Gold
Gold price fired from 1302$ to 1318$. Gold rise came after FOMC chairman announced unexpected no rate hike in 2019. Frankly I was not expecting this nor any other analyst I am sure. He announced Fed wont hike any rate this year. He further announced that there will be only one more hike in 2020. This unexpected Fed was a bummer to dollar index which tumbled and raised the interest in gold.
Main rise in gold price came due to weak dollar which crashed after fed announcement. Fed came under pressure after worse than expect Non farm payrolls. I have been writing this since NFP data came. In fact market may have been waiting for Fed confirmation on rate hike before firing.
Fed chairman further tried to defuse situation that US economy is strong and these measures are for external risk. External risks such as Europe’s slowing growth and China’s growth concerns. US & China’s trade negotiations. He did not said anything about US economy which is a doubtful scenario. We will need to see further data to determine US economy’s health. For now dovish fed has provided a much needed spike in gold price.
Currently gold trading at 1318$. Good support in this precious metal stands at 1307$. If traders break and sustain below 1307$. Then expect good pressure in xauusd till 1300$- 1291$.
Resistance in gold chart stands at 1326$. If market break and sustain above 1326$. Then expect fresh buying in xauusd till 1333$- 1339$.
Conclusion: Comex gold price trend is positive for now. Avoid selling on these levels and look to buy in dips. Market has turned positive for now so do not go in sell till xauusd holding above our support.
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