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Gold and Oil Markets Report – 5 Feb 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have shown resilience at USD66 /barrel as buying interests take a breather. As we foresee the Dollar Index begins to recover, WTI Crude might trade in lower band of sideways trend from USD63 – USD66 /barrel. However, strong buying interest will emerge below USD64 /barrel as traders are waiting to bargain hunt for new entry.

Gold

Gold prices topped off recent USD1365 /oz and may begin to correct sideways this week. As predicted previously, the support will stay firm and emerge at USD1325 /oz which probably follow by some mixed trading sentiments. Overall view remains unchanged unless the movement stretches beyond the range of USD1325 – USD1365 /oz. We reckon more sellers will be waiting to take profits once the trend rises above USD1340 /oz level.

Silver

Silver prices dropped beneath our target support USD17.00 /oz last week. Judging at the technical outlook, the trend will be resisted at USD17.20 /oz now and probably drive further down to USD16.30 /oz as our next target. Likewise to Gold trend, we foresee there will be more sellers in Silver market this week for liquidating their profits after the trend could not sustain above USD17.00 /oz level.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on weekly basis as we predicted last week. Demand for CPO declines as Ringgit strengthens further. April contract closed at RM2469 /MT as volume slid. This week, we still maintain our bearish outlook and foresee the trend will test RM2430 /MT support before bargain-hunting steps into market. Topside resistance will emerge at RM2520 /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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