Gold and Crude Oil Forecast 17 December 2010
Yesterday our price for shorting gold and buying at support price of $1364 was met. As gold hit $1362 for the brief period. As I am telling since the last week that Gold is bearish for the week. As no important data is expected and institutions and individuals are leaving on leave closing their positions for the year and then will come back after new year. Today our selling price is $1379 with stop loss of $1385 and buying occurs @$1357 breaking the yesterday’s low of $1362. The only thing which can go against this is the Euro Zone summit which will end during NY opening.
Crude oil also followed the Gold and US dollar and our selling price of $88.75 was met accurately although support buying occurs which limits crude to go lower than $87.50. Today our selling is @$88.50 with buying @$87. Also January Crude contract is near expiring. So I am still bearish for oil prices for coming weekend.
Syed Arif
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