Gold
Last night when FOMC released its last meeting minutes, Market was expecting hawkish way as Fed already cleared in its press conference. But meeting minutes contains more hawkish view than expectations.
Fed minutes suggests that Fed is willing to hike interest rate more than which they suggested. Fed’s interest target is 3% which should come in a or two interest rate hike. But meeting suggests they are willing to raise interest rate beyond 3% to stop excessive growth.
This single line pushed gold higher and hampered gold gains last night.
Currently gold is trading at 1222$. Good support stands in gold at 1217$. If traders break and sustain below this level. Then expect good pressure till 1208$- 1200$.
Resistance in gold price stands at 1233$. If traders push price beyond this point and sustain above 1233$. Then expect good rise in xauusd till 1240$- 1248$.
Silver
Silver price is also under pressure since yesterday. Currently trading at 14.58$. Good support in this major commodity stands at 14.48$. If market break and sustain below this level. Then expect good pressure in xagusd till 14.28$- 14.08$.
Resistance in silver stands at 14.75$. If traders break and sustain above 14.75$. Then expect rise in xagusd till 14.90$- 15.10$.
Crude oil
Nymex crude oil crashed yesterday after our sell signal. I gave free signal in our chat room too. ( Click here to join free chat room ). Currently trading below 70$. Good support in oil prices stands at 69.20$. If traders break and sustain below this level. Then expect good pressure till 68.50$- 67.70$.
Resistance in crude oil price stands at 70.70$. If traders break and sustain above our resistance. Then expect small recovery in oil till 71.30$- 71.80$.
Euro
Euro trading pretty weak since last night. After Fed minutes eurusd crashed due to higher dollar index. Currently trading at 1.1497. Good support in euro stands at 1.1450. If market break and sustain below this level. Then expect good pressure till 1.1420- 1.1370.
Resistance in euro stands at 1.1480. If market push euro beyond 1.1480 and sustain above this level. Then expect good rise till 1.1520- 1.1560.
Conclusion
Comex Gold, Silver trend is weak for now but watch out supports before selling. Crude oil and Euro are weak.
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