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GOLD AND CRUDE OUTLOOK: 18-09-2017

GOLD AND CRUDE OUTLOOK: 18-09-2017
September 18
17:55 2017

Gold has made a high at $1362 per troy ounce and it is now at $1325 on Friday’s closing basis.  The yellow metal is overbought and it could test $1322 per troy ounce or even $1300 per troy ounce in the days to come.  Strong dollar and sustained FII fund flow towards equities are the key reasons for this correction.  Market participants are keen in geo-political tensions, especially of North Korea.

Crude is showing positive movements due to higher demand and lower production.  Countries like Saudi, Iraq, UAE and Venezuela decided to reduce out-put.  OPEC’s oil production is lowered by around 79000 barrels per day.  Crude is facing resistance at $50.13 and $51.35 per barrel and having strong support at $47.97 per barrel.

 

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ALEX MATHEWS

ALEX MATHEWS

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