Strong US dollar index brings other cross currencies pair and Gold prices down. Crude oil prices also falling taking cues from the global stock market as demand for crude oil reduces due to the weak economy.
Crude Oil Forecast
WTI Crude Oil Support and Resistance
The WTI Crude Oil ended on a lower note, it breaks and trades below $55.The $50 level mental figure and I think there will be a sure measure of significant worth chasing around there. I think it is just a short time before we get some sort of significant worth chasing going on, and truth be told after this gigantic selloff, I feel that it’s hard to offer after this kind of move. All things considered, at some point or another you need to make the inquiry “who is left to offer? At this price who is selling either back hedge their position.
Trading Range: $48- $56
Gold Support and Resistance Levels
Gold prices inched up during early Asian hours on Friday set to rise for the second straight week on safe-haven demand for the metal ahead of the G20 summit next week. Earlier this week Gold made high of $1229 and later closed at $1222.5.
As per momentum indicator and gold trading in rising channel on weekly basis now major support place at lower channel support $1206 while Resistance at $1235. If trade above this can lead gold to a level of $1242
Trading range: $1206-$1236