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GOLD AND CRUDE OUTLOOK: 12-06-2017

GOLD AND CRUDE OUTLOOK: 12-06-2017
June 11
16:41 2017

GOLD

After sharp move up last week gold witnessed profit booking due to strong dollar. Concerns of delayed BREXIT negotiations after the UK election also kept the commodity under pressure.   Gold has resistance at $ 1291 per troy ounce, and has support at $1262 and $1233 per troy ounce.  The commodity may trade sideways.

CRUDE

Crude recovered from the lower levels due to Nigerian oil pipe leak.  US inventories also fell short of expectation lifted the sentiments despite the major trend is still weak.  Crude has support at $45 per barrel in the short term.  Resistance would be at $48.28 per barrel.

 

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ALEX MATHEWS

ALEX MATHEWS

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