Gold
Dollar Index strength is gold weakness. This line is 100% true in today’s scenario. Dollar advanced on Brexit concerns as UK is not able to get out of that position yet. This caused a mild crash in Euro and a bigger crash in Pound.
Euro is biggest contributor in dollar index which resulted good strength in dollar and that dragged gold prices down. Dow Jones Index lost good 1000 points in two trading session but investors are still betting on dollar more than precious metals.
Investors are still looking for another rate hike in december which would boost bonds yield and support dollar. Hence they are betting on US dollar instead gold for now. December FOMC decision on interest rate hike will decide further course of precious metals.
Currently xauusd trading at 1222$. Good support in this major commodity stands at 1218-1217$. If traders break and sustain below this level. Then expect further crash till 1209$- 1201$.
Resistance in gold chart stands at 1231$. If market break and sustain above our resistance. Then expect good rise till 1239$- 1247$.
Silver
Since yesterday silver price is trying to save 14.30$. Xagusd broke below 14.30$ but did not sustain below this major level. Currently silver price are trading at 14.33$. Good support in this precious metal stands at 14.20$. If traders break and sustain below this base. Then expect further crash in xagusd till 14$- 13.80$.
Resistance in this major metal stands at 14.55$. Once traders break and sustain above our resistance. Then expect good rise in xagusd till 14.80$- 14.99$.
Crude oil
Nymex crude oil lost nearly 7% yesterday alone. Crude oil lost nearly 30% from its last month’s peak. Daily its crashing 3-4% and continuing its downward journey. Oil prices are under pressure as global growth is threatened by US China trade war and Electrical cars are joining the fleet.
Currently oil is fix at 54.15$. Good support in this major commodity stands at 53.50$. If market break and sustain below 53.50$. Then expect further pressure till 52.80$- 52.10$.
Resistance in crude oil stands at 55.20$. If traders break and sustain above 55.20$. Then expect good rise till 55.90$- 56.70$.
Euro
Euro crashed yesterday on Brexit concerns and good dollar index. Currently trading at 1.1384. Good support in eurusd stands at 1.1340. If market break and sustain below 1.1340. Then expect more pressure in euro till 1.1300- 1.1250.
Resistance in euro chart stands at 1.1420. If market break and sustain above 1.1420. Then expect good recovery till 1.1460- 1.1499.
Conclusion
Comex Gold, Silver forecast is flat to positive. Buy in dips would be good idea till sustaining above our support. Crude oil is weak. Euro is flat to weak too.
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