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GOLD AND CRUDE OUTLOOK: 31-10-2016

GOLD AND CRUDE OUTLOOK: 31-10-2016
October 31
04:49 2016

GOLD AND CRUDE

Gold outlook is sideways in the near term and long term outlook is still positive.  Short term support lies at $1243 and resistances at $1300 and $1316 per troy ounce.   Gold futures slipped on Friday ahead of the Q3 GDP and cautious approach of investors ahead of Fed’s monetary policy.  US Q3 GDP is likely to gain its upward momentum when comparing with Q2 quarter.

Crude is showing minor weakness ahead of the high level committee’s meeting which is scheduled on Nov.25 ahead of OPEC members next meeting on Nov 30,because the OPEC officials fails to agree on how to curb oil surplus.  Crude has support at $46.22 and resistance at $51.44.

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ALEX MATHEWS

ALEX MATHEWS

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