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GOLD AND CRUDE OUTLOOK: 18-07-2016

GOLD AND CRUDE OUTLOOK: 18-07-2016
July 18
05:42 2016

GOLD

Gold retreated in the last week after surging US dollar and subdued consumer inflation data.  In the last 7 trading sessions gold lost nearly 2% in value.  Gold has support at $1320 and $1310 per troy ounce, and it could face resistances at $1341.70 and $1355.30 per troy ounce.  Investors are cautious on relatively soft inflation numbers, which may influence Federal Reserve Market Committee to approve a short term interest rate hike.

CRUDE

Crude is still looking weak on charts, it is likely to get supports at $ 43.77 and $42.91.  Crude has resistances at $46,78 and $47.14 per barrel.  According to an oilfield service provider the number of rigs drilling for oil in US increased by 10 last week.  US output continues to level off from 44 year highs.  The latest Chinese GDP data supported the crude on Friday’s trade. 

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ALEX MATHEWS

ALEX MATHEWS

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