Gold
Spot gold price opened today after a dramatic friday. Market opened slightly higher from its last week closing. Currently cruising around 1234$. We made very crucial low of 1211$ last week and closed almost 20$ up from its lowest point. All thanks to President Trump who criticized Fed for its aggressive rate hikes. He signaled he will keep vocal about FOMC’s policy and wont hesitate to tweet if he feels market is threaten by Fed’s stance.
Today’s positive opening is a relief for buyers, After a long time we opened positive and currently trying to sustain above minor gains which we made so far. All thanks to dollar index which is trading comfortably below 94. A good support on technical chart stands at 1224$, If traders break and sustain below this level. Then expect more pressure in yellow metal upto 1218$- 1211$ today.
A good resistance on gold chart stands at 1239$, If traders break and sustain above our resistance. Then expect xauusd to test upto 1247$- 1254$ today.
Conclusion: Intraday chart has turned positive so avoid any major sell for now. Keep an eye on our levels.
Silver
Spot silver price also opened higher with other precious metals. Bullion pack is trading with good gains. Currently xagusd cruising near 15.55$. A good resistance on chart stands at 15.70$, If traders break and sustain above our resistance. Then expect further recovery in prices upto 15.91$- 16.12$.
A good support on chart stands at 15.30$, If traders break and sustain below this level. Then expect further pressure in this major precious metal upto 15.04$- 14.80$.
Silver trend is flat to positive for now.
Crude oil
Crude oil opened lower and currently trading at 68$. This major commodity is in under extreme pressure since last week. A good support currently stands at 67.20$, If traders break and sustain below this level. Then expect more pressure in oil prices upto 66$- 65$.
A good resistance on chart stands at 69.05$, If traders manage to break and sustain price above this level. Then expect good recovery upto 70$- 70.80$ today.
Currently trend is weak for now, Avoid major buy.
Euro
Euro opened higher and currently cruising at 1.1740. Just like other precious metals euro is also enjoying USD’s weakness. A good support on this forex pair stands at 1.1690, If trader break and sustain below this level. Then expect more pressure upto 1.1650- 1.1605 today.
A good resistance on euro chart stands at 1.1780, If traders break and sustain above our resistance. Then expect higher levels in this major forex pair upto 1.1820- 1.1850 today.
Euro trend is positive for now.
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