Weekly Commentary Forecast (from 23 Nov 2020)
Gold prices threaded sideways from USD1850 – USD1900 /oz last week. There is much uncertainty in the market but beware of unexpected downfall beneath USD1850 /oz support. In our opinion, the market is capable of making a quick drawdown in case of Dow market crossing above the 30,000 benchmark in near future.
WTI Crude prices rattled in small range between USD40 – USD42 /barrel last week. This week, we project the market might climb a little higher to test USD44 /barrel. Overall trend will be contained from USD40 – USD44 /barrel without much expectation. Traders are warned of caution in such uncertain small range.
Silver prices was stuck in narrow range from USD23.00 – USD25.00 /oz last week without clear directional headway. Technically, the market trend looks very neutral now and might move in either direction soon. We advise traders to remain alert and observe a possible breakaway in either direction soon.
Crude Palm Oil (FCPO) Futures on Bursa Derivatives made 8-1/2 year high last week and fizzled out on Friday. Profit-taking rose in market after the FCPO prices have soared for a month. February21 Futures settled at RM3288 /MT on Friday. This week, the trend might make deeper correction at RM3100 /MT with volume rise. Topside resistance will emerge at RM3350 /MT or higher.
TOCOM Rubber closed at JPY229.90 /KG on Friday. Based on the technical pattern, market is prone to revisit JPY240.00 /KG if Yen devalues. Downside support will emerge at JPY220.00 /KG but traders need to be forewarned that driving beneath this support will land further at JPY210.00 /KG bottom.
*** This section is updated WEEKLY