Gold
Gold price made high around 1360$ last friday before crashing nearly 30$ from highs and test 1338$. As discussed in my weekly analysis video here , Gold is unable to break and close 1370$ since 2016. Same resistance came in play last week and market reversed from highs of 1358-60$ zone and crashed nearly 28-30$ from its peak. Gold finally settled at 1341$ losing almost 18$ from its peak.
This week we have FOMC meet and we will determine if Fed wants to hike any interest rate this time. Interestingly all data are in support to hike interest rate this week but Fed advised caution in its last week’s meet. We will need to see how Fed comment on current trade war between washington & beijing. We will see if they see any pressure in US growth and its economy.
G-20 meeting would also be crucial in upcoming weeks. President Trump already threaten China that If Xi Jinping dont meet him he will impose additional tariffs on chinese goods. China did not respond to thread and Beijing may issue statement on Trump’s threat this week.
Last week one oil tanker attacked and US blamed Iran for this attack which again ignited war assumptions. This week we may see more development in this story and we may see how this story unfolds.
Currently comex gold price is under pressure and trading almost lowest at 1338.50$. Good support in xauusd chart stands at 1335$. If market break and sustain below 1335$. Then expect good pressure in xauusd till 1328$- 1321$.
Resistance in comex gold chart stands at 1350$. If market break and sustain above 1350$. Then expect good rise in xauusd till 1357$- 1365$.
Conclusion: Comex Gold trend is weak for now with other precious metals. Due to higher dollar index precious metal pack is under pressure. I would advise sell on rise till market is holding our resistance.
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