Gold
Comex Gold fired after our buy signal initiated at 1277$ for target of 1284$. Our subscribers enjoyed nearly 70 pips profit and made $700 profit per lot yesterday in gold trade. Major buying came due to weak Dow Jones Index which also was a sell for my subscribers. Dow Jones signal also fetched us more than $1100 profit per lot.
US & China’s trade war concern is haunting market which is causing real pain in world stock markets and supporting gold price. Dollar Index also fall flat yesterday after a good rise this week. Market is waiting on China’s next step after White house ordered Google to halt android support to Huawei. Market is anticipating China wont be quiet after these sanctions on its one of the top multinational.
US unemployment claims also showed a rise it means more unemployed people filed for benefits, Showing cracks in job market for this week. This also benefited gold price and xauusd shot from lows to test new highs yesterday. So combine factors of recent trade war, weak unemployment claims and FOMC not raising interest rate supports higher gold price and we may see more shine in this yellow metal in upcoming weeks.
Currently gold price is trading at 1285$. Good support in this precious metal stands at 1275$. If traders break and sustain below 1275$. Then expect good pressure in comex xauusd till 1268$- 1260$.
Resistance in gold chart stands at 1292$. If traders break and sustain above 1292$. Then expect good rise in xauusd till 1299$- 1307$.
Conclusion: Comex Gold trend is positive for now. Avoid selling this precious metal. Look to buy in dips and do not engage without stop loss in position.
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