As I am forecasting that Dollar will bounce back. So it did and it has more effect on currencies rather than Gold which expected to be below $1380 under these conditions. Market is giving $30 – $20 sideways swings for the last 10 sessions. Still $1381 needed to be broken. Yesterday market closed @ $1408 but today in Asian Market we saw drop of $22 and opening @$1386. Today support is @$1381 and I wont recommend any buying. Below this point we need to see support @$1367 which was another support for last week of October. Selling price is $1410.
The crude went as high as $88.63. So it could not broke strong resistance of $89. With low of only $87.58, I could not see any fresh buying as today Asian Market is open with only $86.51. Today’s support price is $86.23 and below this we see more correction. Resistance is same @88.63.
Syed Arif
