Gold
Comex gold price opened positive yesterday in 1256$ range. Xauusd tested good resistance of 1266$ but failed to sustain above that resistance. Market reversed back and now we are trading near Friday’s closing. Yesterday’s high was direct result of weak USD Index. Currently spot gold price trading at 1257$. Brexit concerned also took over yesterday when British pound nose dive and precious metals jumped.
Today we have monthly productions and GDP numbers from UK. This will give another idea to euro and dollar. Currently USD Index trading at 93.80. Yesterday low was 93.30. We have recovered almost 50 pips in dollar. We are still far away from our major resistance of 94.30. If traders break and sustain 94.30 then expect major buying upto 94.60- 94.90.
Dollar support today stands at yesterday’s low of 93.30, Below this we will talk about 93 and major weekly support of 92.70.
Gold price chart suggests a support at 1248$, If traders break and sustain price below this level. Then expect comex xauusd to test upto 1241$- 1235$ today.
A good resistance on spot gold price chart stands at 1266$, If traders break and sustain above our resistance. Then expect good recovery in price upto 1272$- 1281$ soon.
Conclusion: Gold price is influenced by dollar only. Keep an eye on dollar to determine trend of precious metals. Currently precious metals are looking flat to weak.
Silver
Spot silver price tested above 16.20$ but could not break our resistance of 16.25$. Currently xagusd trading at 16.07. A good support on silver technical chart stands at 15.88$, If traders break and sustain below our support. Then expect good pressure upto 15.70$- 15.50$ in silver.
A good resistance on silver technical chart stands at 16.25$, If traders break and sustain above our resistance. Then expect good recovery in comex xagusd upto 16.48$- 16.66$.
Conclusion: Silver price trend is flat for now, It will turn weak below our support only. Till then no sell.
Euro
Euro almost tested 1.1800 yesterday but could not keep up the pace with bulls. Eventually dollar took the lead and eurusd gave almost 50 pips from its peak since yesterday. Currently this major forex pair trading at 1.1735. A good support on technical euro chart stands at 1.1680, If traders break and sustain below this level. Then expect 1.1640- 1.1600 soon in euro.
A good resistance on this major forex pair stands at 1.1805, If traders break and sustain above our resistance. Then expect good rise in euro upto 1.1845- 1.1890 soon.
Euro trend is flat to positive for now.
More will update to our signals subscribers.
Read our monthly gold price update here.