Gold
Spot gold price trading a little higher but in a very narrow range. Majority of gold gains are due to weaker dollar index which is consolidating since yesterday. Currently spot gold price trading at 1205$, Comex futures trading at 1210$ slightly higher than yesterday.
- Next week we have FOMC meeting and we are certain there would be a rate hike.
- If FED rise more than 0.25% hike next week then it would be a weak signal for gold prices.
- Market may or may not have factored 0.25% already since it has crashed too much and recovered from 1165$ lows.
- Dollar Index would be main driver once again.
- If dollar break 93.70 then we may see an opening in xauusd prices.
- Tariff on Chinese goods will kick start from Monday. If China retaliate again then we may have another situation on hand.
Technical chart has a good hurdle on gold prices at 1218$. If market break and sustain above our resistance. Then expect good rise in gold price till 1226$- 1232$.
Good support in gold price stands at 1198$. If traders break and sustain below this level. Then expect good pressure till 1191$- 1184$.
Silver
Spot silver price trading at 14.31$. Xagusd tested above 14.35$ which was our signal target. Our subscribers minted more than 100 pips in this trade and made over $1000 profit in one lot. A major hurdle on silver chart stands at 14.55$. If traders break and sustain above our resistance. Then expect good rise in silver price till 14.80$- 15.05$.
A good support in silver price stands at 14$. If market break and sustain below this level. Then expect good pressure till 13.90$- 13.70$.
Crude oil
Nymex crude oil trading pretty higher today at 71$. It fired after our buy signal initiated yesterday and our subscribers exited with more than 70 pips profit. A good resistance in crude oil prices stands at 70$. If market break and sustain below this level. Then expect good pressure till 69.20$- 68.40$.
Good resistance on Nymex crude oil price stands at 72.20$. If market break and sustain above our resistance. Then expect good rise in crude oil till 72.80$- 73.40$.
Euro
Euro trading flat at 1.1681. It tested near 1.1720 yesterday and crashed. A good support in eur/usd chart stands at 1.1650. If traders break and sustain below this level. Then expect good pressure till 1.1600- 1.1550.
Resistance in this forex pair stands at 1.1730. If market break and sustain above our resistance. Then expect good rise till 1.1770- 1.1800.
Conclusion
Comex Gold, Silver trend is positive for now avoid major selling. Crude oil is positive. Euro is flat for now, Follow levels.
More will update to our signals subscribers.