Gold
Gold price fired yesterday after our buy signal which initiated near 1296$. We booked more than $700 profit in single lot yesterday. But after our target gold price could not hold the gains and reverted back below 1300$. Gold price still resisting on higher levels due to dollar index strength. Dollar is still limiting precious metal gains .
Tomorrow we have ECB monetary policy , Fed meering minutes and UK GDP numbers. Both would be very important. UK’s GDP numbers would determine if growth is struggling after Brexit Fiasco. Still market is waiting for clarity on Brexit. UK’s delay in Brexit decision is hampering pound and still dictating uncertainty.
ECB might leave interest rate unchanged as they already cleared they wont hike any interest rate for now. ECB’s statement on European economy would be more important. ECB sounding pretty dovish since last 3-4 months and further dovish stand from ECB might give strength to dollar.
Fed meeting minutes would be releasing tomorrow. Minutes will give insight of last FOMC meeting. It will be an important read and usually precious metals take cues from fed meeting minutes.
For now gold is trading at 1298$. Good support in this precious metal stands at 1288$. If trader breaks and sustain below 1288$. Then expect good pressure in xauusd till 1280$- 1272$.
Resistance in gold chart stands at 1304$. If trader break and sustain above 1304$, If xauusd break and sustain above 1304$. Then expect good rise in this precious metal till 1309$- 1317$ and even more rise in gold not ruled out.
Conclusion: Comex Gold trend is flat to positive for now. I would again recommend buy in dips till market is sustaining 1288$.
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