Gold and Oil Markets Report – 7 May 2018 | DZHI - DZH International 
logo

Gold and Oil Markets Report – 7 May 2018

  • DAR Wong
  • 7 May 2018

Gold prices fell last week inversely to rising Dollar Index (USDX) climbing to highest point above 92.00 level since January began. Yellow metal is seen supported at USD1300 /oz despite sharp falling recently. This week, we reckon the trend will recover for profit-taking but might be capped beneath USD1325 /oz level. Range is largely expected to contain from USD1300 – USD1325 /oz area.

WTI Crude prices rose to new high in 3-1/2 years’ record by approaching USD70 /barrel. The rising Dollar has not affected the Crude demand though precious metals declined last week. Moving forward, we expect strong demand will build up around USD67 /barrel region and continue to push the market prices over USD70 /barrel. Traders are remaining acute observations in case the trend ascend to USD75 /barrel as the potential next target.

Silver prices tested the strong support at USD16.10 /oz that was exhibited with many bullish demands since February. This week, we predict the market will recover but limited at USD16.80 /oz level. Generally speaking, movement will be contained from USD16.10 – USD16.80 /oz for time being but the subsequent breakup needs to be inspired by a fall in Dollar.

Crude Palm Oil (FCPO) Futures on Bursa Derivatives traded in lower prices as the overseas demand has declined. Weaker Ringgit has not aid in pushing the FCPO market higher and despite Crude prices also improved most farm commodity prices last week. July contract settled at RM2342 /MT on Friday as open-interest dropped. This week, we reckon the trend may continue to slip further with strong resistance acting at RM2375 /MT region. The bearish factor is enlarging and might create panic selling to RM2200 /MT area.

 

Disclaimer: This article is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work.  

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 27 years of trading and hedging experiences while HC trades for 9 years and now coaches institutional customers. They can be reached at www.pwforex.com


About the Author
DAR Wong (Singapore)
An international speaker with 27 years of trading experience in the global financial markets, DAR is a Market Master and author of “Living Daylight in Stock Market: Monetizing Your Profits in 8 Days”.

DAR Wong is an active market trader, registered fund manager, educator and author.He began his career in 1989 as an institutional Futures trader with Bank of America. DAR Wong specializes in trading global derivatives and financial markets. He has 26 years of experience accumulated through tenure with Bankers Trust, Barclays Bank, Citigroup (Smith Barney Shearson Inc) and as an independent trader.

DAR is the author of “8 Ways to Invest in China’s Emerging Market” and contributes frequently to regional media, including financial TV/Radio programmes, newspapers and magazines for professional traders and active investors.

He is a popular and sought after international speaker who has presented to financial professionals and investors throughout the region including Singapore, Malaysia, Indonesia, Thailand, Hong Kong, China, Cambodia, Myanmar, Philippines, Sri Lanka, India, South Korea, Laos, Vietnam, United Kingdom and Middle East (UAE).

DAR is registered with NASD (now known as FINRA) series 3 and 5 as approved by National Futures Association (NFA) of USA and holds a current portfolio as Fund Strategist and Advisor with Dektos Investment registered with Monetary Authority of Singapore.

DAR is profiled as “One of the most successful traders – Market Masters” in Brent Penfold’s bestselling book “The Universal Principles of Successful Trading “. In January 2015, DAR was honored with Outstanding Award for International Financial Market Analysis granted by ASEAN Commerce (Thailand).

DAR is the author of "8 Waysto Invest in China's Emerging Market" and contributes frequently to regional media, including financial TV/Radio programmes, newspapers and magazines for professional tradersand active investors.1

He is a popular and sought after international speaker who has presented to financialprofessionals and inverstors throughout the region including Singapore, Malaysia, Indonesia, Thailand, Hong Kong, China,Cambodia, Myanmar, Philippines, Sri Lanka, India, South Korea, Laos, Vietnam, United Kingdom and Middle East(UAE).2


Year
2003 - Set up ASPRI to provide hedging advisory for corporate clients and training for financial professionals
2009 - Released first book “8 Ways to Invest in China’s Emerging Market”
2010 - Profiled as “one of the most successful traders – Market Masters” in Brent Penfold’s bestselling book “The Universal Principles of Successful Trading” along with Larry Williams, Andrea Unger, Michael Cook, and Daryl Guppy etc
2011 - Received “Spirit of Enterprise”awarded by Singapore Management University in Singapore
2012 - Honored with Individual Diamond Career (Thailand) awardedby Royal Privy Council of Kingdom of Thailand
2013 - Appointed Vice Chairman of ASEAN-China Commerce Association and led a delegationtothe annual China-Asean Expo in Guangxi Province, China
2014 - Fund Manager cum Director in Dektos Investment Corporation registered with Monetary Authority of Singapore
2015 - Released new book “Living Daylight in Stock Market - Monetizing Your Profits in 8 Days” in January
2015 - Honored with Outstanding Award in International Financial Market Analysis awarded by ASEAN Commerce (Thailand)
2016 - Honored with Medal of Integrity by Royal Councilin Palace of Palembng, Indonesia

References

1.TV programs on ChannelNewsAsia (Singapore);Radio on 95.8 Capital (Singapore); Newspapers such as The Borneo Post (Malaysia), 资汇报 (Malaysia); Regional financial magazines such as The Analyst (India), 东盟商界(ASEAN, China), 资本杂志 (Malaysia).

2.Spoke at events for CME Group, Euronext LIFFE, Tokyo Commodity Exchange, Singapore Exchange, Korea Exchange, Bursa Malaysia, Thailand Futures Exchange, Jakarta Futures Exchange, Indonesia Commodity and Derivatives Exchange, Tokyo Commodity Exchange, Interactive Brokers, Xinhu Futures, Hangzhou Money Fair, China (Shenzhen) International Finance Expo, China (Guangzhou) International Finance Expo, Euromoney, CIMB, Maybank, RHB, UOB Bank, Asia Trader & Investor Convention, Global Rubber Conference, International Rubber Conference, Malaysia Rubber Board, International Rubber Research and Development Board,Malaysia Ministry of Agriculture, Rubber Industry Smallholders Development Authority, Vietnam Rubber Association, Cambodian Rubber Association, Bureau of Agriculture Research Philippines, Myanmar Rubber Planters & Producers Association etc.


Articles:

Materials: