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GOLD AND CRUDE OUTLOOK: 12-12-2016

GOLD AND CRUDE OUTLOOK: 12-12-2016
December 11
17:51 2016

GOLD

Ahead of the FED meeting next week investors stayed sidelines without committing large trading positions.  Dollar moved up sharply after U.S initial jobless claims fell by around 10,000 in the week ending December 2nd, which also negatively affected the gold prices.  Gold has support at $1155 per troy ounce and $1150.  The yellow gold metal faces resistances at $1179.50 and $1189.35 per troy ounce.

CRUDE

Crude outlook turns to be positive after OPEC and non OPEC members talk production cut.  Russia initiated talks with both parties.  If they unanimously agreed to cut production then we can expect further up move for the commodity.  Crude has support at $50 and $ 49.51 per barrel and it has resistances at $52.36 and $53.23 per barrel.  Medium term outlook is still positive so we can expect further more up surge in the price.

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ALEX MATHEWS

ALEX MATHEWS

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