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MARKET UPDATE
 
1)  Weekly Commentary Forecast (from 17 Jan 2022)

Gold prices bounced as we expected last week. However, market is still moving in our predicted range without showing new bullish sign. This week, we reckon the trend will be contained from USD1790 – USD1830 /oz until the prices break beyond in either direction. Fundamentally, we still favor an upside direction in this market due to potential weakening in Dollar value.

WTI Crude prices rose last week and almost reached USD85.00 /barrel before weekend as we have projected. This week, the bulls will aim for USD86.00 /barrel before turning lower for profit-taking. Technically, we project the range will be contained from USD82.00 – USD86.00 /barrel. Beware of breaking below USD82.00 /barrel that might revisit USD78.00 /barrel.

Silver prices recovered last week but limited to USD23.50 /oz resistance. This week, we forecast the range will be making small correction and contain from USD23.00 – USD23.50 /oz region. Traders are prone to pick the bottom whenever there is a correction. Patience needs to be exercise for holding long bottoms till we see Dollar falls.

Crude Palm Oil (FCPO) Futures on Bursa Derivatives rolled over to active month in April22 on Friday. Market has been climbing since 21 December and probably will correct towards end January. April Futures contract settled at RM5127 /MT on Friday. This week, we forecast the trend will trade lower due to unwinding actions. Range will be contained from RM4900 – RM5200 /MT with more selling pressure in market. breaking above RM5200 /MT needs to abandon your short-view.

TOCOM Rubber closed at JPY244.50 /KG on Friday. Although market crossed above JPY240.00 /KG, the resistance still lies at JPY250.00 /KG. This week, we speculate range trading amid some correction will occur while contain from JPY240.00 – JPY250.00 /KG.

*** This section is updated WEEKLY

You may access more powerful forecast for other markets by visiting www.pwforex.com/forum

2)  Weekly Economic Calendar
You may refer to the website link below for weekly economic calendar:

Website http://www.forexfactory.com/calendar.php

 

Visit our website http://www.dwchannel.com for more constant market updates

Visit our Youtube channel at https://www.youtube.com/dwchannel2020 for more videos
 

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