WTI Crude prices stood firm at 77.50 regions as strong support base while consolidated from 80.00 to 84.50 levels last week.
Oil prices headed for biggest quarterly drop in New York since the 2008 financial crisis due to slowdown in China. In the coming week, we foresee the market to jump up across resistance levels 84.70 and reach out to 88.00 as a technical recovery move.
Nevertheless, abandon your long-view if the market dips beneath 79.50 levels.
Gold prices were trading sideways last week. The market fell to 1,532.60 in early week and recovered to 1,677.10 but ended in a swing. This week, we foresee the market to build its base at the 1,580.00 regions while much buying interest will lift up the trend from here.
Our target will be at 1,730 as a recovery point since the market has not digested the previous rapid downtrend.
Abandon your long-view if the bear tend breaks beneath 1,560.00 levels. Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed lower on Friday due to global uncertain sentiments. Crude oil prices were also pulled down other energy commodities.
We expect the bear trend to persist in the coming week and continue to create new record low for this year.
Last Friday, the market turnover volume was approximately 14,000 lots. The most active month in December contract closed at 2,905.
Overall, we still maintain the bearish outlook. In our technical studies, the market trend might thread from 2,850 to 2,950 regions.