Gold
Just when everyone was thinking gold has stopped crashing down it gave a shock when broke 1190$ early morning today. Currently prices are trading at 1187$ well below major support of 1190-88$. USD has crossed 96 earlier and currently gaming at 96.44 at highest point of the day and highest level of the year.
- We have lost nearly 170$ from peak of mid April and currently going towards major support of 1178$. We are trading this level after February 2017. It took market nearly 24 months to reach again at this level. Despite global crisis gold is losing its shine due to dramatic shift in investors behavior.
- Investors are finding US Dollar a better safe haven than gold due to continues highs in US Stock market and continues positive data from US. This is very rare when investors literally rejects gold as a safe haven asset in favor of any currency when global crisis between two biggest economies US and China is on. Trade war between United States and China is costing billions of dollars to both countries and yet Dollar dominance is unquestionable.
- So can gold price go down further is major question today. Absolutely, There is no support from buyers nor any respite from dollar index which could boost comex gold prices. Comex gold is oversold no doubt but there should be some respite from short covering or dollar which is not happening at all.
- Its an absolute unique condition when US dollar is gaining with this pace and gold is losing its shine. Thankfully we do not have any buy in market nor any sell. We are waiting for a better opportunity to capitalize this big move.
- Technical chart suggests a good resistance now at 1202$, If traders break and sustain above our hurdle. Then expect small relief to comex buyers till 1209$- 1217$.
- Immediate support on comex gold chart stands at 1178$, If market break and sustain below this base. Then expect more selling till 1170$- 1162$.
Silver
Spot price of silver trading 14.94$ as it broke 15$ again this morning following yellow metal. Precious metals pack is under pressure since 3 months and continuing its weakness almost every day. A good support in comex silver stands at 14.70.
A good resistance on silver chart stands at 15.25$, If traders break and sustain above 15.25$. Then expect small recovery till 15.48$- 15.70$.
Crude oil
Crude oil is under pressure since yesterday and currently trading at 66$. It has a good support on chart at 64.80$, If Nymex crude oil break and sustain below this level. Then expect pressure till 63.50$- 62.20$ today.
A good resistance on Nymex crude oil chart stands at 67.30$, If traders break and sustain above our hurdle. Then expect small recovery till 68$- 68.80$.
Euro
Euro trading at 1.1329 after it made low of 1.1316. This is the lowest level in eurusd since July 2017. Euro is taking major beating since it has highest share in dollar index ( Read full about dollar index here ). A good support on this major forex pair stands at 1.1290, If market break and sustain below this level. Then expect further selling pressure in eur/usd till 1.1250- 1.1210.
Resistance on euro chart stands at 1.1350, If market break and manage to sustain above this level. Then expect mild relief till 1.1390- 1.1420.
Conclusion
Dollar Index is dominating the market which is putting pressure on comex gold silver and euro. USD dominance is causing all selling and even investors are avoiding precious metals for now. So no buying at all till market stabilize. We are not selling either. We are sitting idle and waiting for opportunity. Euro is weak either due to very same fact. Crude oil is in weak zone as well.
For any subscription details
Whatspp us at
+91-9920315014