Gold
Spot gold price trading in a narrow range since it opened this Monday. We are in 3rd trading session of this week and gold did not move anywhere and trading in a small range since Monday. Yesterday recovery came due to small dip in US stock market which we cashed. We booked more than 130 pips profit in DJIA index. Currently spot trading at 1194.60$ and comex december futures trading at 1199.60$
- Despite strong US dollar Index precious metals were able to recover last night from lows.
- Gold recovered from 1188$ to 1196$ within hours on short covering despite strong US dollar.
- Investors are still in dilemma about dollar as safe haven.
- Till investors dont choose gold as safe haven asset, I dont see any significance buying in xauusd for now.
- FOMC would be raising interest rate this month again and we need to see how good market absorbs that. It will decide if US economy is strong enough to handle further rate hikes.
- Today’s technical levels would be same as yesterday no major change so lets get on to it.
Technical gold chart has a good support at 1187$, Yesterday it did not break and made low of 1188$. Today again this base would act as major support in xauusd. Once market break and sustain below this level. Then expect good pressure in xauusd prices till 1180$- 1171$.
Resistance in gold price chart stands at 1202$, Market need to break this hurdle in order to resume buying. Once traders break and sustain above our resistance. Then expect mild buying in this precious metal till 1209$- 1217$.
Silver
Spot silver price trading at 14.11$, Comex futures trading at 14.15$. Last night it broke 14$ and went to test 13.94$. Xagusd also respected our support of 13.90$ and bounced back from there. Today same support applies in this metal. Once traders break and sustain below 13.90$. Then expect further selling till 13.70$- 13.50$.
Resistance in silver price chart stands at 14.30$, Once traders pull price till 14.30$ and sustain above this hurdle.Then expect mild recovery till 14.52$- 14.74$.
Crude oil
Nyme crude oil trading higher at 69.70$ today. It fired yesterday after our buy signal. I given crude oil signal free in our chat room. ( Click here to join for free ). A good resistance on crude oil chart stands at 70.30$, If market break and sustain above our resistance. Then expect good rise in oil prices till 70.90$- 71.60$.
Crude oil price has a support at 68.80$, If market break and sustain below this level. Then expect further pressure in this major commodity till 68$- 67.30$.
Euro
Euro trading at 1.1588. I keep giving free euro signals in chat room so you must join it if you wish to receive some free forex signals. A good base today in eur/usd stands at 1.1540. If market break and sustain below this level. Then expect good pressure till 1.1500- 1.1450.
Resistance on euro chart stands at 1.1630, If traders break and sustain above our resistance. Then expect good rise till 1.1670- 1.1700.
Conclusion
Comex Gold, Silver trend is weak for now. But i keep updating levels in our chat room as market is changing prices every minute. Even yesterday our support was 1187$. I said in chat room below 1194$ gold is weak and some chat room visitors took sell till 1188$. Crude oil is positive. Euro is flat to positive. Click here to join our chat room.
More will update to our subscribers.