Gold
Gold price tanked from 1279$ to 1272$ once again. After a narrow trade in intraday trading session gold finally dipped from 1279$ to testing another yearly low today. Gold price could not sustain on higher levels despite a good show by silver yesterday. Silver could not hold gold price for long and finally gold dragged silver down with it.
UK’s unemployment better than expected result gave dollar index a push which resulted in weak precious metals. Today we have CORE CPI numbers from US today. It would give an idea about how prices are faring in US. We have US retail sales data as well today in evening. Both numbers will give a fair idea about US consumer market.
Yesterday gold was again trading in a 3-4$ range most of intraday range is very narrow now days which is making it difficult to trade. We had good correction from highs in DJIA Index as well which was main reason for precious metals collapse but metals pack did’nt bother to react.
Traders are bidding precious metals lower despite correction in world stock market. For now gold chart has a good support at 1268$. If market break and sustain below 1268$. Then expect good pressure in xauusd till 1260$- 1252$.
Resistance in gold chart stands at 1280$, If traders bid price above this resistance and manage to sustain above 1280$. Then expect xauusd to test till 1288$- 1296$ today.
Conclusion: Intraday gold trading range is very limited. Gold trend is weak for now. Avoid major buying and avoid selling as well till our support is intact. Do not trade without stop loss.
Eur/Usd
Eur/Usd did not shown any upside in yesterday’s trading session. In fact euro retraced from higher levels following dollar index higher price. Currently eurusd trading at 1.1298. Good support in this forex pair chart stands at 1.1270. If market break and sustain below 1.1270. Then expect good pressure in euro till 1.1240- 1.1200.
Resistance in eur/usd chart stands at 1.1330. If market break and sustain above 1.1330. Then expect good rise in euro till 1.1360- 1.1399.
Conclusion: Eur/Usd trend is flat to positive for now.
For Mcx intraday levels watch video below. For my trading tips details whatsapp at +91-9920315014