Gold
FOMC concluded its meeting and decided to raise interest rate by 0.25% as expected. But market was expecting dovish market outlook from Fed which did not happen. FOMC chairman Powell released statement after 1 hour of interest rate announcement. He said Fed will look to increase rate two times in 2019 instead three. This was first soft stance from Fed after almost 2 years.
But after watching weaker than expected NFP data and concerning trade war between US and China. Market was hoping more dovish outlook from Fed. This disappoint Dow Jones Index which crashed nearly 1000 points from its peak of 24100. Spot gold also crashed from 1258$ to 1243$ within hours of announcement. Before crashing gold provided us good profit as our buy signal target achieved last night before Fed meeting.
Fed has concluded this year’s statement and I dont expect any surprise till Fed’s next meeting. But new dovish addition in Fed’s commentary could be vital for gold prices and we may see some other changed next year.
Falling stock market is holding gold prices on respectable level for now. Currently gold price trading at 1245$. Good support in this precious metal stands at 1238$. If market break and sustain below 1238$. Then expect good pressure till 1230$- 1225$.
Resistance in gold chart stands at 1253$. If traders break and sustain above 1253$. Then expect good buying in xauusd till 1260$- 1266$.
Conclusion: Comex Gold trend is flat to weak for now. Wait for market to turn positive and buy. I do not recommend any selling on these levels for now.
Silver
Spot Silver tested near 14.82$ last night before FOMC meeting decision. We enjoyed this rise as our buy signal target was also 14.82$. Currently silver price trading at 14.57$. Good support in this precious metal stands at 14.30$. If market break and sustain below 14.30$. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver price stands at 14.75$. If traders break and sustain above 14.75$. Then expect good buying in xagusd till 14.99$- 15.20$.
Conclusion: Comex silver trend is flat to weak for now.
Crude oil
Crude oil fired last night and our subscribers enjoyed it as our buy signal was running. Currently crude oil price trading at 47.10$. Good support in this major commodity stands at 46.20$. If market break and sustain below 46.20$. Then expect oil prices to drop till 45.50$- 44.80$.
Resistance in crude oil price stands at 48.20$. Once market break and sustain above 48.20$. Then expect good rise till 48.80$- 49.50$.
Conclusion: Nymex crude oil trend is positive for now.
Euro
Eurusd trading at 1.1387 today. Euro also fell from 1.1420 till 1.1360 last night as dollar index gained a little after fed meeting. Good support in this forex pair stands at 1.1340. If mrket break and sustain below 1.1340. Then expect good pressure till 1.1300- 1.1250.
Resistance in eurusd chart stands at 1.1430. If market break and sustain above 1.1430. then expect good rise till 1.1460- 1.1499.
Conclusion: Euro trend is flat to positive for now.