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MARKET UPDATE

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1)  Weekly Commentary Forecast (from 15 Jan 2018)

Gold prices have been rising and well seated on USD1310 /oz support. This week, we would shift our support to USD1320 /oz and expect the trend to ascend further. Target is expected to reach USD1360 /oz level if market encounters short-squeeze. Stay observant on Dollar weakening that will push previous metal higher.  

WTI Crude prices surged last week in strong sentiment. Market trend has shown strong buying interest at USD62 /barrel and will be ambushed with bargain-hunting in case of drawdown. This week, topside resistance still acts unto USD66 /barrel for short-term profit-taking. On hind side, we reckon the buying spree might take the prices to USD70 /barrel before end of Q1 seasons if Dollar stays at weak sentiment. 

Silver prices has moved up as we predicted and temporary resisted at USD17.40 /oz level. However, bargain-hunting has gradually turned into strong sentiment around USD17.00 /oz and we expect the bulls may charge above USD17.40 /oz soon. In-lieu of this uptrend, we foresee the breakaway will aim at USD18.00 /oz as our next possible target.  

Crude Palm Oil (FCPO) Futures on Bursa Derivatives closed lower on weekly basis due to profit-taking activity. Strong Ringgit might have influence the demand for FCPO amid raising stockpile in warehouse by producers. March contract closed RM2545 /MT on Friday amid mixed sentiment. This week, we foresee the market will possibly consolidate sideways from RM2500 – RM2600 /MT range as traders begin to adjust positions.

*** This section is updated WEEKLY

You may access more powerful forecast for other markets by visiting www.pwforex.com/forum

2)  Weekly Economic Calendar
You may refer to the website link below for weekly economic calendar:

Website http://www.forexfactory.com/calendar.php
 

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