Gold
Gold price gained and broke 1242$ last night as Dow Jones crashed pretty hard once again and tested 24300 range. It was down nearly 1800 points from this week high once time. Later Dow Jones recovered and currently trading at 24850.
Comex precious metals pack is waiting for Non farm payroll numbers which will release in evening by Labor department. Currently gold price trading at 1239.50$. Good support in this precious metal stands at 1232$. If market break and sustain below this base. Then expect good correction till 1225$- 1217$.
Resistance in gold price stands at 1245$. If market break and sustain above 1245$. Then expect good buying in xauusd till 1252$- 1260$.
Silver
Comex silver is holding still since yesterday. Despite major gains and 7$ reversal from highs in gold. Silver is holding the fort near 14.50$. Good resistance in this precious metal stands at 14.70$. If market break and sustain above 14.70$. Then expect good rise till 14.99$- 15.20$.
Support in silver price stands at 14.30$. If market break and sustain below 14.30$. Then expect good correction till 14.10$- 13.90$.
Crude oil
Nymex Crude oil is continuing its downward journey . Crude oil crashed after Saudi minister commented on output. Currently crude oil is trading at 51.10$. Good support in this major commodity stands at 49.80$. Once market break and sustain below 49.80$. Then expect good crack till 48.70$- 47.50$.
Resistance in crude oil stands at 53.20$. Once traders break and sustain above 53.20$. Then expect good rise till 54$- 55$.
Euro
Euro trading slightly higher since yesterday as dollar index is in under pressure. Currently trading at 1.1369. Good support in this forex pair stands at 1.1330. If traders break and sustain below 1.1330. Then expect further pressure in eurusd till 1.1300- 1.1270.
Resistance in eurusd chart stands at 1.1405. If market break and sustain above 1.1405. Then expect good rise till 1.1440- 1.1480.
Conclusion
Comex Gold, Silver forecast is positive for now. But wait for Non farm payroll numbers to take major trade in metals.
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