Gold
Gold price melted as dollar index bounced back from lows. Unlike Tuesday this time gold could not hold its gains and melted back below 1320$. Ongoing US & China’s smooth talks and smooth summit with North Korea is reason which is driving dollar index higher.
I have sent a small caution in my video and indicated a double top at 1349$. We have corrected more than 30$ from highs. Today would be a crucial day and weekly closing tomorrow would decide the fate of gold price for upcoming days.
A closing above 1330$ would be a positive while a weekly closing below 1318$ might send gold into bear zone and we may see deeper correction. Currently we are standing in a borderline of bulls and bears. Today’s movements would be very crucial.
Any further correction would strengthen bears and may lead price dropping below 1300$ which may activate more selling in precious metals. Good support in gold price now stands at 1308$, If market break and sustain below 1308$. Then expect good pressure till 1300$- 1291$.
Resistance in gold chart stands at 1334$. This is major hurdle which would revive bulls. Once traders break and sustain above 1334$. Then expect major buying in precious metal and gold may lead till 1340$- 1348$ once again.
For Crude oil & Silver levels and trend update watch video below.