Gold
US mid term elections turned out to be a grid lock situation. Democratic party finally gained control house of representatives which surely would put Trump administration in a bad situation. Republican party kept Senate house which give a breather to Trump and his party.
US equity market took this nearly negative outcome as positive. Losing control of house is not a good sign for upcoming major decisions by Trump. Dow Jones Index rallied hard and closed above 26000 once again. Stock market outperformed every other asset and closed on pretty higher levels.
We enjoyed mild correction in gold as our sell signal initiated at 1229.50 and we booked profit just now.
Currently gold trading at 1224.80$. Good support in xauusd stands at 1217$. If market break and sustain below this level. Then expect good pressure in gold till 1208$- 1200$.
Resistance in gold price stands at 1232$. If xauusd break and sustain above our resistance. Then expect good rise in gold till 1240$- 1248$.
Silver
Silver price trading at 14.56$, Silver trading in a small range since last 2 weeks. Good support in silver chart stands at 14.30$. If market break and sustain below this level. Then expect good pressure in xagusd till 14.05$- 13.80$.
Resistance in silver price stands at 14.75$. If market break and sustain above our resistance. Then expect good rise in this metal till 14.99$- 15.20$.
Crude oil
Nymex crude oil trading at 61.85$. Oil trading in a range since Monday. Good support in crude oil stands at 61.20$. If market break and sustain below this level. Then expect good pressure till 60.50$- 59.70$.
Resistance in crude oil stands at 62.50$. If traders break and sustain above our resistance. Then expect good rise till 63.70$- 64.90$.
Euro
Euro trading lower since last night. We enjoyed this mild correction, Our sell signal initiated at 1.1488 and booked near 1.1458 last night itself. Good support in eurusd stands at 1.1400. If traders break and sustain below this level. Then expect good pressure in euro till 1.1360- 1.1320.
Resistance in euro chart stands at 1.1470. If traders break and sustain above our resistance. Then expect good rise in euro till 1.1500- 1.1540.
Conclusion
Comex Gold, Silver trend is flat to weak for now but no major selling for now. Crude oil trend is weak for now. Euro is flat to positive for now.
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