Gold
Gold price crashed once again after testing 1235$ yesterday. Market opened with good strength and sustained pretty well before a major fall. Spot gold price lost almost 16$ from its peak as its trading below 1220$ now. Precious metals reversed when dollar index started recovering from its low of 93.80. Currently its trading at highest point of the day at 94.30.
Dollar Index was trading near 95 when last week gold tested these levels. So its not only dollar but xauusd weakness as well. Gold itself doesn’t have much strength to go up and we just had relief rally due to oversold positions. Last week’s low would be very crucial today. Today’s support stands at 1210$, If traders break and sustain below this level then expect more pressure in this yellow metal upto 1200$- 1191$ today.
A good resistance on technical chart stands at 1227$, If traders manage to break this hurdle and sustain above our resistance. Then expect minor relief rally upto 1235$- 1242$ in this major commodity.
Conclusion: Trend is weak for now, Avoid buying for now.
Silver
Silver price also crashed and currently trading at 15.33$. We almost tested 15.60$ yesterday before fall. This major bullion showing is also weak. A good support on chart stands at 15.10$, If traders break and sustain below this level. Then expect more pressure upto 14.90$- 14.70$.
A good resistance on chart stands at 15.55$, If traders break and sustain above our resistance. Then expect recovery in spot silver price upto 15.78$- 15.99$.
Silver trend is weak for now, avoid major buy.
Crude oil
Crude oil price tried to recover yesterday but failed to gain any momentum. Currently price trading at 67.45$. Even yesterday we wrote in our report its weak. A good support now on chart stands at 66.50$, If traders break and manage to sustain below our support. Then expect more pressure upto 65.10$- 64.20$.
A good resistance on chart stands at 68.50$, If traders break and sustain above our resistance. Then expect good recovery upto 69.20$- 70$.
Crude oil trend is weak for now.
Euro
Euro is another victim of dollar strength since yesterday. It lost almost 70 pips since yesterday as its trading at 1.1680. A good support on this major fx chart stands at 1.1650, If traders break and sustain below this level. Then expect more pressure upto 1.1600- 1.1550 today.
A good resistance on euro chart stands at 1.1720, If traders break and sustain above our resistance. Then expect good recovery upto 1.1760- 1.1799.
Euro trend is weak for now.
More will update to our signals subscribers.