Gold
Comex Gold price fired again as low interest rate risk rising after bad US data. We will have two major data this Friday. Non farm payroll and Unemployment numbers. These two data will determine the course of US economy and gold prices in second half of 2019.
Yesterday gold price fired from 1392$ to 1432$. Xauusd fired nearly 40$ in less than 24 hours. There was no weakness in dollar index which could result in 30-40$ power bullish zone. Market is anticipating lower interest rate in 2019. Fed would enlighten this in its next meet. But if jobs numbers dont match with expectations this week then there are very good chance we may see first rate cut in August or September 2019.
G-20 meeting resulted in truce of trade war. But I believe trade war is far from over and we may see more action in upcoming weeks. Trump volatile take on trade war didn’t yield good resulted in last quarter. This time too I dont have much hopes from Trump. It is China who did not let it turn ugly battle else we were looking for full fledged trade war which could turn a full sanctions.
Iran matter is also unsolved and we may see more development on this issue later this week. In short G-20 meeting outcome did not actually solve any issue. Its just a temporary fix on trade war and we are still looking for more risks in market.
Currently xauusd price is trading at 1426$, Good support in comex gold chart stands at 1417$. If traders break and sustain below 1417$. Then expect mild pressure in gold till 1408$- 1400$.
Resistance in gold chart stands at 1438$. If market break and sustain above 1438$. Then expect good rise in this precious metal till 1447$- 1456$.
Conclusion: Comex Gold trend is positive for now. Avoid selling precious metals.
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