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GOLD AND CRUDE OUTLOOK: 10-07-2017

GOLD AND CRUDE OUTLOOK: 10-07-2017
July 09
18:33 2017

Crude oil outlook is week due to higher inventories and production.  The rising US oil rigs numbers is also a growing concern for the crude oil price.  US oil production edged up by 88,000 barrels to 9.33 million barrel a day is also weighs.  Crude has support at $42.07 dollar per barrel and resistance at $47.39 per barrel.

Like crude, gold is also weak due to strong dollar.  US job reports which came last week was above expectation is also cause of concern because if the job data’s are positive then the Fed can increase interest rates in US further which a negative news for the yellow metal.  Gold has support at $1198 and resistance at $1252 per troy ounce.

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ALEX MATHEWS

ALEX MATHEWS

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