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Gold and Oil Markets Report – 9 October 2017

A guest post written by DAR Wong and Chong HC

Crude Oil

WTI Crude prices fell last week and broke 4 weeks of bullish streak. Rising production resurfaces in market though Russia and OPEC pledge to spike demand though maintaining supply cut. Tropical storm Nate is expected to head into offshore oil industry as many operators have shut down operation. Despite the fall last week, we interpret it as a correction and expect the market to be supported at USD47 /barrel region. Range is still mild bearish while it may move lower from USD50 /barrel in case of quick pull up pattern.

Gold

Gold prices dipped at USD1260 /oz on Friday after nonfarm payroll release but jumped after sign of inflation has been interpreted. This week, we reckon the bulls may lead the market and recover at USD1295 /oz as our first target. Range is expected to be rebound but some demand will be seen as bargain-hunting from bottom. Dollar will remain as focal instrument as inverse lead to yellow metal prices.

Silver

Silver prices exhibited a strong rebound on Friday. The trend will be a good bargain at whatever prices below USD16.50 /oz this week. We forecast the demand will grow after mid-week but resistance still acts at USD17 /oz. small range is expected as price foundation will gradually form up over few weeks’ time.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher after bounced off the EMA200 support line at RM2680 /MT. Recovery has been anticipated as we mentioned last week while market begins to consolidate. December contract closed at RM2732 MT. This week, we foresee small range movement will conduct sideways from RM2680 – RM2760 /MT until we see new rise in open-interest in FCPO market.

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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