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Gold and Oil Markets Report – 6 August 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices traded in tight range USD67 – USD70 /barrel last week. Market is prone to be supported by the production cut OPEC and Russia agreement. Moreover, the sanction against Iran export will begin in August that helps to consolidate demand for Crude. This week, we foresee the essential trend of Dollar will be crucial to lead the Crude prices while it traps in the aforementioned range.

Gold

Gold prices weakened last week to USD1204 /oz as Dollar Index (USDX) rose to 95.00 benchmark. Yellow metal almost reached major support at USD1200 /oz while settled near to this low on Friday. Technically, the market has been threatened by higher Dollar value as U.S. declares the initiation of trade war. This week, we reckon the trend will trade from USD1200 – USD1225 /oz but moving beyond this range and against your favor will need proper risk control.

Silver

Silver prices traded in slight bearish trend last week entailing Gold prices. This week, we forecast the support at USD15.20 /oz will be crucial to safeguard the falling trend. Range is expected to trade tight from USD15.20 – USD15.70 /oz without any potential directional headway. Nevertheless, beware of piercing beneath USD15.20 /oz that might drive down to USD15.00 /oz benchmark.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in tight range but refrained from declining as Ringgit weakened. The USD/MYR rate advances as Dollar strengthened last week. We reckon the trend might top 4.09 before falling this week. October contract settled at RM2197 /MT on Friday amid low activity. This week, we predict the trend will sit on RM2150 /MT support and tend to recover. Piercing above RM2230 /MT will initiate a new northern direction but falling beneath the aforementioned support will need risk control.

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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