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Gold and Oil Markets Report – 9 April 2018

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices slid before weekend despite unmoved Dollar prices. The decline was mainly due to U.S. – China trade dispute that worried investors. This week, we forecast the range to be moving slightly lower while contain within USD60 – USD64 /barrel. Market sentiment has returned to neutral zone again unless the demand is able to ascend above USD64 /barrel level and regain investors’ confidence.

Gold

Gold prices have been consolidating at USD1330 /oz area without showing a clear directional headway. This week, we reckon the trend may travel in either direction while depending on fundamental news. Market traders become wary of U.S. President and his words on unexpected catalyst. We remain conservative to project the market range from USD1310 – USD1360 /oz in case of market swings in either direction.

Silver

Silver prices have been threading sideways and basically unchanged from USD16.20 – USD16.80 /oz like last week. Moving forward, we remain similar in our prediction while entailing the yellow metal as the lead factor in price trend. Technically, the trend has been trading in flat pattern since early February and await the eventual breakout beyond the aforementioned range.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives traded higher last week as demand arose from short-covering. April settled at RM2503 /MT on Friday amid rising volume. This week, we predict the trend will encounter resistance at RM2560 /MT while sitting strong on RM2460 /MT support. Therefore, range trading is expected while prone to trade moderately higher.

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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