Gold and Crude Oil Forecast 21 December 2010

Gold market is still moving on news from Korea and Euro Zone. And we again saw buying and support @$1376. Although my selling price was hit but buying was not there below $1370. Market closed on a high note before Christmas unexpectedly @$1385. My advise is to sit back and get the buy @$1350-1360. For day trading our selling price today is @$1392 with stop loss of $1399. Buying is at yesterday’s low of $1376.

Crude oil price as forecast was matched @$89 selling price and buying occurs @$87.70. But again the US dollar showed weakness and the Snowy weather in Europe demanding more heating oil. So price broke $89.5 barrier later in the market before closing time. Today I see selling opportunity @$90 with buying @$88.

Syed Arif

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