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Gold and Oil Markets Report – 7 August 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices have been holding firm above USD48 /barrel while trend is still threading sideways below USD51 /barrel. Technically, we presume the range will be constricted within these aforementioned levels until the new directional trend takes charge beyond. No clue for making a guess on the next headway until we hear more affirmative promise from OPEC members.

Gold

Gold prices topped off USD1274 /oz last week amid profit-taking activity. The trend is supported at USD1245 /oz that is confluent to EMA200 line. Hence, we foresee a sideways trend will occur this week within the aforementioned range especially Dollar may trade in mild recovery. Investors should prepare to pick bottom upon this coming short-term recovery for a potential back-end rise in yellow metal.

Silver

Silver prices dipped on Friday after the trend fizzled out from inches away from USD17.00 /oz. As we foresee small rise in Dollar in coming week, Gold may move into correction that drag Silver alongside. Hence, Silver is likely to trade in weak sentiment and re-test the support region at USD15.80 – USD16.00 /oz. Do not worry about the temporary price correction as Silver is forming a solid foundation on month-chart for long-term bullish trend.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives dips on week-chart due to rising output. The October contract closed at RM2606 /MT on Friday as open-interest diminished. Trend becomes uncertain and need to be observed for new build-up in trading volume and open-interest before we could forecast the forthcoming direction. This week, we foresee the market will be supported at RM2570 /MT and failure to drive beneath this level might reverse the trend into new ascension at RM2700 /MT region.

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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