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Gold and Oil Markets Report – 5 September 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been staying sluggish despite general commodities rose last week. Some buying interest are seen in market but the demand could not push up to USD50 /barrel. This week, we expect the movement to be constricted from USD46 – USD49 /barrel unless there is a breakout beyond this range. We hope to see a raise in Crude prices as supply cut from U.S. production may be positive to lift he demand soon.

Gold

Gold prices ascended on dual events last week after the North Korea fired missile over Japan and Friday after American payroll grew at slower pace. Market reaches 10-month record as yellow metal rises above USD1320 / oz. This week, we predict the trend will rise to USD1340 /0z before profit-taking comes into market. Support is identified at USD1305 /oz in case of drawdown for liquidation.

Silver

Silver prices stayed bullish throughout last week with support raising at USD17.20 /oz from now onwards. This week, we foresee the range will be constricted from USD17.20 – USD17.80 /oz. However, there is a possibility of piercing above USD17.80 /oz and rise further to USD18.60 /oz to form triple top formation. Precious metals are being sought after as safe haven now with yellow metal leading the Silver bulls.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on Thursday as the market went for a long weekend. Demand for palm oil has been falling from overseas market as Ringgit strengthens gradually against Dollar. November contract closed at RM2705 /MT as open-interest fell. This week, we reckon the trend will move in sideways from RM2650 – RM2800 /MT in mixed sentiment.

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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