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1)  Weekly Commentary Forecast (from 20 Aug 2018)

Gold prices broke beneath the major benchmark at USD1200 /oz and hit USD1160 /oz before market rebound before weekend. Technically, we forecast the market will conduct range trading in the aforementioned region while strong resistance will emerge at USD1200 – USD1210 /oz in case of recovery. Flight of market liquidity might return to stock market in coming weeks as demand in commodity becomes stagnant.  

WTI Crude prices traded in little interest as the prices edged lower. In overall, range trading is still contained from USD64 – USD68 /barrel without clear directional trend. Dollar Index (USDX) is showing strong demand after it reached 96.86 at 13-month high last week. Traders will be watching for Dollar catalyst and OPEC news to gauge the next potential trend in Crude prices. Meanwhile, risk control is advised if the price movement shoots out beyond the aforementioned range.  

Silver prices dipped at USD14.31 /oz last week before recovery took place. This week, we forecast the range will move from USD14.30 – USD15.10 /oz region with some short covering expected. The XAU/XAG ratio chart has shown high retracement and a possible reversal that indicates the potential bottoms in Gold and Silver prices. Long traders for precious metals are advised to stay patient and implement risk control for fishing the bottoms.  

Crude Palm Oil (FCPO) Futures on Bursa Derivatives closed higher on Friday due to short covering. Weak Ringgit may be another reason to trigger some demand in the market. The newly rolled over active month in November Futures contract closed at RM2238 /MT. This week, we foresee the trend may escalate higher but resistance is strong at RM2270 /MT region. Support lies at RM2200 /MT constricting a tight range. Going beyond the aforementioned range will initiate a new directional headway.


*** This section is updated WEEKLY

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2)  Weekly Economic Calendar
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