Gold
Gold prices are under pressure after China released their manufacturing numbers. Numbers came better than expected which cleared the air that China’s economy might struggle due to ongoing trade war between US & China. Finally numbers are looking good and China seems safe from any effect for now. This data pushed Dow Jones Index higher and it rose more than 300 points yesterday. DJIA Index rise put pressure in gold price and it crashed from 1297$ to 1287$. DJIA Index gave boost to dollar index which resulted in gold crash.
More numbers would pour on friday when US labor committee would release Non farm Payroll data. This data would indicate how job market is faring in US. Last data was worse than expected and this time we would see how much job US has created last month. We will have US unemployment rate as well. These two numbers would give a better idea about US economy.
For now we will just have to wait for numbers and go with technical levels till friday. Technical analysis is also very important when looking for long term market. In intraday trading it becomes even more important. Lets have a look at technical levels of gold today.
Gold chart suggests a good support at 1278$. If traders break and sustain below 1278$. Then expect more pressure in xauusd till 1270$- 1262$.
Resistance in gold chart stands at 1298$. If market break and sustain above 1298$. Then expect good rise in xauusd till 1302$- 1309$.
Conclusion: For now gold price trend seems weak but I wont advise any selling before market breaks 1278$. Once we break 1278$ then we may look to sell on rise. Better we wait for Non farm data to initiate any long term selling for bigger targets.
For Mcx Intraday levels watch video below