Gold
Comex Gold price opened higher today and sustaining on higher levels for now. Majority of buy is due to Dow Jones Index crash. DJIA Index is falling since friday right after our sell signal. Its still falling and even today its down more than 100 points. DJIA Index crash is effecting dollar index which is under pressure as well. Dollar’s weakness also providing padding to gold prices. I am yet to see major buying from traders in gold. Traders need to push gold price up if they wants to break major hurdle of 1370$.
1370$ is a long term trend reversing level which might give a big jump in gold prices. This level is unbreakable since 2 years. Market tried to break this level 2-3 times but unable to break this major hurdle and fall from 1365-1370$ every time. We might or might not break 1370$ this time. However we have major scenarios in our hand which could support gold price this time.
We have Brexit matter, We have ongoing talk between US & China, We have slowing economies, We have Dovish fed as well. This time we might break 1370$ level but keep a strict stop loss on every position you take in market.
For now Gold is trading at 1316.50$. Good resistance in this precious metal stands at 1319$. If traders break and sustain above 1319-1320$. Then expect more fire in xauusd till 1327$- 1334$.
Good support in gold chart stands at 1308-1307$. If market break and sustain below 1307$. Then expect more pressure in xauusd till 1300$- 1291$.
Conclusion: Comex Gold price forecast is positive for now. Buy in dips would be good strategy. Avoid selling.
For Comex Silver, Crude oil & Mcx daily levels. Watch video below