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GOLD AND CRUDE OUTLOOK: 26-12-2016

GOLD AND CRUDE OUTLOOK: 26-12-2016
December 25
19:41 2016

GOLD

Strong dollar and lower demand kept the gold prices under check.  It has support at $1123 per troy ounce and resistance at $1136.  If gold would have been moved above or below this price bands will give further direction to the yellow metal.  At present the charts are suggesting an oversold situation for the commodity.  The key support lies at $1116 per troy ounce.

CRUDE

Crude is still positive and have resistances at $54.04 per barrel.  Minor profit booking can be expected due to Kurdistan Regional Government in Iraq decided to continue with its oil production ignoring OPEC and non OPEC oil producer’s decision over oil production cuts, due to urgency of having money to fight against ISIS terrorism.  Libya also would like to keep the pace of the oil production steady.  Crude has resistance at $55 per barrel and support at $51.38 per barrel.  Price declines can be utilized to enter in the commodity.

 

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ALEX MATHEWS

ALEX MATHEWS

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