Gold has resistance around USD 1651: India Forex
India Forex has come out with its technical outlook onGold and Crude.
Gold is trading stable at 1646 levels. The Gold held above $1,644 after the U.S. Federal Reserve's meeting. The U.S. monetary policy was "more or less in the right place" even though the central bank would not hesitate to launch another round of bond purchases if the economy were to weaken. Sup-port is at 1624 level, whereas immediate resistance can be seen near 1651 (21 day EMA). Overall look at a range of 1-3 months at 1550-1630 levels. Over-all Target 1550.
Oil: WTI Crude is trading at USD 103.96 levels. After the Fed meeting, US crude futures were seen steady when the Fed chairman said they were ready to help the economy if necessary. In the meanwhile, The world's top oil exporter, Saudi Arabia, has increased its crude inventories to meet higher power de-mand this summer and partly to cover a possible global supply shortfall if tensions between Iran and the West escalate. Strong near term support is at 103 and resistance at 104.9. Overall range of 100-105 with bearish bias.
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