Gold
Gold price trading in a very tight range since last week. Its trading between 1218$ to 1230$. Even yesterday it tested 1220.10$ and bounced back from there. Market is waiting for major breakthrough to test above 1230-35$ zone which is a major hurdle.
Today Saudi major conference starts which was suppose to boost Saudi business. But after murder of Khashoggi in Saudi consulate. Many big names pulled from conference. Latest name is Branson Richard. Saudi agreed to invest several billions in Hyperloop project which would enable Saudi to get future transport. But after Branson Richard criticism on Khashoggi murder Saudi pulled the plug on project. JP Morgan, Bank of America are among big names which pulled from this conference after Khashoggi event.
Currently gold trading at 1225$. Good resistance in this major precious metal stands at 1236$. If market break and sustain above our resistance. Then expect good rise in xauusd till 1242$- 1249$.
Support in gold stands at 1217$. Once traders break and sustain beyond this point. Then expect more pressure in this commodity till 1208$- 1200$.
Silver
Silver trading at 14.55$. Xagusd is under performing since yesterday and trading lower. Good support in this major commodity stands at 14.30$. If market break and sustain below this level. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver stands at 14.75$. Once market break and sustain above our resistance. Then expect good rise in xagusd till 14.99$- 15.20$.
Crude oil
Nymex crude oil crashed yesterday further and continuing its bear run. Currently trading at 69.05$. Good support in this major commodity stands at 68.40$. If market break and sustain below this level. Then expect good pressure till 67.70$- 67$.
Resistance in oil prices stands at 70.20$. Once traders break and sustain beyond this point. Then expect good rise till 70.80$– 71.60$.
Eurusd
Euro crashing since yesterday due to higher dollar index. Currently dollar trading at highest point which is putting pressure in euro. Another reason is Italy’s budget which is creating pressure in euro. Currently eurusd trading at 1.1445. Good support in eurusd stands at 1.1400. If market break and sustain below this level. Then expect good pressure till 1.1370- 1.1340.
Resistance in euro stands at 1.1490. Once market break and sustain above our resistance. Then expect good recovery in eurusd till 1.1530- 1.1570.
Conclusion
Comex Gold, Silver trend is flat to positive for now. Avoid major selling till our supports are intact. Crude oil and Euro are weak.
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