Gold
Spot gold price trading slightly positive since it tested 1247$ yesterday. Dollar charged up again in last US session as it goes above 94 and xauusd tanked below 1250$. It was in late US session comex gold price could recover from lows and sustained above 1255$ comfortably. Currently comex price cruising at 1257$.
Yesterday, weak UK data gave a push to market but strong dollar and strong US equity market took away precious metals gains and tested lows. Currently DJIA Index down 100 points as it trades near 24700, Nasdaq down 30 points. Putting pressure on USD Index. Today we have ECB chairman Mario Draghi and BOE Gov Carney speech. Both will have impact in precious metals price.
Spot gold price still did not entered in positive zone, its still in flat area and may show weakness due to steam left in US dollar index. But we have a good resistance on gold price chart at 1262$, If traders break this level and sustain trade above our resistance. Then expect trend reversal and xauusd may test upto 1267$- 1274$ today.
A good support on gold price chart stands at 1247$, If traders break and sustain trade below this level. Then expect more pressure on xauusd upto 1240$- 1234$ today.
Conclusion: Dollar support at 93.630 as mentioned in our yesterday’s post, Once market goes below this level then we should be good to go and xauusd should break our mentioned resistance. Comex price trend is flat for now, We are in kind of grey area so follow levels. We would recommend buy in dips.
Silver
Spot silver price in under pressure and trading weaker at 16$, it tested above 16.10$ yesterday but since then it is under constant selling pressure. A good support on comex silver chart stands at 15.75$, If traders break and sustain trade below this level. Then expect more pressure in silver price upto 15.51$- 15.30$.
A good resistance on silver chart stands at 16.25$, If spot price break this and sustain above 16.25$, Then expect good recovery in silver upto 16.48$- 16.70$.
Silver trend is flat to weak for now.
Euro
Eur/Usd trading almost flat since we wrote about it yesterday. Its still surviving at 1.1730. A good support on this major forex pair stands at 1.1680, If traders break and sustain below this level. Then expect more pressure in euro upto 1.1640- 1.1600.
A good resistance on euro chart stands at 1.1778, If traders break and sustain above our resistance. Then expect good rise upto 1.1800- 1.1840 today.
Conclusion: We have European Central Bank Governor speech today, so wait for his speech before taking any major trade in market.
Wish you happy trading