Gold
Gold price again crashed yesterday and continuing its pressure on buyers. Dollar Index and Dow Jones gains are main reason bullions are under pressure since yesterday. Better than expected good price numbers also helped dollar index to rise from lows and put pressure in precious metal. Today we have consumer sentiment data which would give good idea about US economy and may guide us further movement in dollar. In gold price main movements are dollar guided only. We are not seeing any buying or selling from traders.
Dollar guided move often tell us no clear trend in market. This is what exactly happening since 2-3 weeks in precious metals. We are not seeing any big movements in intraday trading and once in a week or two we see burst movements. Either 10-12$ higher or lower move and market goes in narrow range trading once again. This kind of market is very difficult to trade. So trade with extremely tight stop loss and dont hold position if your stops out.
For now gold is trading at 1293.80$. Good support in this precious metal stands at 1288$. If trades break and sustain below 1288$. Then expect good pressure in xauusd till 1280$- 1272$.
Resistance in gold chart stands at 1298$. If traders break and sustain above 1298$. Then expect xauusd to rise till 1302$- 1309$.
Conclusion: Comex Gold trend is flat to positive for now. Buy in dips would be good idea but make sure you exit the position if xauusd approaches resistance. More buying may occur when xauusd break 1298$.
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