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GOLD AND CRUDE: 16-01-2017

GOLD AND CRUDE: 16-01-2017
January 16
05:01 2017

GOLD

Gold has recovered last week smartly and tested 7 week high, but on Friday came off from highs due to strong dollar. We can expect minor correction in the short term, with support at $1187 and $1175 per troy ounce. The immediate resistance for Gold is at $1206. A decisive move above this level can take gold further towards $1220 plus in the medium term.

CRUDE

Crude oil is slightly trading weak due to US crude oil inventory data. US crude stocks pile rose last week by 4.1 million barrels. OPEC and Non OPEC members are cutting down the oil production to keep the prices of crude oil higher, but non cooperation by some of the oil producing countries is hurting the higher oil prices including US. Crude has support at $51.26 and resistance at $54.69 per barrel.

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ALEX MATHEWS

ALEX MATHEWS

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