Gold: Yesterday the key level which I forecast was $1331 and below that I said the gold will be in selling mode. So exactly that happens. The gold once broke the level went as low as $1319. Although there was no big news but as I said market is in puzzle so both Gold and Crude showing same behavior due stronger Dollar and weaker Euro. Today we are waiting for unemployment claim figures which is going to be at par. Market may show some fluctuation. The important factor today in Asian Market is Bank of Japan outlook for economy and the measures to be taken for the high appreciation of Yen. Remember that Gold is going to break another high next month and will touch $1400. So do not attempt any short selling. Today’s buying is @$1318, $1320 and below $1311 we may see market going for further correction. Selling price for today is $1332. The resistance still lies for the month @$1350 and whenever it is break we will see Gold @$1400.
Crude Oil: Yesterday Crude went down with the Gold due to stronger US Dollar. The lowest was recorded as $80.49 after going high of $82.72. Today the Asian Market opened as high as $82.30 and now is @82. Today buying price is $80.62 and $81.24 and selling occurs @ 83. Beyond that we can see crude @84 for Friday closing.
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Syed Arif
