Gold
For mcx levels join our chat room here. Spot gold price opened lower today and continuing its losing streak. Since April 2018 we have had major Mondays as weak only. There are only few Mondays when we didn’t fall. Currently spot gold trading at 1192$ and Comex futures trading at 1197$.
Last week Non farm payroll data came positive than previous and even exceed expectations which pressured xauusd prices and it broke 1200$. Non farm data gave dollar index a boost which resulted in lower gold prices last week.
Investors who were supporting gold till last week have stopped their support and now dollar index is driving the prices. Buyers are not there to counter dollar strength at least for now.
Technical chart suggests a good support in xauusd at 1184$, If market break and sustain below this level. Then expect good pressure till 1175$- 1170$.
Resistance in xauusd chart stands at 1202$, If market break and sustain above our resistance. Then expect good rise till 1208$- 1217$.
Silver
Spot silver price also opened lower and currently trading at 14.07$, Comex futures trading at 14.11$. A good base on this major metal stands at 13.90$. If market break and sustain below our support. Then expect good pressure till 13.70$- 13.50$.
Resistance in silver price stands at 14.30$, If traders break and sustain above our resistance. Then expect good rise till 14.51$- 14.70$.
Crude oil
Nymex crude oil price opened higher today and currently trading near 68$. A good support in crude oil price stands at 67$, If market break and sustain below our base. Then expect good pressure till 66$- 65$.
Resistance in crude oil price stands at 68.30$, If market break and sustain above our resistance. Then expect good rise till 69.20$- 70$.
Euro
Euro trading lower today at 1.1548. Eurusd trading lower due to strength in US dollar index today. A good support in eur/usd chart stands at 1.1500, If market break and sustain below our base. Then expect good price correction till 1.1460- 1.1420 today.
Resistance in euro chart stands at 1.1610, If traders break and sustain above our resistance. Then expect good recovery till 1.1640- 1.1680.
Conclusion
Comex precious metals are in weak zone, avoid any major buy for now. Crude oil is positive and Euro is weak due to dollar.
More will update to our signals subscribers.