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GOLD AND CRUDE OUTLOOK: 21-08-2017

GOLD AND CRUDE OUTLOOK: 21-08-2017
August 28
02:10 2017

Gold tested a nine month high price last week.  We can expect consolidation despite weak dollar next week.  Gold has support at $1275 per troy ounce and has resistance at $1300 and $1305 per troy ounce.

Crude recovered from the lower levels after OPEC decision to cut output to keep the crude price stable. There are unconfirmed reports of a shutdown of one of the major oil refineries in the US.  Further to this the weekly count of oil rigs operating in US last week declined kept the crude price firmer.  Crude has support at $46.54 per barrel and resistance at $48.74 and $ 50.69 per barrel.

 

 

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ALEX MATHEWS

ALEX MATHEWS

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