Gold
As stated in last gold update, Fed hawkish view might melt precious metals and it did. Yesterday gold price crashed from nearly 1200$ till 1184$ last night. We enjoyed this crash as our subscribers sold at 1196 and booked profit at 1189$. Even in silver our clients made more than 100 pips profit. Currently xauusd price trading at 1184$ and Comex futures trading at 1187.80$
- Fed created an earthquake in market by saying they may raise one more interest rate in December.
- This statement sent dollar index through the roof and precious metals through the ground.
- Dollar Index recovered completely and tested highs last night which resulted selling in precious metals
- Fed confidence is at all time high as they successfully managed to hike interest rate without hampering growth.
- Gold broke 1190$ major support and even closed below that level, signaling more weakness ahead.
- Higher than expected US GDP numbers gave dollar a boost which resulted in more selling.
Technical gold chart has a good support at 1175$. If traders break and sustain below this level. Then expect good pressure in this major commodity till 1170$- 1162$.
A good resistance in gold char stands at 1192$. If xauusd break and sustain above this hurdle today. Then expect xauusd price to test till 1199$- 1207$.
Silver
Spot silver price crashed from nearly 14.50$ to 14.19$ as dollar index fired and tested highs. Currently trading at 14.30$. A good base on this major metal stands at 14.20$. If traders break and sustain below this level. Then expect good pressure in xagusd price till 14$- 13.80$.
A good resistance in silver stands at 14.55$. This major resistance need to break if silver wants to test any high. Once market break and sustain above this level. Then expect good buying till 14.74$- 14.99$.
Crude oil
Nymex crude oil price tested near 71.60$ after our sell signal. I gave sell signal free in chat room ( click here to join free ). After our profit booking it fired and currently cruising at 72.25$. A good resistance in oil prices stands at 72.80$. If traders break and sustain above this hurdle. Then expect good rise in oil prices till 73.50$- 73.90$.
A good support in Nymex crude price stands at 71.40$. If market break and sustain below this level. Then expect good pressure till 70.80$- 70.10$.
Euro
Euro crashed badly after dollar rise last night. Currently trading at 1.1638. A good support in euro chart stands at 1.1590. If traders break and sustain below this level. Then expect good pressure in eurusd till 1.1550- 1.1500.
Resistance in this forex pair stands at 1.1680. If traders break and sustain above our resistance. Then expect good rise till 1.1720- 1.1760.
Conclusion
Comex Gold, Silver trend is looking weak. Avoid major buying at least today. Crude oil is positive. Euro weak.