Gold
Spot gold price tested lows again as it could not hold gain which we had on opening. Xauusd tested 1207$ yesterday and selling pressure continues from traders. Main selling pressure came by Dollar Index which crossed 95 yesterday. Dollar tested above 95 and sustained pretty well which gave another chance to sell gold to market. Currently USD index trading below 95 and approaching main hurdle of 95. Above 95.10 expect 95.40- 95.80 very soon. Support in dollar stands at 94.60, below this expect mild correction up to 94.20- 94.
Price of gold are not sustaining on higher levels and all positive movements are short covering or RSI adjustments since last 3 weeks. You need to be very cautious if you are in buy trade. We did not gave any trading signal yesterday and we wont be trading without strict stop loss either.
Currently its trading at 1210$, A good support on chart stands at 1198$, If traders break and sustain below this level then expect bears to have upper hand in market up to 1191$- 1184$.
Resistance on chart stands at 1222$, If market break and sustain above our resistance. Then expect mild relief rally in this major commodity up to 1228$- 1234$.
Silver
Spot silver price trading at 15.33$ Its also trading under pressure since yesterday. A good resistance on this major commodity price stands at 15.55$, If traders break and sustain above our resistance. Then expect mild relief for buyers up to 15.70$- 15.92$.
A good support on silver price chart stands at 15.10$, If traders break and sustain below this base. Then expect pressure in xagusd price up to 14.90$- 14.70$.
Crude oil
Crude oil trading positive since yesterday. Currently cruising at 68.50$ and sustaining well above 68.50$. A good hurdle on this major commodity stands at 69.20$, If market break and sustain above this level. Then expect crude oil to test up to 69.90$- 70.70$.
A good support on crude oil chart stands at 67.70$, If market break and sustain below this level. Then expect further pressure up to 67$- 66.20$.
Euro
Euro trading flat despite good rise in dollar index. Its holding pretty well after a crash last week. Due to USD Index strength its not able to test higher levels but still stable on lower levels. Currently trading at 1.1555, A good support in this major forex pair at 1.1510, If traders break and sustain below this level. Then expect pressure in euro up to 1.1470- 1.1440.
A good resistance on this major forex pair stands at 1.1590, If market break and sustain above our resistance. Then expect good recovery in euro up to 1.1630- 1.1670.
Conclusion
Dollar Index strength is effecting bullion market with pressure. Due to greenback strength there is no buying even on lower levels. Bullion’s trend is weak so avoid buying in precious metals. Euro trend if flat. Crude oil trend is positive.
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