Gold
Spot price of gold tested 1165$ yesterday in early morning session and yellow metal recovered from there till 1182$. In our yesterday’s gold report we mentioned resistance of 1182$, It could not break that hurdle and now trading at 1176$. Dollar Index is not moving anywhere since yesterday. Currently its roaming at 96.16 almost same level as yesterday morning. Last night it tested below 96 but could not sustain and bounced which resulted in comex gold retrace from highs.
- Dow Jones gained nearly 300 points yesterday and trading continuously higher. Currently zooming at 25600.
- Good US unemployment claims data boosting gains in US equity markets.
- Good building numbers from US also boosted equity markets.
- Main issue with gold is sentiment, Its not gaining on any event and sellers are selling on every high.
- Even when dollar is crashing or stabilizing precious metals are not showing any strength due to major selling sentiment in bullion market.
A good support in comex gold price stands at 1165$, This low is very crucial in order to resume selling. Once market break and sustain below this level. Then expect further weakness in gold till 1160$- 1154$.
Resistance in xauusd price stands at 1182$, Again this is not the trend reversal level and sustain above this will only yield in minor relief rally till 1188$- 1194$.
Silver
Spot price of silver trading at 14.62$, It tested till 14.80$ and reverted back from highs. Xagusd could not hold on higher levels as expected and came back within hours. A good support on comex silver price stands at 14.30$, If market break and sustain below this level. Then expect further pressure till 14.05$- 13.80$.
A good resistance in silver price stands at 14.92$, If market break and sustain above our resistance. Then expect good recovery till 15.12$- 15.32$.
Crude oil
Nymex crude oil price is under pressure since yesterday and continuing its losing streak. Currently trading at 64.80$, A good base on this major commodity stands at 63.50$, If traders break and sustain below this level. Then expect good pressure till 62.70$- 62$.
Resistance in crude oil price stands at 66.20$, If market break and sustain above our resistance. Then expect good recovery till 67.50$- 68.30$.
Euro
Euro trading almost flat at 1.1377 since yesterday. Due to limited movement in dollar index its also trading flat. A good resistance in this forex pair stands at 1.1340, If market break and sustain below this level. Then expect good pressure in eur/usd till 1.1300- 1.1270.
Resistance in this major forex pair stands at 1.1420, If traders break and sustain above our resistance. Then expect rise in eur/usd till 1.1460- 1.1490.
Conclusion
Comex Gold, Silver sentiments are very weak so avoid major buying in precious metals. Crude oil is also in weak zone. Euro trend is flat to positive.
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