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GOLD AND CRUDE OUTLOOK: 22-08-2016

GOLD AND CRUDE OUTLOOK: 22-08-2016
August 21
19:04 2016

GOLD

 Gold is having good support at $1326 and $1318 per troy ounce, and it is having resistances at $1357 and $1382 per troy ounce. 

CRUDE

Crude oil is positive and it is likely to move up towards $51.36 per barrel and it is gaining supports at $47.95 and $46.58 per barrel.  Crude oil moved up sharply after Saudi officials decided to convince OPEC to reduce the crude oil production.  Speculators are forced to cover their short positions ahead of the OPEC meeting which will move to freeze production.  Weak US dollar also supported the Crude oil.  Air Plane, Oil Marketing Companies, Tyre and Paint manufacturing companies stocks will face the heat of high crude oil price. Oil producers both public and private companies are the major beneficiaries.

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ALEX MATHEWS

ALEX MATHEWS

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