Gold
Dollar Index drive gold price once again. Dollar is driving the gold prices as it crashed yesterday which resulted in spike and then recovered which caused pressure in xauusd from highs. Currently gold is fix at 1223$ but main driving force is dollar index only.
Dow Jones Index crashed once again from highs and lost nearly 400 points from peak. Currently trading below 25000 and continuing its selling from every rise. This kind of crash in stock market may put some pressure on Fed to avoid December’s rate hike which they are planning.
If Fed does not hike any rate in December policy then expect good rise in precious metal. This is a simple scenario for now. I did not account for current trade war and geopolitical tensions.
Good support in xauusd stands at 1217$. If traders take this base out and sustain below this level. Then expect further pressure in gold till 1209$- 1200$.
Resistance in gold stands at 1232$. If market break and sustain above our resistance. Then expect good rise till 1239$- 1247$.
Silver
Comex silver is trading in a small range since yesterday. Its trading in 8-10 cents since it opened this week. Currently xagusd price is fix at 14.38$. Good support in this precious metal stands at 14.20$. If traders break and sustain below this level. Then expect pressure till 14$- 13.80$.
Good resistance in silver stands at 14.55$. If market break and sustain above our resistance. Then expect good rise till 14.80$- 15$.
Crude oil
Nymex crude oil trading near 57$ . Its trading in a narrow range since yesterday. Good support in crude oil price stands at 56.20$. If traders break and sustain below this level. Then expect good pressure till 55.50$- 54.70$.
Resistance in crude oil price stands at 57.80$. If traders break and sustain above our resistance. Then expect good rise in oil prices till 58.40$- 59$.
Euro
Euro trading higher since yesterday. Our subscribers enjoyed this rise as our buy signal target achieved. Currently eurusd trading at 1.1455. Good resistance in this forex pair stands at 1.1480. If traders break and sustain above our resistance. Then expect good rise till 1.1530- 1.1570.
Support in euro chart stands at 1.1430. If market break and sustain below this level. Then expect good pressure till 1.1400- 1.1360.
Conclusion
Comex Gold, Silver trend is flat for now. Follow technical levels to trade. Crude oil is in weak zone but avoid selling on these levels. Euro is positive for now.
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