Gold
Spot gold price tested new yearly low at 1220.80 yesterday. It was all in all dollar show yesterday when it tested again major resistance of 95. This is not the first time USD tested 95. But xauusd could not hold any higher and whole bullion pack crashed to new lows. We enjoyed this crash as our subscribers were in sell. We recommended a sell in gold at 1229.30$. Our signals subscribers enjoyed the profits despite a major crash in market.
Precious metals pack is reacted on Fed chairman Powell testimony once again. Now we are certain that Fed will hike two more interest rate. Total 4 rate hikes vs three which was planned earlier. Even Dow Jones reacted very positively and recovered more than 200 points from its lows.
Technical chart suggests a good support at 1218$, We mentioned this support in our yesterday’s analysis as well. Market respected perfectly and bounced back after making lows near 1200$. Today again support levels are same. Below 1218$ we might be looking at 1208$- 1200$ within hours.
A good resistance on gold technical chart stands at 1238$, Traders need to break this major hurdle in order to gain some trust from buyers. If traders break and sustain above our resistance. Then expect good recovery upto 1247$- 1255$ in upcoming days.
Conclusion: Gold trend is weak, We had just oversold market and dollar could not cross major resistance of 95 when xauusd recovered yesterday. Its still in weak zone. So do not buy on any pull back. Wait for clear trend to initiate a buy. I wont be surprise if market update new low.
Silver
Spot silver price made low of 15.38$ yesterday against our signal’s target of 15.35$. Nonetheless we exited at 15.40$ gaining almost 95 pips in our sell trade. Currently Xagusd trading at 15.55$. A good resistance on technical chart stands at 15.76$, If traders break and sustain above our resistance. Then expect good recovery upto 15.99$- 16.20$ in upcoming days.
A good support on silver chart stands at 15.25$, If traders break and sustain below this support. Then expect more pressure upto 15.05$- 14.80$ soob.
Silver trend is still weak.
Euro
Euro trimmed its earlier gaines as dollar marched towards 95 again. It made low of 1.1607 before recovering upto 1.1650. Currently this major fx pair trading easily above 1.1650. A good support on technical euro chart stands at 1.1600. If traders break and sustain below this level. Then expect more pressure upto 1.1560- 1.1520 in this forex pair.
A good resistance on chart stands at 1.1705, If traders break and sustain above our resistance. Then expect good recovery in eurusd upto 1.1750- 1.1790.
Euro trend is flat to positive for now due to USD Index’s profit booking. Keep an eye on greenback as it usually recovers after giving minor profit booking since June.
More will update to our signals subscribers.