Gold
Spot gold price came under pressure once again and broke 1200$. Interestingly buyers were buying this yellow metal yesterday but all gains are erased by dollar index and higher US stock market. According to Kitco Gold Index 5$ gains came by normal trading and 5.5$ price loss was due to dollar index. Result was net -.0.5$. Currently spot trading at 1200.80$ and Comex futures trading at 1206.30$. Join our live chat room to interact with me and other traders. Also receive free signals. Click here to join for free.
- Yesterday we had lower volume than any other trading day as US was close.
- Buyers are showing their interest in gold but still dollar index is winning the race due to higher US stock market.
- Today we have UK’s inflation hearing which could impact Euro.
- We have manufacturing numbers from US which would give direction to dollar and gold.
- This week Friday we have another major numbers of US unemployment rate and Non farm employment, These two will decide the fate of gold price in upcoming weeks.
- If Non farm employment numbers came weaker than last week then we should have nice buying in precious metals.
Technical gold chart has a good support in price at 1190$, If market break and sustain below our support. Then expect good pressure in xauusd till 1182$- 1175$.
Technical gold chart has a resistance at 1209$, If market break and sustain above our resistance. Then expect good buying in xauusd till 1217$- 1224$.
Silver
Spot silver price is trading flat since yesterday. It did not crash nor rise and standing still since it opened. A good support in technical chart stands at 14.30$, This support i updated in yesterday’s silver price forecast as well. Once market break and sustain below this level. Then expect good crash in xagusd prices till 14.05$- 13.80$.
Resistance in silver price stands at 14.75$, If market break and sustain above our resistance. Then expect good rise till 14.99$- 15.20$.
Crude oil
Nymex crude oil trading higher since it opened and currently trading 69.90$. A good support in this major commodity stands at 69.20$, If traders break and sustain below this level. Then expect good pressure till 68.50$- 67.70$.
Resistance in crude oil price stands at 70.30$, If traders break and sustain above our resistance. Then expect good rise till 70.90$- 71.40$.
Euro
Euro trading almost flat now as its recovering from lows. Currently trading at 1.1610. A good support in euro chart stands at 1.1570, If traders break and sustain below this level. Then expect good pressure till 1.1540- 1.1500.
Resistance in eur/usd chart stands at 1.1650, If traders break and sustain above our resistance. Then expect good rise in this forex pair till 1.1690- 1.1730.
Conclusion
Comex Gold, Silver trend is weak for now, Avoid major buying as dollar index is advancing. Crude oil is positive and Euro is flat for now.
More will update to our signals subscribers.