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Gold and Oil Markets Report – 8 Jun 2015

A guest post written by DAR Wong and Chong HC

Dollar traded higher before the weekend and pushed down Gold prices. American payroll performed better in May by created 280,000 jobs above expectation and lifted the rate hike speculation again. DJIA and general commodity ebbed lower but Crude prices climbed. Number of oil rig operations fall in U.S. for 26 consecutive weeks to 642 compared to 1536 at same month last year.

Crude Oil

WTI Crude prices have been consolidating from 56.00 – 61.00 regions while forming a top formation. The longer it stays here is not ideal as the patterns suggest an eventual reversal down. This week, we predict the range will still be stuck in same prices. However, beware of piercing above 61.00 resistances as this may ascend to 65.00 tops for testing the EMA 200 line as checkpoint.

Gold

Gold prices drifted below 1200.00 benchmarks for the whole week. Yellow metal is in cheap sale with not many long traders favoring this market. This week, we reckon the trend will return to 1200.00 levels though the price movements are still in consolidation phase from 1160.00 – 1200.00 regions. Market should settle above 1170.00 levels in order to make a gradual recovery at 1200.00 targets, otherwise it may test 1150.00 bottoms again before spring up.

Silver

Silver prices traded in bear trends last week as it touched 15.968 lows. The market is technically well supported at 15.800 levels with possibility to reverse up in coming week. We foresee the bulls may reach up 16.500 targets in the forthcoming trend. Trading band is expected to move from 15.800 – 16.500 range with better strategy to pick bottoms. Risk control need to be exercise in case of falling below 15.700 levels.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives higher for the weekend but with reducing open interest. Ringgit weakening and the El Nino weather continue to threaten supply cut. Market speculates the palm oil prices will recover in 2H 2015 with better demand. August contract closed at 2340 level. This week, we expect some sideways will move in early week from 2300 – 2340 but likely to move higher to 2400 by end of week.

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 24 years of trading and hedging experiences while HC trades for 6 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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