Gold
Gold price are testing new highs almost daily. Xauusd slipped a bit yesterday before gaining and testing above 1275$. Markets are very uncertain as we are embarking new year. December has been a roller coaster ride for US equity markets. Dow Jones Index tested 26000 in beginning and crashed below 22000 before Christmas.
It was post Christmas gains which is holding DJIA index above 23000 for now. Stock markets uncertainty and hawkish Fed is major driver of gold prices.
Currently gold price are trading at 1278$. Good support in this precious metal stands at 1268$. If market break and sustain below 1268$. Then expect more pressure in xauusd till 1260$- 1252$.
Resistance in gold chart stands at 1286$. If traders break and sustain above 1286$. Then expect more firepower in gold price till 1292$- 1299$.
Conclusion: Gold price outlook is positive for now. Dollar Index is weakening which is also a supportive factor for gold.
Silver
Spot silver outperforming gold price since Monday. Its continuing posting better gains then gold. Currently xagusd trading at 15.28$. Good resistance now stands on chart at 15.52$. Once market break and sustain above 15.52$. Then expect good rise till 15.75$- 15.99$.
Support in silver price stands at 14.98$. Once traders break and sustain below 14.98$. Then expect good pressure till 14.75$- 14.52$.
Conclusion: Comex Silver price outlook is positive for now. Avoid selling and look to buy in dips.
Crude oil
Nymex Crude Oil price trading lower after a tremendous 10% gains in single day. Currently crude oil price trading at 45.50$. Good support in this major commodity stands at 44.80$. If market break and sustain below 44.80$. Then expect more pressure in oil prices till 44$- 43.20$.
Resistance in crude oil chart stands at 46.90$. Once traders break and sustain above 46.90$. Then expect good rise in oil prices till 47.80$- 48.80$.
Conclusion: Crude oil price forecast is flat to weak for now.
Euro
Eurusd trading higher as dollar index is in under pressure since yesterday. Currently trading at 1.1454. Good support in this forex pair stands at 1.1420. Once market break and sustain below 1.1420. Then expect more pressure till 1.1380- 1.1340.
Resistance in eurusd chart stands at 1.1492. If market break and sustain above 1.1492. Then expect good rise till 1.1520- 1.1570.
Conclusion: Eurusd trend is positive for now.
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