Gold
Comex Gold price opened gap down today. Xauusd opened from 1408$ to 1390$. We seen nearly 20$ drop in opening. Even now gold is trading in deep red. G-20 meeting was positive as expected. President Trump & China’s president Xi Jinping finally came on conclusion. US & China reached an agreement that trade talk should resume. Both countries understood that there is no way they can keep fighting a trade war in this kind of economy.
Dow Jones and Dollar Index took a huge jump as it opened today. DJIA Index trading on lifetime high at 26855 and dollar index also trading at higher level. US stock markets showing good move while last week we seen bad US data which indicates otherwise. FOMC chairman also issued a cautioned note which does not go with current Wall Street move.
This week we have non farm payroll data which is extremely important. Unemployment rate and NFP data are most important data to see how US economy is faring. These two data gives actual insight of economy. Last 3 months Non farm numbers were pretty volatile. This month could influence Fed’s next move and if numbers are worse than expected then get ready for lower interest rate.
In November 2018 we were expecting more rate hikes in 2019 but trade war has turned the table and we might see fed cutting interest rate rather hiking it.
Currently gold price trading at 1388$. Good support in this precious metal stands at 1382$. If traders manage to breach this base and sustain below 1382$. Then expect more pressure in comex gold till 1375$- 1370$.
Resistance in xauusd chart stands at 1402$. This is a major hurdle for gold price now. If traders manage to breach and sustain above 1402$. Then expect good rise in comex gold price till 1409$- 1417$.
Conclusion: Trade war and G-20 meeting outcome has turned gold from positive to negative now. Currently gold trend is weak so avoid major buying in precious metals.
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