Gold
Gold price firing since last night from 1336$ to 1350$. Gold price has gained more than 14$ since last night and testing new highs every hours. Yesterday one oil tanker was attacked which resulted in crude oil price surge. Crude oil was up 4% due to that attack. US secretary of state Mike Pompoe released statement last night ” Evidence suggest Iran is behind the attack on tanker ” .
Gold price is firing with full powers as US now has one more reason to attack Iran. Gold tested new high above 1350$ just now as tensions between two major nation seems to be escalating. Iran did not revert back. Iran will certainly answer to these serious allegation.
G 20 meeting would be coming in a week or two. White house showed positive sign regarding Trump & Xi Jinping meet. There are good chances we may see some kind of deal by the July. However if White house does not leave its bullying attitude and keep pursuing Chinese for better deal then we may see no deal at all.
Trade war & tensions between US & Iran are two major factor which are driving gold prices. Dollar Index is in pressure despite good Dow Jones gains since last night. Keep an eye on global events . Yesterday US unemployment claims came worse than expected which also gave a push to gold prices. Too many factors are in favor of gold so avoid sell in xauusd.
Currently gold price is trading at 1353$. Good resistance in comex gold chart stands at 1362$. If market break and sustain above 1362$. Then expect good rise in xauusd till 1370$- 1378$.
Support in comex gold chart stands at 1343$. If market break and sustain below 1343$. Then expect good pressure in xauusd till 1335$- 1327$.
Conclusion: Comex gold trend is positive for now. I dont see any reason to sell precious metals at all. Avoid selling and look to buy in dips. Today’s support is also a trend reversal point. So market is pretty much positive till holding our support.
For crude oil & mcx intraday levels watch my youtube video here