Gold unable to break 1200$ ( 07th Sept update )

Gold

Update 07th Sept: Levels are most likely same so i am not making any fresh post today. Just we have Non farm Unemployment data today. Watch out for that. This will decide the fate of precious metals next week. We dont have any change in resistance and support levels. Do not trade with big qty till evening.

Spot gold price tested 1190$ yesterday and fired back till 1199.80$. Xauusd could not break 1200$ and now retracting back. Currently spot gold trading at 1196$ and Comex december futures trading at 1201$.

• Xauusd is in extreme pressure since April and continuously making lows.
• Gold weakness is orchestrated by strong dollar index.
• Currently Dollar index trading at highest point of the day at 94.75.
• Non farm payroll data would be a deciding factor for precious metals. Wait for data till tomorrow before any major position
• Today we have US unemployment claims, another sign of US economy, It will give a fair idea about Jobs situation in US.
• Gold is yet to break 1202$ which is a major hurdle. I updated this resistance in yesterday’s forecast as well.

A good support in gold chart stands at 1188$, If market break and sustain below this level. Then expect good crash in xauusd till 1180$- 1175$.

Resistance in gold price stands at 1202$, If market break and sustain above our resistance. Then expect good fresh buying in xauusd till 1208$- 1218$.

Silver

Spot price of silver is still since Monday. It broke 14$ earlier and now sustaining on lower levels. Yesterday it tested 14.25$ but could not sustain on higher levels. Currently spot silver trading at 14.15 and comex futures trading at 14.18$.

A good support in silver price stands at 13.90$, If trader break and sustain below this level. Then expect good pressure in xagusd price till 13.70$- 13.50$.

Resistance in silver stands at 14.30$, This level was hurdle when xagusd was trading in 14.50$ zone. Now if market break and sustain above 14.30$.Then expect good rise till 14.52$- 14.75$.

Crude oil

Nymex crude oil price is in continous pressure since Friday. Currently trading at 68.40$. A good base on crude oil stands at 67.80$, If market break and sustain below our support. Then expect further pressure till 67$- 66$.

Resistance in crude oil price stands at 69.20$, If traders break and sustain above our resistance. Then expect good recovery in nymex oil prices till 70$- 70.80$.

Euro

Euro trading in weak zoned due to advancing dollar. Currently trading at 1.1617. A good base on this major forex pair stands at 1.1580, If market break and sustain below this level. Then expect good pressure in eur/usd till 1.1550- 1.1500.

Resistance in euro chart stands at 1.1640, If market break and sustain above our resistance. Then expect good rise till 1.1680- 1.1720.

Conclusion

We have entered in a time when investors are avoiding gold as a safe haven and pushing their money in greenback. Its very rare when investors completely avoid gold. For now Comex precious metals are in weak zone. Crude oil and Euro are weak too.

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