My forecast for Gold to sell @$1393 was proved to be good. As the news was favorable for US Dollar. Also China did not approve raising of interest rate. As year end is approaching and so is Christmas and New Year holidays so we are expecting thin volumes and range bond trading between $1350 and $1400 with strong support @$1371 and resistance @$1399. Today for day time trading my selling price is again $1392 with stop loss of $1396 while buy price is $1380 with support @$1377. Below this point we see again massive selling with $1364 as buying level. I am again bearish for the coming week.
Crude oil also followed Gold as US Dollar was stronger with some positive news coming. Also OPEC did not approve any increase of oil output. We are expecting trading price between $85 and $90 for the coming weeks till end of the year. For day trading today our buying price is $86.75 and selling price is $88.90. We are still bearish for the crude oil for the month with strong resistance @$90 and support @$86.
Syed Arif
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