Gold
Last night gold price were crushed by dollar index. Dollar dramatic rise resulted in gold price 11$ crash from its peak. However gold was still holding above water and did not break 1308-1307$ last night. Now we are trading near very good base which stands at 1307$. If market break and hold below then we may have further consequences for buyers. But for now buyers seems safe as market is holding pretty well.
Gold price is trading in 10$ range since Monday and that also include last night fall in xauusd as well. We are trading in very tight range as market is waiting for US GDP numbers which will release in next 6 hours. GDP numbers would decide the course of precious metals for next few days.
Positive GDP numbers could boost dollar and send precious metals into bear zone once again. However if US GDP numbers are not upto the mark then expect a rally in precious metals.
Gold resistance on chart stands at 1319$. This is major barrier to cross if buyers wants to take control of prices. Once traders break and sustain above 1319$. Then expect good buying in xauusd till 1326$- 1333$.
Support in gold chart stands at 1307$. If traders break and sustain below 1307$. Then expect good pressure in xauusd till 1300$- 1291$.
Conclusion: Comex Gold price forecast is flat to positive for now. I will recommend buying in dips till market is holding 1307$. If xauusd break below 1307$ then sell on rise would be good idea.
For Mcx Silver and Crude oil levels watch video below