Gold, Oil forecast May 09, 2018

By | May 9, 2018

Gold forecast

Comex Gold price trading at 1309$, Yesterday it fired till 1316$ as President Trump decided to put sanctions on Iran and commodity pack prices fired on this announcement. A good support on this major commodity stands at 1298$, If traders take this base out and manage to sustain trade below our support. Then expect good pressure in gold price upto 1291$ – 1284$ today.

A good resistance on this major commodity stands at 1321$, If traders break this hurdle and manage to sustain trade above our resistance. Then expect good firepower in gold price upto 1329$ – 1337$.

Today we have monthly PPI data from US which will give a better read on dollar.

Gold forecast conclusion: Gold trend is looking weak for now.

Crude oil forecast

As soon as President Trump announced sanctions on Iran crude oil prices fired from 68$ to 70$. Currently its sustaining above 70$ comfortably as market has turned positive since then. A good base on this major commodity stands at 69.20$, If traders tank this base and manage to sustain trade below our support. Then expect good pressure in crude oil price upto 68.20$ – 67.10$ today.

A good hurdle on this major commodity stands at 71.50$, If traders take this hurdle and manage to sustain trade above our resistance. Then expect good firepower again in oil prices upto 72.70$- 73.90$.

Crude oil forecast conclusion: Crude oil trend is positive for now.

Euro forecast

Euro tanked yesterday after German data came weaker than expected. Currently this forex pair trading at 1.1830. A good base on this major forex pair stands at 1.1780. If traders tank this base and manage to sustain trade below our support. Then expect good pressure in euro upto 1.1730- 1.1700.

A good hurdle on this major forex pair stands at 1.1870, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect good recovery in euro upto 1.1920- 1.1960 today.

Euro forecast conclusion: Euro trend is weak for now.

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