Gold
Gold price in pressure from higher levels as Dow Jones recovered more than 400 points from its lowest levels. Dollar Index reversing from lows and its causing pressure in comex gold prices. Gold made high above 1303$ and currently trading around 1293$. It took a sweet 10$ hit from highs due to Dow jones and Dollar recovery from lows. Commodity market has discounted new additional tariff from China already and now looking for another event or data to react.
Gold took a hit due to extreme profit booking on higher levels and consolidation. Today we have Europe’s quarterly GDP numbers. This should give a fair idea about European economy. GDP numbers are crucial as it will impact the euro and dollar. Make sure you keep an eye if you are trading in gold today.
We also have monthly retail sales data from US. Its an important data and will give insight how US retail markets are performing which are good indicator of economy. If US retail sales falls then we may see pressure in dollar index once again and it may be supportive of gold prices.
We also have industrial production numbers from US. This will also influence market today and may drive commodity and stock market direction tonight.
Currently gold price trading around 1293$. Good support in xauusd chart stands at 1288$. If traders break and sustain below 1288$. Then expect good pressure in gold till 1280$- 1272$.
Resistance in xauusd chart stands at 1302$. If traders break and sustain above 1302$. Then expect good rise in this precious metal till 1309$- 1317$.
Conclusion: Currently Gold is in flat to positive zone. Keep an eye on major data.
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