Gold
Last night FOMC released its last meeting minutes which cleared path for another rate hike. Its certain now we will have one more rate hike this year in next FOMC meet. Interesting point was Fed is still very confident on US economy and did not show any sign of slowing down. We may see further rate hikes next year which means US economy is very strong and absorbing continuous rate hike.
Good US economy means bad for gold and we may see further rise in dollar index. This weekend we have major event G-20 meeting. US president Donald Trump and China’s president Xi Jinping will have talk about current situations between US and China. Chances are slim they will sort out their difference and reach on any conclusion.
Currently gold price trading at 1224$. Good support in this major metal stands at 1217$. If market break and sustain below this level. Then expect further pressure in xauusd till 1208$- 1200$.
Resistance in gold chart stands at 1232$. If traders break and sustain above our resistance. Then expect good rise till 1239$- 1247$.
Silver
Comex Silver trading at 14.32$. Good support in this precious metal stands at 14.10$. If traders break and sustain below this level. Then expect good pressure in xagusd till 13.90$- 13.70$.
Resistance in silver chart stands at 14.55$. If market break and sustain above our resistance. Then expect good rise till 14.78$- 14.99$.
Crude oil
Nymex crude oil tanked below 50$ but recovered quickly leaving bears high and dry for more weakness. Currently oil prices are trading at 51.60$. Good support in crude price stands at 50.70$. If traders break and sustain below this level. Then expect further pressure till 50$- 49.30$.
Resistance in crude oil price stands at 52.30$. If traders break and sustain above our resistance. Then expect good rise till 53$- 53.70$.
Euro
Euro trading higher at 1.1390. Eurusd trading almost flat since yesterday. Good support in eurusd chart stands at 1.1350. If traders break and sustain below this base. Then expect good pressure till 1.1320- 1.1270.
Resistance in euro stands at 1.1430. If market break and sustain above our resistance. Then expect good rise till 1.1470- 1.1500.
Conclusion
Comex Gold, Silver forecast is positive for now. Buy on dips would be good idea till our support is holding. Crude oil and Euro forecast is also positive.
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