Gold
Gold price fired despite good GDP numbers from US. US released better than expected GDP numbers and gold price gave nearly 7-8$ dip when numbers came. But precious metals pack did not sustain on lower levels and bounced back pretty hard. Our comex buy gold signal target also achieved last friday. Gold tested new high for Friday despite good numbers and buyers enjoyed gains till the closing.
Gold opened today a little lower after a good run last friday. Dollar Index is pressuring precious metals price today as dollar is recovering after Friday. This week is full of major events. We have FOMC policy this week. We have Non farm jobs data and unemployment rate from US this week. We will have all indicators for upcoming month clearing this week itself. This week data will decide the fate of gold & silver price course in May 2019.
For now we are in comfortably positive zone as gold price ran pretty hard last friday and crossed our that day resistance and even gave a close above our intraday resistance. Currently gold price are trading at 1284$. Good support in xauusd chart stands at 1277$. If traders break and sustain below 1277$. Then expect good pressure in this precious metal till 1270$- 1262$.
Resistance in gold chart stands at 1292$. If traders break and sustain above 1292$. Then expect good rise in xauusd till 1299$- 1308$.
Conclusion: Currently gold price is in positive zone so avoid major selling and look to buy in dips. We have monthly personal spending data from US today. So keep an eye on this important data and do not trade near release time. This week trade with strict stop loss as we may see higher volatility in intraday sessions.
For Silver & Crude oil levels watch my youtube video here