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GOLD AND CRUDE OUTLOOK: 17-07-2017

GOLD AND CRUDE OUTLOOK: 17-07-2017
July 17
05:31 2017

Gold and Crude

Gold is likely to remain sideways, but getting strong support at $1203.97 and it is likely to test $1234 and $1262. Gold demand is not picking up because of strong out performance of global equities, which prompted fund houses to invest in equities rather than in the yellow metal.

Crude is slightly positive after demand exceeds supply and concerns of possible revision of demand is likely.  According to IEA report the demand estimate for 2nd quarter will exceed market expectations.  Crude has short term resistance at $47.42 and $51 per barrel.  It has support at $44.93 per barrel, highly volatile US dollar kept the price of crude sideways.  Dollar index declined after US CPI retail data fall short.  Dollar at one time declined against a basket of currencies especially after US retail sales data fell short of expectation.

 

 

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ALEX MATHEWS

ALEX MATHEWS

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