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Gold and Crude Outlook: 20-06-2016

Gold and Crude Outlook: 20-06-2016
June 21
09:22 2016

Last week both US Federal Reserve and Japanese Central Bank unchanged the interest rates was a relief for the markets.  After Federal Reserve stand on interest rate Gold made a new high, tested $1316 per troy ounce.  Going forward the yellow metal is likely to make higher tops and higher bottoms according to the technical charts.  Many international players are on view that it would test $1400 in the medium term, on the other hand technical patterns are suggesting major break out for the metal in the long term.  Short term trend is slightly cautious for gold due to overbought situation and it can get support at $1277 and have resistance at $1305.65 per troy ounce.

US crude falls on reports of higher inventory and concerns of “Brexit” that would hamper the demand for the black gold.  Crude has support at $47.23 and $45 per barrel and has resistance at $49.13 and $51.35 per barrel.  Various analysts are on the view that the price of crude may settle at around $40 per barrel in the medium term.

http://gujarati.economictimes.indiatimes.com/sharebazar/news/-/articleshow/52830394.cms.

http://www.mid-day.com/articles/really-subdued-dude/17352197

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ALEX MATHEWS

ALEX MATHEWS

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