As expected correction in Gold was due.. The market went to high of $1424 my forecast was $1423. After that profit taking was done as Gold had already 4 straight sessions each creating new all time record. My support point was $1396 was hit at 1530 NY time as soon as it touches it went another low which was $1382. Now Asian market opens @ $1397 after closing of NY @$1393. I see further profit taking as Dollar is gaining strength and it may continue for two more days. Remember when you see my buying and selling point , put $4 stop loss so that you wont be hit by sudden movement. Today’s support level is $1382 which was yesterday’s low below this we see further downwards movement towards $1367 which was last few days resistance point. Today the selling level is $1401 with strong resistance @1405.
Crude Oil was following Gold and is supported by Dollar Weakness. Yesterday we see massive profit taking @ $87.63 with low as $85.48. Today I see selling between $87.5 and $87. Crude tends to touch yesterday’s high. And buying level $85.50 and below $85 we see consolidation phase of Crude Oil.
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Syed Arif
