Gold
Spot price of gold did not shown any weakness despite higher US equity markets. But gold’s positive move is orchestrated by weak dollar index which is trading lower since it opened yesterday. Dollar broke 95 in early session today and currently fix at 95.10. We enjoyed this crash in USD as our Usdjpy and Usdchf was sell ( details in next post) and our precious metals are near target ( signals given yesterday to our subscribers, Join our signals in $99. Whatsapp us at +91-9920315014 )
Currently gold price trading pretty positive at 1194$ but a small caution note, Today spot gold is up nearly 4$ in which dollar index contribution is 2.5$ and buyers have only 1.5$. You may also find out how much dollar index contributed in gold price by watching Kitco gold index. This kitco tool is pretty good and you may use it all day. Bullion market need to stop relaying on Dollar in order to get some real strength and convince big money to dump greenback in order to buy precious metals which is still not a case.
Currently comex gold chart has a resistance at 1201$, If market break and sustain above our resistance. Then expect good buying in this major commodity till 1208$- 1218$.
Support at xau/usd chart stands at 1184$, If market break and sustain below this level. Then expect pressure again in comex gold till 1180$- 1171$.
Silver
Spot price of silver trading at 14.80$, Xag/Usd also trading positive since yesterday and holding gains pretty well. A good resistance in comex silver chart stands at 15.02$, If market break and sustain above our resistance. Then expect further buying in this precious metal till 15.22$- 15.48$.
A support in silver prices stands at 14.60$, If traders break and sustain below this level. Then expect sellers to take upper hand till 14.40$- 14.20$.
Crude oil
Nymex Crude oil was finally able to show some strength due to short covering. It was manage to cross the bridge of 65$ and currently its sustaining well at 65.50$. A good resistance on oil prices stands at 66.30$, If market break and sustain above our resistance. Then expect good buying till 67$- 68$.
Support in oil prices stands at 64.70$, If traders break below this level then expect sellers to take charge once again and push Nymex crude oil till 63.50$- 62.20$.
Euro
Euro enjoying its bull run due to weakness in USD index. Currently trading and holding above 1.1500. A good resistance in this major currency pair at 1.1555, If traders break and sustain above 1.1555. Then expect good rise in eur/usd till 1.1599- 1.1640.
Support in eur/usd chart stands at 1.1480, If traders break and sustain below this level. Then expect pressure in euro till 1.1440- 1.1400.
Nifty
Spot Nifty closed on lifetime high yesterday. Nifty boosted with strong indian rupee and Dow Jones. Currently its just opened flat at 11554. A good support in nifty chart stands at 11490, If traders drag price at this level and manage to sustain below 11490. Then expect further pressure till 11450- 11410.
Resistance in nifty chart stands at 11620, If market break and sustain above our resistance. Then expect 11660- 11690 soon.
Conclusion
Comex Gold, Silver has entered in positive zone for intraday. But buying on these levels may be risky. Crude oil is positive, buying in dips would be good. Euro is positive for now. Nifty is positive.
More will update to our signals subscribers.
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