Gold analysis
Comex gold price fired yesterday after dollar bleed hard and broke even 89 . Dollar weakness fueled all currencies against dollar and market reacted and dollar basket lost nearly 1% in single trading session . Even today its down 0.50% . A good support on daily xauusd chart stands at 1350$ , if traders take this base out and manage to sustain trade below our support today . Then expect good pressure in gold price upto 1342$ – 1335$ .
A good resistance on xauusd chart stands at 1372$ , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect good firepower once again upto 1380$ – 1388$ .
Gold analysis conclusion : Comex gold trend is positive for now .
Silver is also highly positive for now , avoid any major sell . Resistance at 17.90$ , support at 17.45$ .
Forex analysis
Dollar index crushed by all currencies yesterday as US treasury secretary Steve Mnuchin spoke in Davos , Switzerland . His remarks were ” A weaker USD is good for us as it relates to trade and opportunities and dollar’s short term value is not concern for us . This started a panic sell across the board and euro gained tremendously with this comment .
Currently eurusd trading at 1.2430 , a good support on this forex pair stands at 1.2390 . If traders take this base out and manage to sustain trade below our support today . Then expect good pressure in eurusd upto 1.2350 – 1.2305 .
A good resistance in this forex pair stands at 1.2468 , if traders take this hurdle out and manage to sustain trade above our resistance today . Then expect good firepower upto 1.2499 – 1.2535 .
Eurusd trend is positive for now .
Usdjpy trading at 108.94 , it crashed badly last night as market swallowed dollar in selling . A good base on this forex pair now stands at 108.70 , if traders tank this base and manage to sustain trade below our support today . Then expect good pressure in usdjpy upto 108.30 – 108 .
A good hurdle on this forex pair stands at 109.40 , if traders manage to break this and sustain trade above this hurdle then expect some recovery upto 109.80 – 110.20 .
Usdjpy trend is flat to weak for now .
More will update to our signals subscribers .