Gold analysis
Comex gold price fired last week after US treasurer comment on dollar that week dollar isn’t their concern . Market took it very seriously and precious metals fired without any other reason . Comex gold tested 1366$ in this mad run but cooled down and tested 1342$ . Final closed came below 1350$ giving some relief to bears but its still a very good positive weekly close .
A good support on xauusd chart stands at 1322$ , if traders tank this base and manage to close below our support this week . Then expect good pressure in gold price upto 1300$ – 1274$ .
A good resistance on xauusd chart stands at 1375$ , if traders break this hurdle and manage to close above our resistance , then expect good firepower in gold price upto 1402$ – 1433$ .
Gold analysis conclusion : Comex gold price trend is positive but we will advice extreme caution on these levels .
Bitcoin analysis
Bitcoin ( BTCUSD ) crashed and tested 9200$ , we already said in our yearly market outlook that we expect 8000$ in bitcoin . You may read our yearly market outlook here .
Bitcoin closed below 11000$ this friday , a good support this week stands at 8800$ , if traders tank this major base and sustain trade below our support . Then expect Bitcoin to test upto 8400$ – 8000$ , below 8000$ expect more pressure in BTCUSD .
A good hurdle on this cryptocurrency stands at 12500$ , if traders breaks this major hurdle and manage to sustain trade above our resistance , then expect good recovery in Bitcoin upto 13400$ – 14900$ .
Bitcoin analysis conclusion : BTC trend is flat to weak till its not breaking our hurdle , however we dont trade in cryptocurrencies .
Dollar Index analysis
US Dollar Basket ( DXY ) crashed badly after comment made in Davos by Fed treasurer . It crashed from 91 to 88 . Dollar literally behaved like emerging market currencies . It finally closed near 88.70 which is still not a good close . A good hurdle on our dollar chart stands at 89.30 , if traders break this major hurdle and manage to close above our resistance . Then expect some recovery upto 89.85 – 90.30 . Major blast would start above 90.30 close .
A good base on dollar chart stands at 87.70 , if traders break this major base and manage to close below our support . Then expect more bleeding in dollar upto 87.20 – 86.50 .
Dollar Index analysis conclusion : Dollar trend is still weak , avoid buy before any resistance .
This week we have plenty of data , main is fed decision on interest rate and Non farm employment change . Keep an eye on both events .
More will update to our signals subscribers .
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