Gold
Gold price could not sustain on higher levels and crushed by higher equity markets. Almost all over the world we seen higher stock market which put pressure in gold prices. Interesting fact about gold is this time dollar index did not push xauusd prices. Sellers took charge and sold this yellow metal hard. Silver was not effected by this selling and saved from this crash.
Analyst were expecting some lower numbers from UK’s unemployment and avg earnings. Numbers came better than expected and we cleared one more hurdle for good stock market rise. Which directly effected gold prices. Today we have BOE gov speech in evening, he may give an idea about central bank’s position on markets. We have inflation numbers from UK as well. So keep an eye on numbers too.
For now gold price trading at 1278.50$. Good immediate resistance now stands at 1282$. If traders break and sustain above 1282$. Then expect xauusd to join the party with silver up to 1290$- 1299$.
Support in gold chart stands at 1270$. If market break and sustain below our base. Then expect good pressure till 1262$- 1255$.
Conclusion: Comex Gold trend is flat to weak for now. Avoid major buying till market is holding below our resistance.
Eur/Usd
Euro finally took off and trading above 1.1312. Since morning euro is commanding higher. For now good resistance in this forex pair stands at 1.1352. Once market break and sustain above 1.1352. Then expect good rise till 1.1386- 1.1426.
Support in eurusd chart stands at 1.1270. If market break and sustain below 1.1270. Then expect pressure in euro till 1.1240- 1.1200.
Conclusion: Euro trend is positive for now. Avoid major selling in this forex pair.
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