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GOLD AND CRUDE OUTLOOK: 13-03-2017

GOLD AND CRUDE OUTLOOK: 13-03-2017
March 12
16:22 2017

GOLD

Like crude gold is also looks weak due to strong dollar and a possible rate hike in US which will further can give strength to dollar.  Strong dollar usually drags down the gold prices.  As the demand is on the lower side gold may test $ 1186 per troy ounce and $ 1170.  Gold has resistance at $1231 per barrel.  Sudden spike in gold prices can also be rule out due to North Korea’s nuclear missile test programme, because which can cause increased tensions between North Korea with US and South Korea.  All short positions should be well protected due to expected highly volatile movements of gold price.

CRUDE

Crude oil’s outlook is weak and it is likely to get support at $ 48.52 per barrel and $44.73 per barrel due to higher inventory in US, which was well above the street expectation.  Despite OPEC decision to cut productions to curb the prices will not have much impact on global crude price because of high inventory in US.

 

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ALEX MATHEWS

ALEX MATHEWS

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