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Gold and Oil Markets Report – 5 March 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices stood well above USD60 /barrel last week. In overall, there is little change in the market outlook as the range is contained from USD60 – USD64 /barrel. Dollar Index is rather steady while capped under 90.00 benchmark. However, beware of the WTI Crude falling beneath USD60 /barrel as the next support will emerge at USD58 /barrel region.

Gold

Gold prices have shown very firm support at USD1305 /oz before it closed above USD1320 /oz for weekend. This week, we predict the market will be trading in mixed sentiment as global equity markets continue to swing in uncertain mode. Technically, yellow metal is resilient by selling pressure at USD1335 /oz in case of recovery. Swing trading is preferred with risk control advised.

Silver

Silver prices traded in whipsaw trend last week as support remains firm at USD16.20 /oz area. Likewise to yellow metal, we foresee Silver will remain same outlook with range trading expected to move from USD16.20 – 16.80 /oz this week. The technical pattern has not shown the surging momentum while Gold is still prone to some profit-taking currently.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed sharply lower on Friday. India announces the raise of import tariff on Crude Palm to 44 percent from current 30 percent and refined palm oil to 54 percent from current 40 percent. Malaysia FCPO slid on Friday as May contract settled at RM2469 /MT. This week, we foresee the bear will continue to fall till bargain-hunting emerges at RM2400 – RM2420 /MT region. Resistance is seen strong at RM2500 /MT in case of recovery.

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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