Gold
Gold price crashed further as dollar index took charge once again. Yesterday Dow Jones Index tested new lifetime high. Good stock market is major reason to drive gold lower in intraday trading yesterday. Even now gold prices are under pressure and looking in weak zone.
Dow Jones Index driving on optimism. US economy is in very strong position as suggested by President Trump. No doubt we are seeing good numbers from US and it seems US economy is in good state. But sustaining on higher levels I feel Dow Jones needs major correction to show healthy upward trajectory.
For now Dow Jones maintaining higher levels a 5-7% correction from here would be very good for market and it would give boost to Wall Street. For now we will wait for US GDP numbers this weekend. This will give exact picture of US economy. This would be second most crucial data for US economy and it will give idea about how we might fare next month.
For now gold price trading at 1270$. Good immediate support in this precious metal stands at 1267$. If market break and sustain below 1267$. Then expect good pressure in xauusd till 1260$- 1252$.
Good resistance in xauusd chart stands at 1278$. If market break and sustain above 1278$. Then expect good rise in comex gold till 1284$- 1290$ today.
Conclusion: For now comex gold trend remain weak and traders should avoid buying for now. If anyone wants to buy then I would suggest let the resistance break. Precious metals are looking fragile for now so avoid major buy trade.
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