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GOLD AND CRUDE OUTLOOK: 28-11-2016

GOLD AND CRUDE OUTLOOK: 28-11-2016
November 27
18:15 2016

GOLD 

Gold is weak due to strong dollar, and it has lost its psychological support at $1200, and it is likely move down further towards $1159 in the short term.  The good news is that gold has already entered in the oversold territory according to the technical charts indicates possible bounce back from the current level towards $1188 and $1205.  The long term view of the gold is still positive so once can enter at a price decline.

CRUDE

Crude is also weak due to uncertainty over OPEC to curb oil output after Saudi’s decision not to participate in the non OPEC producers meet.  Crude has resistance at $46.20 and $52.11 per barrel and it has support at $40 and $38.65 per barrel.  Strong dollar is also putting pressure on this commodity price.

 

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ALEX MATHEWS

ALEX MATHEWS

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