Gold
Gold price stuck in a narrow range since last week. Xauusd not going anywhere since last week and trading in a small defined range. Daily 5-6$ repeated movements seems consolidation. But market is not making any base at all. Daily we are seeing some new levels and precious metals trying to test the base. Even silver were trying to sustain below 14.90$ before firing above 15$. It shows how uncertain markets are for now.
Today we have Unemployment rate from UK which would give an idea about UK’s economy. We will see if Brexit had any effect on numbers. We also have quarterly numbers of avg earnings. Avg earnings are also very important as it gives insight, how earnings are increasing or suffering in a big economy. If numbers came better than expected then we may see some pressure in dollar index. If numbers came worse than expected then we may see some pressure in pound and rise in dollar.
Currently gold price trading at 1285$. Good support in this precious metal stands at 1278$. If market break and sustain below 1278$. Then expect good pressure in xauusd till 1270$- 1262$.
Resistance in xauusd chart stands at 1293$. If traders break and sustain above 1293$. Then expect good rise in gold price till 1299$- 1307$.
Conclusion: Comex Gold price trading in a same range since 10 days and we did not see any major movement in past 10 days. For now precious metals trend is not clear. So avoid taking any trade without stop loss. Buy trade can be taken in dips with stop loss below our support today.
For Mcx gold levels watch video below