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GOLD AND CRUDE OUTLOOK: 19-12-2016

GOLD AND CRUDE OUTLOOK: 19-12-2016
December 19
17:36 2016

GOLD

Gold is also looking weak due to strong dollar  and most of the analysts are on the view that it could rise above $1200 in the medium term at around BREXIT.  Gold made a low last week at $1123.90 but managed to recouped and closed at $1135.  Gold has support at $1102 and having resistances at $1158 and $1178 per troy ounce.

CRUDE

Crude is still bullish, but it is in the corrective mode.  Short term support for the crude lies at $49.87 per barrel and it has the capacity move above$55 in the short term.  It made a high at $54.54 last week but came off from highs due to strong dollar.  According to analysts expectation crude is likely to move up in the short term because OPEC and non OPEC countries unanimously decided to cut production to support price.

 

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ALEX MATHEWS

ALEX MATHEWS

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