Update July 17th 2018 5.56AM IST ( GMT+5.30): Despite weaker GDP and productions numbers from China, Weaker sales numbers from US, Weak Equity markets and Weak US Dollar. Gold price could not go higher and remained in a weak zone since yesterday. Currently surviving just above 1240$. Its testing buyer’s patience and not giving any push. Technical levels remain same hence not updating another post today and continuing in yesterday’s post. Keep an eye on technical levels and take trade accordingly. Trend is in favor of sellers.
Gold
Comex gold price opened flat today after a very weak closing last week. Currently xauusd is surviving at 1241$. In next 2 hours we would have China’s Industrial production and GDP numbers. These numbers would be very crucial for precious metals. We will then have China’s Unemployment numbers which would give another aspect of Chinese economy. This will be first major data after US tariff kick in early July.
We have retail sales data from US in evening which is also crucial to give an idea about US economy and decides USD Index movement further. Currently dollar trading at 94.35. A major support in dollar index stands at 94.20. Below this we would have some significant selling.
A good support on gold chart stands at 1235$, If traders break and sustain below this level. Then expect more pressure in gold price upto 1228$- 1221$ today.
A good resistance on gold chart stands at 1252$, If traders breaks and sustain above our resistance. Then expect good recovery in this bullion price upto 1260$- 1267$. Above 1267$ trend would reverse in xauusd and it may test upto 1280$.
Conclusion: Gold trend is still weak but we would consider more weakness below 1235$ only. Till then hang on and do not sell bullion.
Silver
Comex Silver price opened flat at 15.80$ and currently surviving there only without much change. A good support on this major commodity chart stands at 15.65$, If traders break and sustain below this level. Then expect more pressure in xagusd price upto 15.50$- 15.30$ soon.
A good resistance on this major commodity chart stands at 16.05$, If traders break and sustain above our resistance. Then expect mild recovery upto 16.22$. Above 16.25$ expect good solid recovery upto 16.50$- 16.70$ soon.
Silver trend today is weak.
Euro
Eurusd trading flat at 1.1675. It opened slightly lower from its last week’s closing. A good support on this major forex chart stands at 1.1640. If traders break and sustain below this level. Then expect more pressure in euro upto 1.1600- 1.1550 today.
A good resistance on euro chart stands at 1.1720, If traders break and sustain above our resistance. Then expect this major forex pair to recover upto 1.1760- 1.1800 today.
Euro trend is flat to weak for now.
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