Gold
Gold price broke 1240$ last week and tested above 1242$. Xauusd could not hold on higher levels and retraced back very same day. Main buying came due to weak Dow Jones Index which crashed further last Friday.
Investors are still weighing their options between Dollar and Gold. Dollar Index is still holding on higher levels which is actually great for gold buyers. Gold is sustaining pretty well despite strong dollar which is a good sign for gold buyers.
Dow Jones is holding at pretty important level of 24500-400. This range is very crucial which will play this week. If DJIA index break and close beneath this level. Then expect fresh panic in equity markets which could lead buying in precious metals.
Gold chart has a resistance at 1242$. If market break and sustain above our resistance. Then expect good rise till 1250$- 1258$.
Support in gold stands at 1227$. If traders break and sustain below this level. Then expect good pressure till 1220$- 1210$.
Silver
Silver is under performing since last week and continuing its weak run. Currently xagusd trading at 14.66$. Good support in this major metal stands at 14.45$. If traders break and sustain below this level. Then expect good pressure till 14.24$- 14.05$.
Resistance in silver price stands at 14.92$. This is major trend reversal level. Once market break and sustain above this hurdle. Then expect good buying in this precious metal till 15.15$- 15.45$.
Crude oil
Crude oil tried to push prices higher last week and gave a fair positive close. Currently Nymex oil is trading at 67.25$. Good support in this major commodity stands at 66.40$. If market break and sustain below this level. Then expect good pressure till 65.50$- 64.70$.
Resistance in crude oil stands at 68$. This major hurdle is very important for oil. Once traders break and sustain above this level. Then expect good rise till 68.70$- 69.20$.
Euro
Euro trading slightly higher after dollar index lost its early gains. Currently eurusd trading at 1.1392. Good support in this forex pair stands at 1.1360. If market break and sustain below this level. Then expect good pressure till 1.1330- 1.1300.
Resistance in euro stands at 1.1430. If market break and sustain above our resistance. Then expect good rise in euro till 1.1470- 1.1500.
Conclusion
Currently Comex Gold, Silver facing profit booking so I wont recommend any buy for now. Wait for dips to initiate any major buy position. Crude oil is positive and Euro is flat to positive.
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