Gold
Spot price of gold continued testing upper levels. Buyers are pouring their support in yellow metal which is driving the prices up. Yesterday DJIA Index tested 26000 once again and still holding at 26070. Yesterday according to Bloomberg President Trump has reached an agreement with Mexico on tariff.
- Xauusd has recovered more than 40$ from its lowest point of 1165$.
- We may have a minor profit booking which would cement gold position even more.
- Dollar weakness could fuel gold price if it breaks below 94. Currently USD Index trading at 94.45.
- If Dow Jones Index started correcting then we may have another reason to cherish comex xauusd prices.
For now a good support in gold chart stands at 1198$, If market break and sustain below our base. Then expect pressure in this bullion till 1191$- 1184$.
Resistance in gold prices stands at 1218$, Once we break and sustain above this hurdle. Then expect good buying once again till 1226$- 1234$.
Silver
Spot price of silver trading at 14.86$, It has tested above 14.90$ but could not sustain above 14.90$ which would have enable another buying round. A good base on this bullion technical chart stands at 14.70$, If traders tank this base and sustain below our support. Then expect good pressure in xagusd till 14.50$- 14.30$.
Resistance at silver technical chart stands at 15.05$, If market break and sustain above our resistance. Then expect another round of buying in xagusd till 15.30$- 15.55$.
Crude oil
Nymex Crude oil price trading in a narrow range since it opened this week. Currently its fix at 68.70$, A good base on this major commodity technical chart stands at 68$. If traders break and sustain below our support. Then expect good pressure till 67$- 66$.
Resistance in crude oil price stands at 69.20$, If traders break and sustain below our support. Then expect good buying in this energy commodity till 70$- 71.10$.
Euro
Euro traded above 1.1690 first time after many weeks. Euro was gaining due to weakness in USD index. Currently eurusd trading at 1.1668. A good support in this forex pair stands at 1.1630, If traders break and sustain below this level. Then expect good pressure in eur/usd till 1.1600- 1.1550.
Resistance in this forex pair stands at 1.1720, If market break and sustain above 1.1720. Then expect good rise till 1.1760- 1.1799.
Analysis conclusion
Comex Gold Silver trend is positive buy in dips would be good idea. Crude oil trend positive too till it holds above 68$. Euro trend is flat to positive.
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