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Gold and Oil Markets Report – 5 October 2015

A guest post written by DAR Wong and Chong HC

The American payroll missed big in September and caused initial plunged about 300 points in Dow Jones benchmarks after release. The Dow composite index had biggest reversal in 4 year by closing at 200 points gains for the weekend. Gold and Silver surged due to uncertainty in equity while yellow metal recovered about USD30 range on Friday. Crude oil remains stagnated throughout whole week.

Crude Oil

WTI Crude prices have been trading very tightly around 45.00 regions despite Dollar movement. Market interest is very limited while volume flees into metals commodity. Technically, we are looking at 42.00 – 47.00 ranges for the existing consolidation as the trend is still uncertain. Only extending beyond this range in either direction will step into new interest. Stay alert for the imminent breakout.

Gold

Gold prices landed at 1104.00 bottoms last week before shooting up on Friday to 1140.00 levels after U.S. non-farm payroll. The market is gathering strength to go higher and may initiate the bullish engine in coming week. Range is expected to be supported at 1125.00 and temporary topped at 1155.00. Definitely, piercing above 1155.00 will be signals of new uptrend to 1190.00 in October.

Silver

Silver prices has exhibited a strong sign on Friday by lifting from 14.400 and closed at 15.230 levels. This week, we presume the support will be resilient at 15.000 and likely to climb higher towards coming weekend. Immediate resistance is identified at 15.700 regions in case of the expected uptrend. Take note of the Gold/Silver ratio has begun to decline that means the Silver will run up faster than Gold when both escalate.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed at 15-month high on Friday. The December contract settled at 2386 levels after topped 2460 in early last week. Weaker Ringgit and stock shore-up for coming El-Nino impact have caused very rapid price ascension recently. This week, we expect correction in market due to profit-taking and prices may trade lower at 2280 regions. Resistance remains at 2460 levels which needs to abandon short-view if this level is pierced.

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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