Gold
Gold price opened higher after long weekend. Easter weekend was pretty long. Last week gold price closed around 1275$. Gold tested nearly 1271$ on account of higher dollar index. Last week higher world stock market put pressure in xauusd. Gold was under extreme pressure last week and still precious metals trading higher due to weak opening of world stock market.
Majority of world stock market is trading in red due to higher crude oil prices. Crude oil opened higher today as US shudders Iran waivers. This news single handedly pushed crude oil higher more than 1.5% in opening itself. Even now crude oil is trading near highest point of the day.
So today’s gold gains are still not due to its strong buying but for other external reasons. Precious metals needs traders buying to push itself up and enter in major positive trend.
For now gold price trading at 1279$. Good resistance on xauusd chart stands at 1282$. If traders break and sustain above 1282$. Then expect good rise in this precious metal till 1290$- 1299$.
Support in this precious metal stands at 1271-1270$. Once market break and sustain below 1270$. Then expect good pressure in gold price till 1262$- 1255$ today.
Conclusion: For now precious metals trend is flat to positive. But wait till metals break our resistance before entering in buy. Dips would also provide good opportunity to buy with stop loss of support. We are already in buy since last week. My silver & gold signals clients are holding buy in xagusd and xauusd since last week itself.
Update: Market is trading in same range since yesterday. So technical levels remain same. Intraday trading range is extremely tight so nothing to write about it.
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