Gold
Spot gold price ( Xauusd ) trading at 1214$ after making lows near 1208$. Gold is shining as dollar index is down from highs and currently trading at lowest point of the day. USD Index trading at 94.57, Below 94.30 more panic in dollar not ruled out. Keep an eye on resistance of 95. Above this expect more pain in precious metals.
Sellers are looking tired and we may finally have a much needed breather in a day or two. Keep an eye on equity markets and dollar index. Gold chart has a good support at 1207$, If market break and sustain below this level. Then expect further pressure in xauusd up to 1200$- 1191$.
Resistance on gold chart stands at 1222$, Once traders break this hurdle and sustain price above our resistance. Then expect price of gold to test up to 1228$- 1236$.
Silver
Spot silver price ( Xagusd ) under performing yellow metal since Monday. Its not going any further and trading under pressure since beginning of week. Currently trading at 15.42$, A good support on silver chart stands at 15.30$, If trader breaks and sustain below this level. Then expect further pressure in xagusd up to 15.10$- 14.90$.
Resistance on silver chart stands at 15.70$, Once market break and sustain above our resistance. Then expect recovery in xagusd up to 15.92$- 16.12$.
Crude oil
Crude oil price trading flat since yesterday. Market is waiting for US inventories which is due tonight. Till then I expect oil prices to trade in a narrow range. Currently trading at 69$, A good base on chart stands at 68.20$, If market break and sustain below this level. Then expect further stress in prices up to 67$- 66$.
A good resistance on chart stands at 70.20$, If traders break and sustain above this level. Then expect further rise in oil up to 70.80$- 71.60$.
Euro
Euro replenished itself from all lows and currently cruising at 1.1620. All gains are directly due to dollar weakness from its peak. Dollar could not hold ground above 95 and started a good profit booking till now which is giving an edge to euro.
A good support on this major forex pair stands at 1.1580, If market break and sustain below this level. Then expect further pressure in eurusd up to 1.1540- 1.1500.
Resistance on this forex pair stands at 1.1655, If traders break and sustain above our resistance. Then expect more up to 1.1699- 1.1730.
Conclusion
Dollar Index is currently boosting precious metals prices and changed their intraday trend from negative to positive. I expect further short covering in both precious metals so avoid major selling. Buy in dips would be better idea. Crude oil is in flat to positive zone, wait till inventory to take a fresh trade. Eur/Usd trend is positive too.
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