Gold
Gold price took a beating yesterday when dollar index rises despite concerns of trade war. Brewing tension between Saudi and US is also causing concerns over market. Dow Jones took a beating last night on this concern but dollar is rising with good pace.
Xauusd recovered very smartly despite strong dollar. Lowest point was 1219$ and Gold tested 1229$ after that. So even strong dollar is not able to stop gold. Dollar is causing a mild resistance in gold’s upside for now.
Currently trading at 1228.45$. Good support in this major metal stands at 1217$. If market break and sustain below this level. Then expect good pressure in xauusd till 1209$- 1200$.
Resistance in gold stands at 1235$. If market break and sustain beyond this point. Then expect good rise till 1242$- 1249$.
Silver
Silver price trading pretty flat since yesterday. Currently trading a little higher at 14.63$. Good support in silver stands at 14.40$. If market break and sustain below this level. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver stands at 14.92$. This is trend reversal level in xagusd. Once traders break and manage to sustain beyond 14.92$. Then expect good rise in this precious metal till 15.12$- 15.32$.
Crude oil
Nymex continuing its downward journey. Currently trading below 69$ and making news lows. Good support in this major commodity stands at 68$. If traders break and sustain below this level. Then expect good pressure till 67.30$- 66.40$.
Resistance in crude oil chart stands at 70.10$. If traders break and sustain above our hurdle. Then expect good gains in this major commodity till 70.90$- 71.70$.
Euro
Euro is making new lows due to higher dollar index. Rising dollar index is impacting euro directly which is hurting it and eurusd making new lows since yesterday. Currently trding at 1.1462. Good support in euro stands at 1.1420. If market break and sustain below this level. Then expect good pressure till 1.1380- 1.1350.
Resistance in euro chart stands at 1.1510. If traders break and sustain above this hurdle. Then expect good buying in euro till 1.1550- 1.1590.
Conclusion
Comex Gold, Silver trend is positive for now. Avoid any selling in precious metals till support is intact. Crude oil is weak and Euro is looking weak too.
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