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Gold and Oil Markets Report – 7 September 2015

A guest post written by DAR Wong and Chong HC

Gold prices continue to decline in correction range as profit-taking activities increased last week. Oil prices traded sideways around 45.00 levels for whole of last week. Russia Deputy Prime Minister says they will not cut supply in oil production despite current low prices. Saudi Arabia government also stresses they are capable to manage the lowering prices of Crude and will not reduce daily production.

Crude Oil

WTI Crudes are slowly narrowing in prices while forming a triangle formation. Technical sideways will move from 42.50 – 50.00 ranges in coming week with no definite clue of fundamental leads. The trend may move into either direction by either hitting double bottoms or piercing above 50.00 to attempt for 53.00 as next targets. However, Dollar strength will play important role in leading the energy prices in coming months.

Gold

Gold prices traded lower last week as demand weakened. Market closed at near to week’s low 1120.0 areas in bearish outlook. This week, we foresee the trend will complete the bottom but supported at 1110.0 regions before jumping again. Overall range is expected to move from 1110.0 – 1132.0 levels. Beware of piercing above 1132.0 that will lead a new bullish resurgence in near future.

Silver

Silver prices touched 6-year low at 13.975 recently and triggered some buying interests in market. This week, we reckon the market may make a quick dip below 14.250 levels before bouncing up. Market is potential to make recovery anytime once the prices cross above 14.800 levels. Focus on picking bottom while controlling your risk properly.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed in bullish sentiment on Friday and near to week’s top levels. Weaker ringgit has helped to attract foreign buyers for stocking up. November contract closed at 2033 level after it opened from 1973 on last Tuesday. This week, we foresee the trend will meet some selling pressures in taking profits around 2040 – 2070 as market looks topish. Support is temporary holding well at 1970 in case it rolls back on downside.

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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