Gold
Gold price fired after Dow crashed more than 1500 points in just two trading session. We enjoyed this big jump as our buy initiated at 1190$ and our subscribers booked at 1198$. We made more than $800 profit. Most importantly we were not in sell side. When I updated our yesterday’s gold post I hinted where market going and bad stock market is fueling gold gains ( click here to read yesterday’s post ).
Dow Jones crashed badly as investors are worried about US and China’s rising tensions and trade war. Investors are worried about trade war could ignite even more as Beijing and Washington both are not showing any sign of softness towards to solve the problem.
President Trump thrashed Fed after this crash. He criticized Fed by saying ” Its so tight ” . He is blaming fed for this recent crash and stating rising interest rate is choking growth.
Currently gold price are cruising at 1219.50$. Market seems pretty overheated and I wont be surprise if we slide a little from here. Technical support stands in gold at 1209$. Only below this level I would consider major selling. Once traders break and sustain below this level. Then expect good pressure in xauusd till 1200$- 1198$.
Resistance in gold price stands at 1228$. This major hurdle is trend reversal for medium term. Once market break and sustain above our resistance. Then expect good rise in xauusd till 1236$- 1244$.
Silver
Silver price under performed yesterday and could not rise much. We enjoyed this little rise as well. Our subscribers bought xagusd at 14.39$ and booked at 14.60-61$ fetching more than $1100 profit per lot. Currently silver price is fix at 14.58$. Good support in silver price stands at 14.30$. If market break and sustain below this level. Then expect good pressure till 14.05$- 13.90$.
Resistance in silver price stands at 14.75$. Once market hit this resistance and manage to sustain above 14.75$. Then expect good rise till 14.99$- 15.20$.
Crude oil
Nymex crude oil dumped by traders yesterday once again, When inventory came better than expected. Currently trading at 71.55$. Good support in oil prices stands at 70.50$. If traders tank this base and manage to sustain below our support. Then expect good pressure till 69.90$- 69$.
Resistance in crude oil price stands at 72.30$. If market break and sustain above this hurdle. Then expect good rise till 72.80$- 73.50$.
Euro
Euro trading at 1.1591, Its trading higher since yesterday. Euro firing due to weak dollar after stock market crash yesterday. Good support in euro stands at 1.1550. If market break and sustain below this level. Then expect good pressure till 1.1510- 1.1470.
Resistance in euro stands at 1.1625. If market break and sustain above our resistance. Then expect good rise till 1.1660- 1.1690.
Conclusion
Comex Gold, Silver trend is positive for now but both metals are in over bought zone and both may slide a little. Crude oil is weak. Euro is flat to weak for now.
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