Gold
Fed intend to hike rate in December and current dispute between US and China has turned into full blown trade war. Fed chairman Powell delivered speech yesterday and cleared his intention for one more rate hike in December. So its almost certain we will have one more rate hike in December. Dow Jones fired with full guns from 24800 to 25200 after that announcement. Now market seems may have already discounted this move but Fed aggressive view may not be over yet.
Now we are certain there would be rate hike in December but there are also good probabilities we may see bigger rate hike than 0.25%. Gold also betting on upcoming G20 meeting which seems just a formality. President Trump seems not in mode to solve dispute anytime soon. He already cleared he will proceed with additional tariff on Chinese goods in December. He hinted one of the product could be Apple’s Iphone and assembled laptops in China.
Electronic gadgets are one of the biggest export of China and if it gets hit then China would be in more trouble and US is betting on that only. Dollar Index is getting stronger as investors are looking this more of a China’s problem.
Currently gold price trading at 1225.30$. Good support in this major precious metal stands at 1217$. If traders break and sustain below this level. Then expect good pressure till 1208$- 1200$.
Resistance in gold price stands at 1232$. If market break and sustain above our resistance. Then expect good rise till 1239$- 1247$.
Silver
Silver reversed from 14.10$ to 14.35$ yesterday. Currently silver trading at 14.35$. Good support in this precious metal stands at 14.15$. If market break and sustain below this level. Then expect further pressure till 13.90$- 13.70$.
Resistance in silver stands at 14.55$. If market break 14.55$ and sustain above our resistance. Then expect good rise till 14.78$- 14.99$.
Crude oil
Nymex crude oil crashed yesterday again and tested near 50$. Currently trading at 50.45$. Good support now stands at 49.80$. If market break and sustain below 50$ then expect further pressure in oil till 48.70$- 47.50$.
Resistance in crude oil stands at 51.50$. If market break and sustain above our resistance. Then expect rise till 52.70$- 53.90$.
Euro
Euro fired hard last night. It fired from 1.1280 to 1.1380. Currently its trading at 1.1385. Good resistance in eurusd stands at 1.1340. If market break and sustain below this base. Then expect further pressure in eurusd till 1.1300- 1.1250.
Resistance in euro stands at 1.1420. If market break and sustain above our resistance. Then expect good rise till 1.1450- 1.1490.
Conclusion
Comex Gold, Silver forecast is positive for now. We have ECB chairman speech in an hour so lets see what he has to say. Crude oil is weak. Euro forecast is positive for now.
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