Gold market is confused as some positive and negative news are coming and giving Gold and US dollar zig zag movement. Coming news is China’s interest rate hike which will not favor gold and Euro Zone again coming up again which is favorable for Gold. Today my recommendation is to sell @ $1393 and above this level do not attempt to sell as strong resistance is still $1400. I am still bearish for the Gold. Our buy for today would be $1387 and beyond this we will be in selling mode for gold @ strong support of $1364.
Crude oil is also giving zig zag movement and our yesterday’s buy @ $87.37 was close enough and selling recommendation was $89.50 so yesterday’s high was $89.46. still we are bearish towards crude oil. Today I recommend to sell @ $89.47 and buy @ $87.50 below this level we see massive selling towards $86 which is strong support.
Syed Arif
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