Gold
As stated in yesterday’s gold update gold rise began. Spot gold price did not updated any low and continuously updating highs. It broke major resistance of 1209$ in early morning session and currently spot trading at 1208.80$, Comex futures trading at 1213.50$.
- DJIA Index tradingat lifetime high and updating new highs every hour since last night.
- Higher equity markets are putting pressure on dollar index as investors seeks better returns in equities than dollar for now.
- Dollar weakness is gold’s gains.
- Dollar weakness is main driver of gold price untill unless it does not break and sustain major hurdle.
A good resistance in gold price stands at 1219$. If traders break and sustain above our resistance. Then expect good rise in xauusd prices till 1226$- 1232$.
Good support in gold chart stands at 1198$. If market break and sustain below this support. Then expect all gains to go in drain and xauusd may test till 1191$- 1184$.
Silver
Spot silver price fired yesterday and trading at almost highest point of the day. Spot trading at 14.39$ while Comex futures trading at 14.43$. Xagusd is outperforming Xauusd since yesterday. A good resistance in silver price stands at 14.55$. If traders break and sustain above our resistance.Then expect good rise in xagusd till 14.80$- 15$.
A good support in silver price stands at 13.90$. This is major base in silver for now. Once traders break and sustain below this level. Then expect good pressure in xagusd till 13.70$- 13.50$.
Crude oil
Nymex crude oil price trading lower as it facing profit booking since yesterday. Currently trading at 70.29$ after making low of exact 70$. A good base in crude oil price stands at 69.80$. If market break and sustain below this level. Then expect more pressure in oil prices till 69.20$- 68.70$.
Resistance in crude oil prices stands at 71.10$. If traders break and sustain above our resistance. Then expect good rise till 71.70$- 72.30$.
Euro
Euro trading higher today as dollar index is in under pressure since yesterday. Major beneficiary is euro in dollar weakness ( Read here about dollar index ) Currently euro trading at 1.1780. A good resistance in euro chart stands at 1.1740. If market break and sustain below this level. Then expect good pressure till 1.1700- 1.1650.
Resistance in euro chart stands at 1.1830. Once market break and sustain above our resistance. Then expect good rise in this major forex pair stands at 1.1870- 1.1920.
Conclusion
Comex Gold, Silver trend is positive for now as dollar index is crashing since yesterday. Crude oil trend is weak. Euro is positive.