Gold
Comex Gold price opened higher today as anticipated. I mentioned how gold may fire in upcoming days in my weekly video here. Lower interest rate scenario is driving gold and dow jones higher. Fed did not actually said they will lower the interest rate. But FOMC chairman’s cautious approach clear the air and we certainly will see rate cut in a month or so.
Trade war between US & China is still unsolved and Trump did not lower tariffs on chinese goods despite positive talks in G-20. We still dont have any timeline when US & China would solve their problems. According to Fed chairman trade war between two major powers are putting US growth on risk.
Fed chairman did not even cared about positive manufacturing data from US. He focused more on macro effect of trade war and his main concern was long term effect on US economy & Jobs market. Dow Jones trading at lifetime highs and dollar index is in pressure which is supporting gold price higher. This is an interesting scenario , Dow Jones at lifetime high, Gold higher and dollar index lower. Only Trump can do that.
Currently comex gold price trading at 1413$. Good support in xauusd chart stands at 1406$. If trader breaks and sustain below 1406$. Then expect good pressure in gold till 1400$- 1392$.
Resistance in comex gold chart stands at 1420$. Once trader breaks and sustain above 1420$. Then expect good rise in xauusd till 1427$- 1434$.
Conclusion: Currently Gold trend is flat to positive for now. Avoid major selling till market is sustaining above 1406$. Current market risk is giving buyers an edge in precious metals. So stay away from sell. Trade war & Iran risk is still there in market. If you want to take a contra trade in sell then place an extremely tight stop loss.
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