Gold
Comex Gold price opened flat today and currently trading slightly positive from its Friday’s closing. Last week we lost nearly 25-28$ despite closing above 20$ from lows. Gold had very rough weak but we made profit last week in our signal. We gave only one signal last week and we exited near our target in xau/usd.
- Last week Dollar Index tested yearly high which caused major panic in precious metals.
- We had major selling in gold due to investors change outlook from bullion to dollar.
- Despite stable dollar we had selling in precious metals, This was pressure from sellers which estimated weakness by good US data.
- US stock market gave another big positive close which led weakness in metals.
- Good US numbers did not help yellow metal and gave a reason to sell.
Today we have to determine precious metals trend by watching the major base. Currently base in gold stands at 1177$, If traders break and sustain below this level. Then expect further pressure in gold till 1170$- 1165$.
Resistance on price of gold stands at 1190-92$, If traders break and sustain above our resistance. Then expect some respite to buyers till 1199$- 1207$.
Silver
Comex Silver price had very rough week, It tested 14.30$ and lost nearly 1$ last week if we count from high to low. Later in week market faced short covering and xag/usd recovered till 14.80$ to give a breather. Currently trading at 14.75$, A good base in this precious metal stands at 14.50$, If traders break and sustain below our support. Then expect further pressure till 14.30$- 14.05$.
Resistance at silver chart stands at 15$, If market break and sustain above our resistance. Then expect good respite to buyers till 15.22$- 15.44$.
Crude oil
Nymex Crude oil had a rough week. US inventory came worse than expected which put pressure on already weak crude oil prices. It even opened weak and currently trading at 64.85$ near lowest point of the day. A good support in this major commodity stands at 64$, If market break and sustain below this level. Then expect further pressure till 63.70$- 63$.
Resistance in crude oil prices stands at 65.50$, If market break and sustain above our resistance. Then expect small recovery till 66.30$- 67$.
Euro
Euro trading higher today as its getting benefit of lower US dollar. Currently cruising at 1.1430, A good base in eur/usd chart stands at 1.1390. If market break and sustain below this level. Then expect further pressure in this major forex pair till 1.1350- 1.1300.
Resistance in eur/usd chart stands at 1.1450, If market break and sustain above our resistance. Then expect good rise till 1.1490- 1.1530.
Nifty
Spot nifty closed almost at lifetime high last week at 11470. Its about to open flat to positive. Despite lowest level in rupee indian stock market held pretty well. Sensex and Nifty are riding on indian government reforms and lower inflation numbers.
Good support in spot nifty chart at 11420, If market break and sustain below this level. Then expect further pressure till 11370- 11320.
Resistance at nifty price stands at 11530, If market manage to break and sustain above our resistance. Then expect good rise till 11570- 11600.
Dow Jones
DJIA had solid 300+ gains last week and closed pretty solid. US stock market gains put pressure on gold price last week and investors gained confidence on US economy. Currently dow jones trading at 25690, A good base on wall street at 25570. If market break and sustain below this level. Then expect pressure in DJIA index till 25450- 25300.
Resistance on wall street stands at 25820, If traders break and sustain above our resistance. Then expect good rise in dow jones till 25930- 26040.
Conclusion
Comex Gold, Silver opened flat but looking positive on short term chart. Some gains may be left by short covering so avoid any selling for now. Crude oil is weak. Euro is flat to positive due to stable dollar index. Nifty and Dow jones are positive.
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