Yesterday US dollar showed weakness as well as China did not raise the expected interest rate. So it all favors Gold and unexpectedly it climb towards $1399 and closed @ $1395. Our buying price was hit as $1380. Today all are waiting for Fed meeting outcome which will set course of the US Dollar and also of Gold. Today my advise is to sit back and relax and enter the market after the Fed meeting. Today Asian market opens above $1400 which is a positive sign for gold to go again above the all time high. Today for day trading I suggest to sell @$1405 with stop loss of only $4 and our buying price is @ $1382. Below these levels we see break out of gold in either way.
Crude oil also followed Gold and the US dollar weakness support the price. Yesterday our selling price met @$88.9. Today we need to see the outcome of Fed meeting which will have great impact on prices. Today our selling level is @$89.50 which was yesterday’s high. I am still bearish for crude oil as its the end of the year. Today our buying will occur @$87 and beyond this level we see price breakout.
Syed Arif
To get up to date premium service and get daily crude oil and gold report before market opening contact me for the subscription.
