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GOLD AND CRUDE OUTLOOK:12-09-16

GOLD AND CRUDE OUTLOOK:12-09-16
September 11
18:30 2016

GOLD

Gold corrected after the initial jobless claim in the week ending September 3, decreased by 4000.  Gold may remain under pressure due to possible rate hike in US, and it has resistances at $1350 and $1358 per troy ounce.

CRUDE

Crude declined nearly 2% last week, despite an unexpected slump in US crude inventories.  But on Thursday crude prices recovered marginally higher on reports that OPEC may freeze production in the near future.  Technically crude is weak and it is likely to test key support levels.  Crude has support at $45.48 and $43.84 per barrel.  Crude has resistances at $47.61 and $ 50.59 per barrel.

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ALEX MATHEWS

ALEX MATHEWS

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