Gold
Spot gold price tested 1205$ yesterday and our subscribers enjoyed this mild rally. Our subscribers initiated buy at 1196.50$ and exited at 1204$. We extracted more than 70 pips profit in this gold trade. Despite in a narrow range gold is showing some wild moves.
- Yesterday’s rally was all about weak dollar index which gave some profit booking and it benefited gold price.
- Major buying came towards dollar weakness and there were very few buying which came from buyers.
- Xauusd is stuck in a small range and its waiting for a concrete outcome from trade war between US and China.
- Currently dollar index is down but gold is not showing any much strength. So better stay cautious if you are looking for buying.
Gold technical chart has a good support at 1187$. If traders break and sustain below 1187$. Then expect good pressure in xauusd price till 1181$- 1175$.
Resistance in gold chart stands at 1209$. If traders break and sustain above our resistance. Then expect good buying in xauusd till 1218$- 1226$.
Silver
Spot silver price trading at 14.14$. Comex futures at 14.17$. A good base on this precious metal price stands at 13.90$. If market break and sustain below this level. Then expect good pressure till 13.70$- 13.50$.
Resistance in silver chart stands at 14.30$. If market break and sustain above our resistance.Then expect good rise till 14.60$- 14.80$.
Crude oil
Yesterday Nymex crude oil fired after our buy signal which I gave free in our chat room ( click here to join free ). Currently its trading lower than yesterday at 68.40$. A good base on this major commodity stands at 67$ . If market break and sustain below this level. Then expect good pressure till 66$- 65$.
Resistance in Nymex crude oil price stands at 69.20$. If market break and sustain above our resistance.Then expect good recovery till 69.80$- 70.60$.
Euro
Euro is flying since yesterday as dollar index is cracking since yesterday. Euro is biggest contributor in dollar index hence getting major benefit. Currently eur/usd trading at 1.1709. A good resistance in euro chart stands at 1.1740. If market break and sustain above our resistance. Then expect good rise till 1.1780- 1.1820.
Support in eur/usd chart stands at 1.1660. If market break and sustain below our support. Then expect good pressure till 1.1620- 1.1550.
Conclusion
Comex Gold, Silver trend is weak on chart but dollar index is not sustaining on higher levels so wont recommend any sell. Crude oil is weak and Euro is positive.
More will update to our signals subscribers.