Gold
Spot gold fired last week as expected and we enjoyed this run. We were in buy most of the times as we sent two buy signal in gold. Xauusd closed on perfectly positive closing and now trding even higher at 1264$. Bad dow jones index is driving gold prices up. Investors concern about current trade war between US and China pressuring stock market which resulting in gold gains
Fed hawkish policy also dragging stock market down which is supporting precious metals prices. Last week dow jones closed below 22500 which is nearly 17% fall from its this year’s peak. This week would be crucial and Dow Jones need to close above 23500 in order to maintain a bullish zone for next year.
We have only 3 trading sessions this week which will be very boring as volumes have started dropping due to holiday session. So trade with extreme caution now. Currently gold trading near 1264$ almost at highest point of the day. Support in this precious metal stands at 1253$. If market break and sustain below 1253$. Then expect good pressure till 1247$- 1240$.
Good resistance in gold chart stands at 1272$. Once traders break and sustain above 1272$. Then expect good rise till 1280$- 1288$.
Conclusion: Gold trend is flat to positive for now. I have added mcx levels video in last if you want to check mcx levels.
Silver
Spot silver opened higher today and sustaining on higher levels at 14.72$. Resistance in silver chart stands at 14.92$. If market break and sustain above 14.92$. Then expect good rise till 15.12$- 15.33$.
Silver support stands at 14.48$. If market break and sustain below 14.48$. Then expect good crack in this precious metal till 14.26$- 14.05$.
Conclusion: Silver trend is positive for now.
Crude oil
Nymex crude oil trading higher at 46.08$. Oil opened higher and sustaining well above 46$ for now. Good support in crude oil stands at 45.40$. If market break and sustain below 45.40$. Then expect good pressure till 44.80$- 44$.
Resistance in crude oil chart stands at 47.20$. If market break and sustain above our resistance. Then expect good rise till 47.80$- 48.80$.
Conclusion: Crude oil trend is positive for now.
Euro
Euro fired last week before falling from 1.1470. Dollar Index strength caused crashed in euro. Currently eurusd trading at 1.1392. Good support in euro chart stands at 1.1350. Once market break and sustain below 1.1350. Then expect good pressure till 1.1310- 1.1270.
Resistance in euro chart stands at 1.1420. Once market break and sustain above 1.1420. Then expect good rise till 1.1460- 1.1499.
Conclusion: Euro trend is flat to positive for now.
Click here to join live chat room for free commodity calls.