Gold
Yesterday we had a gold buy from 1323$ for target of 1327$. Before GDP numbers we moved our stop loss at cost so we dont exit in loss if there is good data from US. Interestingly US GDP numbers came way better than expected and gold tanked from 1327$ to 1314$ within hours. We were saved by our prompt action as our stop loss was on cost.
Gold currently trading almost at lowest price at 1312$ and trading below support of 1318$ which is clearly bearish for gold now. This week closing would very crucial for gold price now. Todya we have manufacturing and personal spending numbers from US which might give an edge to gold price.
So for now a good support in gold price stands at 1307$. If traders break and sustain below 1307$. Then expect good pressure till 1300$- 1291$.
Resistance in gold price stands at 1319$. If market break and sustain above 1319$. Then expect good rise till 1327$- 1336$.
For Comex Silver, Crude oil & Mcx levels watch video below. I have covered following points in video
- Comex Silver analysis and trading levels. ( Hindi & English )
- Nymex Crude oil levels ( Hindi & English )
- Mcx market update ( Hindi )
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