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Gold and Oil Markets Report – 8 Oct 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices surged in early last week to USD76.90 /barrel and receded to USD74.30 /barrel on Friday. Disputes of rising oil prices among producing countries and President Trump has rattled the price movement into uncertainty. However, we have identified the firm Dollar to be irrelevant to Crude sentiment and might stay likewise in near future. This week, we forecast the trend may correct while supported at USD71 /barrel level. After threading inside USD71 – USD77 /barrel for a while, it will eventually pierce higher in coming weeks as output shortage increases.

Gold

Gold prices closed slightly above USD1200 /oz on Friday and rattled into tight range trading. Overall market sentiment has not changed as the trading activity takes control from USD1180 – USD1210 /oz for past week. Price movements are moving into flat patterns and might breakout in either direction in coming week. We recommend risk control to be exercised as the potential headway of Dollar Index (USDX) is still unclear.

Silver

Silver prices traded in narrow region around USD14.50 /oz last week. This week, our expectation remains unchanged as the overall range will be constricted from USD14.20 – USD15.00 /oz. Generally, market traders are watching the yellow metal closely and silver is temporary lagging in the market movement. Continual sideways trend is still expected in coming weeks.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher after rebound from RM2150 /MT ground. Crude prices recovery has helped to lift most commodity and palm oil demand last week. December contract closed at RM2223 MT in moderate trading activity. This week, we foresee the market might slow down and swing sideways inmixed sentiment. Range is expected to move from RM2170 – RM2250 /MT but bargain-hunting is likely to emerge for long-term gains.

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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