Gold
Spot gold price fired last Friday and hit all seller’s stop loss ( we didn’t had any position in gold last friday). Despite stable dollar gold buyers driven prices pretty higher. Many traders were holding shorts with 1192$ which hit last Friday and it gave a positive breakout on chart very same day. Currently Spot trading at 1189.30$ and Comex futures 1192.70$.
- Friday’s breakout is still valid but I am not very confident with buying so i wont recommend any fresh buy just yet.
- Hawkish Fed already cleared its intentions that they want to raise interest rate one more time in 2018.
- Hawkish Fed boosting dollar index and US equity markets.
- Higher dollar and US equity markets putting pressure in precious metals prices
Technical gold chart suggests a good resistance at 1202$, If traders break and sustain above our resistance.Then expect good rise in gold price till 1209$- 1217$.
A good support in gold chart stands at 1177$, If market break and sustain below this level. Then expect good pressure in xauusd price till 1170$- 1164$.
Silver
Spot silver price outperformed gold last week by big margin. Xagusd fired from 14.25$ to 14.70$ in single day. Currently xagusd trading at 14.60$. A good base on silver chart stands at 14.30$. If market break and sustain below this level. Then expect more pressure in xagusd till 14.10$- 13.90$.
Resistance in silver price stands at 14.75$, If market break and sustain above this resistance. Then expect good rise in xagusd till 14.99$- 15.20$.
Crude oil
Nymex crude oil fired last week and broke above 73$ without any problem. Currently cruising at 73.45$. A good support in oil prices stands at 72.70$. If market break and sustain below this level. Then expect good pressure till 72$- 71.40$.
Resistance in crude oil price stands at 74.20$. If market break and sustain above our resistance. Then expect good buying once again till 74.90$- 75.60$.
Euro
Euro is in extreme pressure since last week. Higher dollar keeping euro in check. Currently trading at 1.1594. A good support in euro chart stands at 1.1560. If market break and sustain below this level. Then expect more pressure in eurusd till 1.1530- 1.1500.
Resistance in euro chart stands at 1.1640. If market break and sustain above our resistance. Then expect good rise till 1.1680- 1.1720.
Conclusion
Comex Gold, Silver trend is positive on chart but I am not comfortable with buying at all. Better stay away from buying and wait for resistance to break. Crude oil positive and Euro is weak for now.
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