted at USD60 /barrel as Dollar tends to rise towards mid-December upon projected rate hike. No clue for making a forecast in WTI Crude direction until it extends beyond the aforementioned tight range in near future.

Gold

Gold prices traded in corrective trend after topping USD1300 /oz last week. Market has revealed strong bargain hunting at USD1270 /oz and holds the trend within this range. This week, we foresee little change in the forecast as market will be swinging from USD1270 – USD1300 /oz range. However, breaking beyond the range in either direction needs to be controlled with risk management.

Silver

Silver prices dipped unexpectedly last week to USD16.20 /oz but has exhibited strong buying interest from this bottom area. This week, we foresee strong bargain-hunting at USD16.00 – USD16.20 /oz in case of further decline but upside carries huge potential of recovery. We target the trend may reverse to USD17 /oz for making a technical correction.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in near bottom amid short week ended on Thursday. February contract closed at RM2604 /MT on Thursday after hitting RM2560 /MT low on previous day. This week, we predict the trend will recover in some demand as Ringgit strengthens. Range is expected to trade higher from RM2580 – RM2680 /MT region.

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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