Gold
Spot gold price crashed below 1200$ in a dramatic break down with high volumes and went on to test 1192$. Even Comex Gold futures tested below 1200$ with high volume and continued for a while. Currently Comex gold dec futures trading at 1201$ while price of spot gold trading at 1194$.
- Interestingly major selling in gold came by sellers not by dollar index which was caused since 3 months. Turkey’s financial crisis gave boost to safe haven demand and investors are choosing dollar over gold in a dramatic shift for dollar.
- Dollar roared above 96 and continued for a while but it was profit booking in greenback which triggered major selling in gold. Despite correcting from highs of 96.30 to below 96 gold did not had any respite and sellers kept selling this precious metal.
- This time concern is even bigger as sellers are selling even without dollar strength and even major financial crisis of Turkey is not able to pull the precious metals prices.
Good support in xauusd chart stands at 1187$, If market break and sustain below this level. Then expect further pressure in price of gold till 1181$- 1170$.
Resistance in gold chart stands at 1202$, If traders break and sustain above our resistance. Then expect mild relief rally till 1211$- 1218$.
Silver
Price of comex silver felt the heat as investors preferred USD over precious metals. Silver price broke 15$ and tested 14.97$ first time this year. Currently trading at 15.04$. A good resistance on silver chart stands at 14.90$, If market break and sustain below this level. Then expect further pressure in this major commodity till 14.70$- 14.50$.
Good resistance on this precious metal stands at 15.27$, If traders break and manage to sustain above our resistance. Then expect small relief rally till 15.48$- 15.70$.
Crude oil
Crude oil price trading flat since yesterday. Currently trading at 66.80$. A good base on this major commodity stands at 66.20$, If market break and sustain below this level. Then expect further pressure in Nymex crude oil till 65$- 64.20$.
Resistance on crude oil chart stands at 68$, If market break and sustain above our resistance. Then expect good recovery till 68.80$- 69.70$ in Nymex crude oil.
Euro
Euro trading flat at 1.1398, Its trading flat to positive since yesterday due to limited growth in USD. A good base on this major forex pair stands at 1.1350, If market break and sustain below this level. Then expect further pressure in eurusd till 1.1300- 1.1260.
Resistance in euro chart stands at 1.1450, If traders break and sustain above our resistance. Then expect further recovery till 1.1490- 1.1530 in euro.
Conclusion
Comex Gold, Silver has cracked due to pressure from sellers and currently trading lower only. A mild recovery is not ruled out but for now prices are in weak zone. Crude oil is also in weak trend but no major sell for now. Euro is positive.
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