Gold
Spot gold price finally charged up as dollar index showed some profit booking from higher levels and tested above 1200$. Our buy signal initiated at 1196$ and we booked profit at 1204$ gaining almost 80 pips in gold trade. You may also get our gold signals in $99 for first month. Whatsapp at +91-9920315014 for details.
Spot gold tested 1208$ since last night and currently trading at 1204.70$, Comex futures trading at 1209.80$. Main buying in xauusd came due to dollar index weakness. Currently USD index trading at 94.45. A good support in dollar now stands at 94.20, If traders break and sustain below this level then expect more weakness in dollar and good buying in gold.
Technical gold chart has a good support at 1198$, If market break and sustain below this level. Then expect good pressure till 1191$- 1184$.
Resistance in gold price chart stands at 1218$, This is an extremely important level in order to resume buying in xauusd. Once market break and sustain above this level. Then expect a trend reversal and xauusd price may hit till 1224$- 1232$.
Silver
Despite a higher gold, Silver price is still struggling at 14.22$, Comex futures trading at 14.27$. A good support in silver price stands at 13.90$, If market break and sustain below this level. Then expect good pressure in xagusd till 13.70$- 13.50$.
Resistance in silver price stands at 14.50$, Once traders break this major hurdle and sustain above our resistance. Then expect trend reversal in xagusd price till 14.70$- 14.92$.
Crude oil
Nymex crude oil broke the resistance today as it went to test above 70$. Currently its trading at 69.70$. A good base on this major commodity stands at 69$. If market break and sustain below this level. Then expect pressure in crude oil prices till 68.20$- 67.30$.
Resistance in crude oil price stands at 70.30$, Once market break and sustain above our resistance. Then expect good rise till 70.80$- 71.40$.
Euro
Euro recovered smartly after dollar weakness last night. We enjoyed dollar weakness as our USDCHF signal was in sell and we booked nearly 40 pips in this trade. Currently trading at 1.1620. A good support in eur/usd chart stands at 1.1580. If market break and sustain below this level. Then expect good pressure in euro till 1.1540- 1.1500.
Resistance in euro chart stands at 1.1650. If market break and sustain above our resistance. Then expect good rise till 1.1690- 1.1740.
Conclusion
Comex Gold, Silver trend is positive for now. We have UK monetary policy, US CPI and US unemployment claims data today. Stay cautious. Crude oil is weak. Euro is flat to positive.
More will update to our signals subscribers.