Gold
As mentioned in yesterday’s gold forecast gold resistance stands at 1242$. Despite dow jones crashing more than 800 points yesterday gold could not cross the hurdle and now trading lower from highs. Dow Jones Index crashed as China and US released pretty different statement regarding their truce.
US statement main highlight was 90 days deadline, If China dont bridge the gap in 90 days US will impose another tariff. While China did not mention any 90 days deadline in their official statement. Market did not like these discrepancies and dow jones crashed badly.
We may see both countries could clear the air regarding these differences and we may have better understanding what actually happened behind the closed doors in G-20 meeting. Till then we have pretty much uncertainty regarding tariff and truce between US and China.
Currently gold price trading at 1234.60$. Good support in this precious metal stands at 1227$. If traders break and sustain below this level. Then expect further pressure till 1218$- 1209$.
Good resistance in gold price stands at 1242$. If market break and sustain above this hurdle. Then expect further buying in this precious metal till 1249$- 1257$.
Silver
Comex Silver retraced back from 14.66$ till 14.42$. Currently trading at lowest point of the day. Good support in this precious metal stands at 14.28$. If traders break and sustain below 14.28$. Then expect further pressure till 14.10$- 13.90$.
Resistance in silver stands at 14.75$. This hurdle needs to break in order to resume buying. Once market break and sustain above 14.75$. Then expect good buying till 14.99$- 15.20$.
Crude oil
Nymex crude oil could not hold gains and fell from 54$. We enjoyed this mild crash as our sell signal target achieved. Currently crude oil trading at 52.50$. Good support in this major commodity stands at 51.80$. If traders break and sustain below 51.80$. Then expect further pressure till 51$- 50.20$.
Resistance in crude oil stands at 54.20$. If market break and sustain above 54.20$. Then expect further buying in oil till 55$- 56.30$.
Euro
Euro is in under pressure since yesterday. Currently trading at 1.1320. Good support in this forex pair stands at 1.1270. If market break and sustain below 1.1270. Then expect further pressure till 1.1240- 1.1200.
Resistance in eurusd chart stands at 1.1360. If market break and sustain above 1.1360. Then expect good buying till 1.1399- 1.1430.
Conclusion
Comex Gold, Silver forecast is weak for now but i wont advice any fresh selling on these levels. On rise near resistance can be sell with Stop above our resistance. Safe trade would be buy in dips. Crude oil and Euro forecast is weak for now.
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