Gold and Crude Oil Forecast 16 December 2010
Yesterday my forecast limit of Gold was hit @$1397 and the buying occurs @$1387. As there was no news yesterday just the US Dollar become stronger against major currencies. Today our selling price is @$1387 with stop loss of $4. The break down of $1377 will make the gold to next support level which is @$1364. I am still bearish for the gold for the week and the end of year.
Crude oil also following Gold and against US dollar. It retreat back to $89 as I suggested due to limited stock pile of Oil in US. But then again back to its $88 support price. Today I am again bearish for the weekend and our selling occurs @$88.75 and buying @$87. Below this level we will see soon prices @$85 which is important support level.
Syed Arif
