Gold
Spot gold price dropped further yesterday. In last gold update i already mentioned market is looking weak. Even in our chat room i advised not to buy this precious metals. Xauusd crashed yesterday and tested 1183$. It bounced back after lows and currently cruising above 1190$ which is actually a good sign for buyers.
Dollar Index tested 96 and this was main reason for selling in precious metals. Bullion crashed and sellers took advantage of selling.
A good support in gold price stands at 1187$, If market break and sustain below this level. Then expect good pressure in xauusd till 1180$- 1172$.
A good resistance in this major metal stands at 1202$, This is major hurdle which needs to break before xauusd turns positive. Once market break and sustain above 1202$. Then expect good rise till 1209$- 1218$.
Silver
Spot silver price tested below 14.30$ putting pressure in market. Xagusd bounced back after testing 14.30$ for some minutes only. A good support in silver price stands at 14.25$. If traders break and sustain below this level. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver price stands at 14.55$, If traders take this hurdle out and sustain above our resistance. Then expect good rise till 14.80$- 15$.
Crude oil
Nymex crude oil crashed yesterday from 75.50 to 73.70$. It was later in day when oil started moving upward again and our buy call initiated. I gave this free crude oil signal in our chat room too. That signal fetched us nearly 70-75 pips. You may also join our chat room for free and get signals. Click here to join. Currently oil is trading at 74.50$. Resistance in this major commodity stands at 75.20$. If traders break and sustain above our resistance. Then expect good rise till 75.90$- 76.30$.
Support in crude oil price stands at 73.70$. If traders take this base out and manage to sustain below our support. Then expect good pressure till 73$- 72.50$.
Euro
Euro crashed yesterday due to higher dollar. Currently eurusd trying to recover and trading at 1.1491. Resistance in this forex pair stands at 1.1450. If traders take this base out and manage to sustain below this level. Then expect good pressure till 1.1410- 1.1370.
Resistance in euro stands at 1.1530. Once market break and sustain above our resistance. Then expect good rise till 1.1570- 1.1620.
Conclusion
Comex Gold, Silver trend is flat to positive. Look to buy in dips. Crude oil is positive. Euro is flat for now.