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Gold and Oil Markets Report – 8 Jan 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices traded above USD60 /barrel in January that has been long awaited for past 2-1/2 year. Supply cut on global basis and recent anti-Government protest in Iran have lent demand into oil prices. This week, we foresee the trend will be trapped in tight range from USD60 – USD63 /barrel due to very mixed sentiment. Weak Dollar is definitely a plus factor in helping to support the Crude demand.


Gold prices topped USD1325 /oz last week and poised at USD1320 /oz for weekend closing. This week, we foresee there could be a possibility to see slightly higher prices but will be resilient at USD1325 – USD1330 /oz region. Downward correction is likely to occur after mid-week due to profit-taking from recent rise. The trend is prone to drive back at USD1300 /oz before bargain-hunting steps into market again.


Silver prices have been recovering with Gold trend but capped at USD17.20 /oz region. This week, we foresee the market is resisted at USD17.40 /oz in case of rising higher. Support is spotted at USD16.80 /oz once the trend begins to liquidate for profits after mid-week. Mixed sentiment will follow through as many new buyers will enter into market after mid-January.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded in higher demand after January market opened. Global oil products are climbing higher and Palm oil is no exceptional case. March contract closed at RM2590 /MT on Friday amid high trading volume. This week, we foresee the trend may consolidate around RM2550 /MT and topside target is possible at RM2650 /MT for continual demand.

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

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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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