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GOLD AND CRUDE OUTLOOK: 24-10-2016

GOLD AND CRUDE OUTLOOK: 24-10-2016
October 23
17:57 2016

GOLD

Gold has strong support at $1247 per troy ounce and resistance at $1301 per troy ounce.  The yellow metals upside is capped due to strong US dollar. The medium term out- look for gold is positive and price declines can be utilize to enter it for a long term perspective. Gold prices recovered and closed to two week highs on news that European Central Bank indicated that the ongoing asset purchasing programme will come to an end by December 2016.

CRUDE

Crude oil managed to close above $50 per barrel after Russia’s intention to reduce out put along with OPEC counter parts.  Strong dollar also put pressure on Crude.  The outlook is still positive POEC decision to limit oil production to a range of 32.5 million to 33 million barrels per day as agreed by the OPEC conference held at Algeria.  Crude has support at $49.79 per barrel and has strong resistance at $51.92 per barrel.

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ALEX MATHEWS

ALEX MATHEWS

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