Gold
Spot gold opened higher today after Christmas holiday. If you remember i am writing buy in dips since market closed above 1200$ for target of 1300$ by December end. We still have 3 trading sessions left this year and we are almost 30$ far from my yearly target.
Even 1270$ closing would be a good result of buying from 1200$. Currently gold is trading at 1273$. Good resistance in xauusd chart stands at 1278$. If traders break and sustain above 1278$. Then expect good rise till 1284$- 1291$.
Good support in gold chart stands at 1264$. If market break and sustain below 1264$. Then expect good pressure till 1257$- 1250$.
Conclusion: Gold price outlook is positive for now. Buy in dips would be good idea. But holidays have already started and volumes are dropping rapidly so any wild move of either side not ruled out. Better keep strict stop loss in every position you take.
Silver
Spot silver trading higher today at 14.82$. It has crossed and sustaining above 14.75$. The jinx of 14.92$ is still valid and this resistance is very crucial. Once market break and sustain above 14.92$. Then expect good burst buying in xagusd till 15.12$- 15.35$.
Support in silver chart stands at 14.60$. If traders break and sustain below 14.60$. Then expect good pressure till 14.40$- 14.20$.
Conclusion: Comex Silver price outlook is positive for now. Buy in dips would be good trading strategy.
Crude oil
Nymex crude oil had another bad day this Monday. It crashed more than 7% in single day concerning world growth and demand. Saudi has agreed not to cut any production which is supporting already lower crude oil prices. Currently crude oil trading at 42.60$. Good support in this major commodity stands at 41.80$. Once traders break and sustain below 41.80$ then expect 40.70$- 40$ very soon.
Resistance in crude oil stands at 43.80$. Market need to cross 43.80$ in order to initiate any buying. Once market break and sustain above 43.80$. Then expect good rise till 44.90$- 46.20$.
Conclusion: Crude oil trend is weak for now.
Euro
Euro trading higher today as well following dollar index weakness. Currently eurusd trading at 1.1403. Good support in eurusd chart stands at 1.1370. If market break and sustain below 1.1370. Then expect good pressure till 1.1340- 1.1300.
Resistance in euro chart stands at 1.1430. If market break and sustain above 1.1430. Then expect good rise till 1.1470- 1.1500.
Conclusion: Euro trend is flat for now. Watch levels closely to initiate any trade.
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