Gold
Spot gold price tested 1213$ after Wall Street Journal reported that US and China may have proceed to resolve to their trade war. It fired from 1202$ to 1213$. Dollar Index crashed after this report. It was later in the day President Trump tweeted to clarified he said ” We are no under pressure to make a deal with China, They are under pressure to make deal with us”. Indirectly President Trump may have just ignited the situation and we just need to wait what Beijing have to say on this. Currently spot price trading at 1205$ and Comex futures trading at 1210.40$.
- President Trump may have turned trade dispute a trade dispute into a full blown trade war.
- Dollar Index is in under pressure since yesterday, It my result in good buying in precious metals.
- Xauusd still need to break the resistance of 1218 and 1225$ for trend reversal on weekly charts.
- Markets are uncertain as we wait for Beijing response.
Technical chart has a good support in xauusd price at 1198$, If market break and sustain above our resistance. Then expect selling in gold price till 1191$- 1184$.
Resistance in gold chart has a 1218$, Once market break and sustain above our resistance. Then expect good rise till 1224$- 1231$.
Silver
Spot silver trading flat to positive since yesterday. Currently spot trading at 14.25$ while Comex futures trading at 14.28$. A good support in silver price stands at 13.90$, Once traders break and sustain below this base level. Then expect good selling in xagusd price till 13.70$- 13.50$.
Resistance in silver price chart stands at 14.50$, If market break and sustain above our resistance. Then expect good rise in xagusd price till 14.70$- 14.92$.
Crude oil
Nymex Crude oil prices are falling since yesterday. Currently trading at 68.60$. A good base on this major commodity stands at 67.80$. If market break and sustain below this level. Then expect good pressure till 67.10$- 66.50$.
Resistance in crude oil prices chart stands at 69.30$. If market break and sustain above our resistance. Then expect good rise till 70$- 71.10$.
Euro
Euro trading at 1.1692, Euro trading higher due to weaker dollar index. A good resistance in eur/usd chart stands at 1.1730. If market break and sustain above our resistance. Then expect good rise till 1.1770- 1.1800.
A good support in euro chart stands at 1.1650. If traders break and sustain below our base. Then expect good pressure till 1.1600- 1.1550.
Conclusion
Comex Gold, Silver trend is flat for now. Follow technical levels as market maybe volatile due to announcements from both sides. Crude oil trend is weak. Euro is positive.
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