Gold
Its been two weeks since gold crossed 1290$ range and yet it has not crossed 1300$. Gold tried to break this point many times but failing to do so. Its facing a strong hurdle in 1300$ zone which is keeping price in check,
Daily charts also suggesting some consolidation and we may see mild correction too if market does not move above 1300$. Since 2 weeks I am writing hurdle of 1302$ which is proving a major turning point every time gold trying to breach 1300$.
Last week it tested 1280$ but bounced back pretty hard following weak data. Currently price are trading at 1291.50$. Good resistance again stands at 1302$. Once market break and sustain above 1302$. Then expect good rise till 1309$- 1318$.
Support in gold chart stands at 1278$. This is most important support in gold for now. Once traders break and sustain below 1278$ then expect panic selling in this precious metal till 1270$- 1265$.
Conclusion: For now gold forecast is positive but i am not advising my clients to take a buy position just yet. I am waiting for better entry in market.
Silver
Silver price trading at 15.60$ pretty lower since last week. Silver was trying to break 16$ but could not break that jinx of 16$ and retraced back. Good support stands in silver at 15.30$. Once market break and sustain below 15.30$. Then expect good pressure till 15.05$- 14.80$.
Resistance in silver stands at 15.75$. If traders break and sustain above 15.75$. Then expect good rise till 15.98$- 16.20$.
Conclusion: Comex Silver forecast is flat to weak for now.
Crude oil
Nymex Crude oil price trading in pressure since last week. Currently trading at 51.20$. Good support in this major commodity stands at 50.40$. Once traders break and sustain below 50.40$. Then expect pressure till 49.80$- 49$.
Resistance in crude oil chart stads at 52.20$. If market break and sustain above 52.20$. Then expect good buying till 53$- 53.80$.
Conclusion: Nymex crude oil forecast is weak for now. Avoid major buying.
Euro
Eur/Usd enjoying gains since dollar index broke 95 and sustaining below 95 today. Currently eur/usd trading at 1.1475. Good support in this major forex pair stands at 1.1440. Once traders break and sustain below 1.1440. Then expect good pressure til 1.1400- 1.1350.
Resistance in eur/usd chart stands at 1.1505. If market break and sustain above 1.1505. Then expect good rise till 1.1550- 1.1590.
Conclusion: Eur/Usd forecast is flat to positive for now.
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