Gold
Spot gold price sustaining well above 1200$ after testing 1197$ yesterday. I had mention a support of 1198$ in yesterday’s update. It broke 1198$ but didn’t sustain below support level and bounced back pretty quickly. Interesting in all this recovery dollar index was trading flat while yesterday’s minor crash was orchestrated by dollar index. Spot gold trading at 1205$ while comex dec futures trading at 1211$.
- Yesterday we have US unemployment claims which came weaker than expected. Unemployment claims were 213K vs 210K. Means more people took benefit signaling slightly higher unemployment people.
- US personal monthly income numbers were also weaker at 0.3% vs 0.4% previous.
- DJIA Index showed some respite and crashed nearly 200 points from its peak which boosted gold price after US market closing.
Technical gold chart has a good resistance at 1218$, If traders break and sustain above our resistance. Then expect good rise in xauusd price till 1226$.
Support at technical gold chart stands at 1198$, If traders break and sustain below this level. Then expect further pressure in this precious metal till 1191$- 1184$.
Silver
Spot price of silver trading higher from its lows of nearly 14.50$. Currently comex spot trading at 14.61$ while xagusd futures trading lower at 14.54$. A good resistance on silver chart stands at 14.92$, If market break and sustain above our resistance. Then expect good rise till 15.12$- 15.35$.
Support at silver chart stands at 14.30$, If traders take this base out and manage to sustain below our support. Then expect good pressure till 14.05$- 13.80$.
Crude oil
Nymex crude oil price trading above 70$. It has broken 70$ with ease and sustaining well above 70$. Resistance on crude oil price stands at 70.80$, If traders take this hurdle out and sustain above our resistance. Then expect good buying in oil prices till 71.60$- 72.20$.
Support in Nymex crude oil price stands at 69.20$, If market break and sustain below this level. Then expect pressure till 68.40$- 67.30$.
Euro
Euro crashed yesterday when dollar index started advancing and it crashed till 1.1641. If you remember I updated support of 1.1640 yesterday in euro forecast. It did’nt broke that base and bounced back pretty good from there. Currently cruising at 1.1680. A good resistance now stands at 1.1730. If eur/usd break and sustain above our resistance. Then expect good recovery till 1.1770- 1.1800.
Support in eur/usd chart stands at 1.1630. If traders break and sustain below our support. Then expect good pressure in euro till 1.1600- 1.1550.
Conclusion
Comex Gold, Silver trend is flat to positive for now, Avoid selling precious metals and look to buy in dips. Crude oil also in positive zone. Euro flat to positive.
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