Gold
Gold price tested near 1230$ yesterday before started its reversal from highs. Currently prices are trading at 1224$. Its not much a reversal but weakness in bullion market. Currently there is not a single factor which is in play to pull gold prices up. Market is digesting every single news without moving xauusd price up.
President Trump recently threatened Iranian President which should have started a good upside movement in yellow metal but unlike other days, It failed to move prices up. Current trade war between US & China dont have any role in prices either which is very surprising.
Dollar Index continued to lead the selling in precious metals. It gave small relief yesterday when greenback dip below 94, But it recovered smartly from there and currently doing business at 94.25. Above 94.52 we should have more rise in dollar. Below 93.80 weak.
A good resistance on xauusd price chart stands at 1239$, If traders break and sustain above our resistance. Then expect small recovery upto 1247$- 1255$ in upcoming days.
A good support on gold chart stands at 1218$, If traders break and sustain below our support. Then expect pressure upto 1211$- 1202$.
Conclusion: Trend is still in volatile zone, Trade with levels.
Silver
Spot silver price also faced minor correction from highs since yesterday. Currently trading at 15.45$. A good support on chart stands at 15.30$, If traders break and sustain below our support. Then expect pressure upto 15.10$- 14.90$ today.
A good resistance on chart stands at 15.62$, if traders break and sustain above our resistance. Then expect good recovery upto 15.84$- 16.06$.
Silver trend is flat to positive for now.
Crude oil
Crude oil price recovered smartly yesterday and our subscribers booked nearly $700 profit in buy trade. Despite our weak report, market showed good strength due to Trump’s threatening tweet towards Iranian Prime Minister. Currently prices are trading at 68.50$, A good resistance now stands at 69.20$, If traders break and sustain above this hurdle then expect 70$- 70.80$.
A good support on chart stands at 67.50$, If traders break and sustain below this level. Then expect pressure upto 66.20$- 65.05$.
Crude oil trend is flat to positive for now.
Euro
Euro tried to recover yesterday when dollar index broke below 94, but all strength gone within hours when eurusd crashed from 1.1715. Currently trading at 1.1678, A good support on this forex pair stands at 1.1640, If traders break and sustain below this level. Then expect pressure in euro upto 1.1600- 1.1550.
A good resistance on this forex pair stands at 1.1730, If traders break and sustain above our resistance. Then expect recovery upto 1.1770- 1.1800.
Euro trend is flat to weak for now.
More will update to our signals subscribers.