Gold
Comex Gold crashed after my sell signal initiated at 1283$. I advised my clients to take profit at 1277$. We booked nearly 60 pips profit and made approx $600 profit in gold trade last night. Silver & Dow Jones signals also fetched us more than $2000 combine profit. We were in sell in gold, silver and dow jones yesterday and booked handsome profit.
Gold recovered since we booked profit and trading a bit higher. Gold finally reacted to Dow Jones which is down nearly 500 points from its yesterday’s peak of 25715. Yesterday we received housing price data which shown decline in prices. Hinting a slow down in housing market. Consumer confidence was up no doubt but housing price decline is a major indicator in US economy.
Market has not discounted US, China trade war. Looming risk of China’s retaliation every day is making stock markets nervous. White house denied to lift ban on Huawei and China did not reacted the way market anticipated. So uncertainty is key here. Fed’s latest dovish move also indicated that they are not comfortable to hike interest rate despite excellent job numbers and lifetime high in Dow jones. Fed indicated we may see some slowdown in US economy if trade war dispute not solved as soon as possible.
Precious metals would react positively if we face any uncertainty. So stay cautious while selling and place extremely strict stop loss in position. Currently gold price trading at 1283$. Good support in xauusd chart stands at 1275$. if market break and sustain below 1275$. Then expect good pressure in this precious metal till 1270$- 1265$.
Resistance in comex gold chart stands at 1288$. If traders break and sustain above 1288$. Then expect good rise in xauusd till 1293$- 1299$.
Conclusion: Comex Gold trend is flat to positive for now. Avoid major selling on these levels and look to buy in dips.
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