Comex Gold price trading at 1313$, It opened higher as it tested 1319$ in morning session. Currently prices are in a bit midway to take a positions. Last week weaker than expected non farm data provided some support to gold but US unemployment rate came at 18 year low which gave a boost to dollar and resulted in this precious metal testing 1302$. We have a deadline on Iran session this weekend which will be a deciding factor in yellow metal price.
Currently a good support on this major commodity stands at 1307$, If traders tank this base and manage to sustain trade below our support. Then expect more pressure in gold price upto 1300$ – 1291$.
A good resistance on this major commodity stands at 1325$, once this resistance is out and traders manage to sustain trade above our resistance. Then expect good firepower in gold price upto 1333$ – 1340$.
Gold forecast conclusion: Comex gold trend is flat to positive for now.
Crude oil forecast
Crude oil price fired in early morning trade as its past cruise above 70$. Currently prices are enjoying above 70$. We mentioned in our weekly newsletter levels for oil. A good base on this major commodity stands at 68.80$, If traders take this base out and manage to sustain trade below this level. Then expect more pressure in oil price upto 67.20$ – 66$ today.
A good hurdle on this major commodity stands at 71.20$, If traders take this hurdle and manage to sustain trade above our resistance. Then expect good firepower in crude oil upto 72.40$ – 73.70$.
Crude oil forecast conclusion: Crude oil trend is positive for now.
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