Gold
Spot gold price broke 1185$ but could not sustain there. Xauusd bounced back pretty hard till 1192$. Currently spot trading at 1193$ and Comex futures trading at 1197$.
- US, Canada and Mexico reached an agreement yesterday, Putting a stop on all uncertainties between neighbors.
- US equity tested lifetime high once again which could put pressure in metals again.
- Despite strong dollar index and equity markets gold silver fired. This could eventually start buying but stay cautious till dollar is strong.
- Gold trading in small range since weeks. Till market does not break range its dangerous to take bigger positions.
- Trade with strict stop loss as market is showing wild moves
Technical gold chart suggests a support at 1185$, If market break and sustain below this level. Then expect good pressure in this precious metal till 1175$- 1167$.
A good resistance in gold chart stands at 1202$, If market break and sustain above our resistance. Then expect good rise in this precious metal till 1209$- 1217$.
Silver
Silver price showing good momentum this week. Its outperforming gold since Monday and continuing updating highs. Currently spot trading at 14.58$. A good base in this precious metal stands at 14.30$, If market break and sustain below this level. Then expect good pressure in xagusd till 14.10$- 13.90$.
Resistance silver stands at 14.75$, If market break and sustain above our resistance. Then expect good rise in xagusd till 14.99$- 15.20$.
Crude oil
Nymex crude oil continuing its winning streak and updating highs since last week. Currently cruising at 75.75$. A good resistance in this major commodity stands at 76.20$. If market break and sustain above this level. Then expect good rise in oil prices till 77$- 77.80$.
Good support in crude oil price stands at 74.70$, If market break and sustain below this level. Then expect good pressure till 74$- 72.70$.
Euro
Euro continuing to trade lower as dollar index advancing everyday. Currently trading at 1.1545. A good base on this forex pair stands at 1.1500. If market break and sustain below this level. Then expect good pressure till 1.1450- 1.1400.
Resistance in euro chart stands at 1.1590, If traders break and sustain above our resistance. Then expect good rise till 1.1620- 1.1660.
Conclusion
Comex Gold, Silver trend is positive but wait till market break resistance before initiating any buy. Crude oil is positive. Euro is weak.