Weekly Commentary Forecast (from 30 Nov 2020)
Gold 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 Derivatives traded sideways last week but pulled up aggressively on Friday. February21 Futures settled at RM3340 /MT on Friday. The bulls might continue to climb higher. Immediate resistance is identified at RM3400 /MT but there is a possibility of protruding above and short-squeeze market. Support lies at RM3250 /MT in case of drawdown.
TOCOM Rubber closed at JPY249.30 /KG on Friday. The market may stagnate this week as the buying sentiment slows down. Range is expected to be contained from JPY245.00 – JPY255.00 /KG as the trend consolidates. The month end rollover may reverse the trend and encounter liquidation in final month of the year.
*** This section is updated WEEKLY