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GOLD AND CRUDE OUTLOOK: 19-09-2016

GOLD AND CRUDE OUTLOOK: 19-09-2016
September 19
01:54 2016

GOLD

Gold’s outlook look remains weak and it has support at $1300 and decisive move below this level can cause more profit booking.  Resistances for gold are $1313.25 and $1321.50 per troy ounce. The major reason for weakness in gold is partly due to strong dollar.

CRUDE

Crude is looking extremely weak after reports that Iraq started pumping huge amounts of crude; the crude export in August jumped more than 15% from July which is almost equal to Iran’s pre-sanction shipment levels.  News reports on higher exports from Nigeria and Libya also kept the market under pressure.  Investors are concerned about fresh supply glut, and it may pull down the prices further southwards in the near term.  Crude has supports at $42.42 and $41.09 per barrel and has resistance at $45.48.

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ALEX MATHEWS

ALEX MATHEWS

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