Market Next

GOLD AND CRUDE OUTLOOK: 25-07-2016

GOLD AND CRUDE OUTLOOK: 25-07-2016
July 24
17:30 2016

GOLD

Gold is weak due to strong dollar and monsoon season in India, the demand will pick only after August because of ONAM. Usually gold demand picks up in India during all auspicious times.  Gold has support at $1307.22 per troy ounce and resistances at $1337 and $1368 per troy ounce. Investors in the UK and EU are accumulating gold post BREXIT on concerns of increased currency volatility.

CRUDE

Crude remained weak due to oversupply and lower demand it lost ground but remain close to 2 month low.  Crude has minor support at $42.85 per barrel and it would face resistances at $44.93 and $46.40 per barrel. If there is a major sell off then Crude may even slip further.  Lower crude prices are favourable for Oil Marketing Companies, which are already trading there 52 week highs.  Plastic furniture makers and aviation stocks are also likely remain firm.

 

About Author

ALEX MATHEWS

ALEX MATHEWS

Related Articles