Comex gold price crashed after Non farm employment numbers came better than expected . Gold prices tested near 1325$ and then tried to recover a bit . A good support on weekly xauusd chart stands at 1317$ , if traders take this base out and manage to close below our support , then expect good pressure in gold price upto 1290$ – 1260$ .
A good resistance on weekly xauusd chart stands at 1366$ , if traders take this hurdle out and manage to close above our resistance , then expect good firepower in gold price upto 1399$ – 1425$ .
Gold analysis conclusion : We have BOE monetary policy due this week , keep an eye on event . Trend is flat to weak for gold .
As expected and mentioned in our new year post Bitcoin ( BTC ) tested 8000$ last week , and gave a close near 8500$ . Our post can be read here .
This week we have a good base on BTC chart at 7400$ , if traders tank this base and manage to close below our support , then expect good pressure in bitcoin upto 7000$ – 6500$ this week .
A good hurdle on bitcoin chart stands at 9300$ , if traders take this hurdle out and manage to close above our resistance , then expect good firepower in bitcoin upto 9900$ – 10400$ this week .
Bitcoin analysis conclusion : Bitcoin trend is flat to weak .
Wall Street analysis
Dow Jones crashed more than 2.5% last friday finally giving much needed correction , Wall street closed below 25500 . A good base on DJIA chart stands at 24800 , if traders tank this base and manage to give close below our support . Then expect more pressure in Dow Jones upto 24400 – 24000 .
A good hurdle on DJIA chart stands at 25880 , if traders take this hurdle out and manage to close above our resistance , then expect market to resume its bull run and index may test upto 26100 – 26400 and even more high levels are not ruled out .
Wall Street analysis conclusion : Dow Jones trend is flat to weak .
More will update in daily forecast .