Gold signal
Today is good day for my comex gold signals subscribers. I asked them to buy xauusd yesterday. Gold fired and my subscribers exited at target. Here is my gold signal which i sent to my subscribers yesterday.
Buy Gold at 1282$ with stop loss of 1275$ for target of 1289.40$.
Xauusd fired and we exited at 1289$. My clients made around 70 pips in this trade and fetched around $700 profit per lot. We even had comex silver buy and booked profit in that too. Mcx clients also enjoyed profit in silver.
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Gold price fired yesterday as Dow jones crashed further and even now trading below 25000. Major concern is growth of US economy. Trade war started its effect on US already as Dow Index lost more than 6% from its peak. Dow Jones losing almost 1% daily since last week and its worrying investors. Latest bailout to farmers is not a permanent solution. China may not buy soya bean again from US even if trade war is solved. This would leave thousands of US farmers high and dry.
White house denied to negotiate further with China. China warned they can reduce or stop rare earths import. Rare earths are essential for semi conductors industry and US army. Almost every high end equipment requires rare earth. If china stops or reduce rare earth metals export then it will leave US vulnerable. Yesterday dollar index also took a hit with dow jones which resulted in gains for precious metals pack
Currently gold price is trading at 1292$. Good resistance in this precious metal stands at 1302$. If traders break and sustain above 1302$. Then expect good rise in xauusd till 1309$- 1317$.
Support in comex gold chart stands at 1287$. If traders break and sustain below 1287$. Then expect good pressure in xauusd till 1280$- 1274$.
Conclusion: Despite strong number from US yesterday gold price fired. I mentioned to buy in dips in my last gold report. Even now gold trend is positive so avoid selling and look to buy in dips.
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