Gold
Spot gold price opened lower today and continuing its streak of trading below 1200$. Metals are not able to sustain at all. Traders are not showing any confidence in metals and continuously selling on rise. Bad Non farm payroll data could not jump start the gold movement and it was held back by good Unemployment rate.
Despite bad Non farm data market could not show any strength and its kept falling from highs. Dollar Index also trading higher which is putting additional pressure in precious metals.
Today major US banks will be close so we may see some drop in volume so stay cautious and trade low.
Good support in gold chart stands at 1187$, If traders break and sustain below this level. Then expect good pressure in xauusd till 1180$- 1172$.
Resistance in gold price stands at 1202$, If market break and sustain above this hurdle. Then expect mild recovery in xauusd till 1209$- 1218$.
Silver
Silver price also opened lower and broke 14.50$ which was a mild support in chart. Currently trading at 14.48$. A good support in xagusd chart stands at 14.30$, If traders break and sustain below this level. Then expect good pressure till 14.05$- 13.90$.
Resistance in silver chart stands at 14.75$, If market break and sustain above our resistance. Then expect good rise till 14.99$- 15.20$.
Crude oil
Nymex crude oil price facing good profit booking since last week. Oil crashed from 76$ to almost 73$. Currently trading at 73.60$. A good support in oil price stands at 73$, If traders break and sustain below this level. Then expect good pressure till 72.30$- 71.50$.
Resistance in oil prices stands at 75.10$, If market break and sustain above our resistance. Then expect good rise till 75.90$- 76.70$.
Euro
Euro trading lower as dollar index is advancing in early session. Currently eurusd trading at 1.1506. A good support in this forex pair stands at 1.1470. If market break and sustain below this level. Then expect euro to tank till 1.1430- 1.1400.
Resistance in this forex pair stands at 1.1550. If market break and sustain above our resistance. Then expect good rise till 1.1590- 1.1630.
Conclusion
Comex Gold, Silver trend is weak for now till market is sustaining below resistance. Keep an eye on our chat room as I will update if market reverse before resistance. Click here to join chat room. Crude oil and Euro are weak.