Gold
Fed concluded its meeting yesterday, FOMC decided to keep interest rate unchanged but they released statement saying ” Their projection of interest rate remain unchanged”. This came as a little surprise as market was anticipating Fed might take a softer stand after ugly trade war and current geopolitical tensions.
There is high probability Fed will increase interest rate next month. Fed stated labor market and current economic situation in US is satisfying. It might mean that they may accommodate one more hike next month.
Fed statement caused a surge in dollar index which put pressure in gold prices and it crashed from 1226$ to 1218$. Currently gold prices are trading at 1220$.
Good support in this major metal stands at 1209$. If market break and sustain below this level. Then expect good pressure in xauusd till 1200$- 1192$.
Resistance in spot gold price stands at 1228$. If traders break and sustain above our resistance. Then expect good rise in this major metal till 1236$- 1242$.
Silver
Spot silver price trading at 14.40$. Xagusd also came under pressure but it did not crash. Xagusd standing firm for now. Good support in this precious metal stands at 14.30$. If market break and sustain below this level. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver price stands at 14.75$. If market break and sustain above our resistance. Then expect good rise in xagusd till 14.99$- 15.20$.
Crude oil
Nymex crude oil continuing its downward journey. Currently trading at 60.75$. Good support in crude oil prices stands at 59.80$. If market break and sustain below this level. Then expect good pressure in this major commodity till 59.30$- 58.50$.
Resistance in crude oil price stands at 61.50$. If traders break and sustain above our resistance. Then expect good rise in crude oil till 62.20$- 62.90$.
Euro
Euro crashed last night after dollar index recovered from lows. Currently eurusd trading at 1.1343. Good support in euro stands at 1.1300. If market break and sustain below this level. Then expect good pressure till 1.1250- 1.1200.
Resistance in euro stands at 1.1390. If market break and sustain above our resistance. Then expect good rise in euro till 1.1420- 1.1460.
Conclusion
Comex Gold, Silver trend is weak for now but I wont recommend any selling for now. World equity markets are trading in red zone which is providing mild cushion to precious metals prices. So avoid selling for now. Crude oil is weak. Euro is also weak.
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