Weekly Commentary Forecast (from 30 Nov 2020)

Gol d prices broke below USD1800 /oz support on Friday. This week, we reckon the support will emerge at USD1770 /oz area and likely to consolidate here. Technically, we predict the market sentiment will hover in this low region during December month while stock indexes gain new heights. Immediate resistance will emerge at USD1820 /oz level. WTI Crude prices broke above USD44.00 /barrel but limited to USD46.00 /barrel top last week. This week, the market might gain higher ground if the bulls protrude above USD46.00 /barrel. However, the major benchmark at USD50.00 /barrel will be a big challenge for the oil traders as fund may move back into Gold market. Silver prices dipped last week as market fund sought after stock indexes. This week, we project the market trend will slide further once the support gives way at USD22.00 /oz. Our next level on the downside will be near to USD20.00 /oz while the resistance lies at USD23.20 /oz level. Crude Palm Oil (FCPO) Futures on Bursa Deriv