Gold
Comex Gold broke resistance at 1232$ and continuing to hold above 1232$ with good volumes. As reported in our last gold report, US and China reached common ground and its pretty good sign for gold buyers. I have been advising to avoid sell in precious metals since last week. Currently gold is trading at 1237$. Good resistance in this major commodity stands at 1242$. If market break and sustain above our resistance. Then expect further rise in xauusd till 1250$- 1257$.
Good support in gold chart stands at 1227$. If traders break and sustain below this level. Then expect mild pressure in xauusd till 1217$- 1209$.
Silver
Comex Silver price also in positive zone since it opened this week. Bullion market is reacting positively since President Trump and China’s President Xi Jinping called for a truce. Dow Jones Index also was in major positive till last night before loosing almost 400 points from peak. Silver is trading at 14.50$. Good resistance in this major metal stands at 14.75$. If traders break and sustain above 14.75$. Then expect good rise till 14.99$- 15.20$.
Support in comex silver chart stands at 14.30$. If traders break and sustain below 14.30$. Then expect further selling pressure till 14.10$- 13.90$.
Crude oil
Nymex crude oil retraced back from highs yesterday. We enjoyed this mild crash as our sell signal initiated on highs and we booked profit. Currently oil is trading at 53.50$. Good resistance stands at 54.20$. If traders break and sustain above 54.20$. Then expect further rise till 54.90$- 55.40$.
Support in crude oil chart stands at 52.70$. If market break and sustain below 52.70$. Then expect further pressure till 52$- 51.20$.
Euro
Euro trading higher as dollar started correction after US China called for a truce last weekend. Currently eurusd trading at 1.1385. Good support in eurusd chart stands at 1.1340. If market break and sustain below 1.1340. Then expect further pressure till 1.1300- 1.1260.
Good resistance in eurusd stands at 1.1420. If market break and sustain above our resistance. Then expect good rise in this major forex pair till 1.1460- 1.1490.
Conclusion
Comex Gold, Silver forecast is positive and buy in dips would be better idea. Crude oil is flat to positive, Avoid major buy till resistance is intact. Euro forecast is positive.
Click here to join our live chat room.