Tweet this

Dealing Desk Hotline

(603)-2181 8848

Gold and Oil Markets Report – 6 November 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices closed above USD55 /barrel on Friday while exhibiting bullish pattern. This week, we forecast the trend may surge higher to near USD58 /barrel before the bulls fizzle out. Support is expected to emerge at USD54 /barrel in case of drawdown but the market needs more positive fundamentals to support the demand. On the other hand, a firmer though gradual rising Dollar may not be ideal for the oil prices over short-term.


Gold prices are slowly making a correction though bargain-hunting is also entering the market. Technically speaking, we expect the support to lay its foundation at USD1255 – 1260 /oz in confluence with EMA200 line. The topside resistance is seen at USD1280 /oz in case of recovery. Generally, sideways trend is expected for another week before the trend would eventually sort out is clear headway for a new recovery.


Silver prices stabilized at USD16.80 /oz on Friday after making a fast dip at USD16.60 /oz. This week, we predict the trend will recover in sideways while consolidating from USD16.60 – USD17.10 /oz range. The study on Gold/Silver ratio chart tells the possibility of bottoming out in Gold and Silver prices, thus might expect a recovery in November in their separate trends.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed lower on correction swings. The wind down in pricing is due to technical profit taking and following weaker soy prices. January contract closed at RM2804 /MT. This week, we foresee some sideways trend will continue as the range moves from RM2750 /MT to RM2850 /MT region. Trend may be prone to trade on higher end after mid-week as Ringgit may turn softer.

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

Subscribe to OPF Blog via Feed Reader or Email

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.


Share and Enjoy:
[] [Digg] [Facebook] [Google] [Mixx] [MySpace] [Twitter] [Windows Live] [Yahoo!] [Email]

Post a Comment

Displayed next to your comments.

Not displayed publicly

If you have a website, link ti it here


OPF reserves the right to delete comments that are snarky, offensive, or off-topic. If in doubt, read our Comments Policy.