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GOLD AND CRUDE OUTLOOK: 29-08-2016

GOLD AND CRUDE OUTLOOK: 29-08-2016
August 28
16:30 2016

Gold lost its major supports on concerns of a possible rate hike in US early September.  The yellow metal has strong support at $1311 and $ 1297 per troy ounce.  The immediate lone resistance is at $ 1353 per troy ounce.  On Friday, on intra-day basis the yellow metal recovered due to estimates of slight downward revision to US second quarter economic growth.

Crude is still looking positive and there are possibilities that it could even move well above $50 in the near term per barrel.  If there is no interest rate hike in the near term, then we can expect more upward movements on crude.

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ALEX MATHEWS

ALEX MATHEWS

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