Gold
Spot price of gold trading slightly positive at 1206.70$. Market opened with positive note due to very good closing last week. Currently its opened with positive bias and bullion market is in positive zone. Dollar also taking a small hit from highs of 94.80. Currently dollar index at 94.70.
- According to bloomberg China and US trade war about to get uglier.
- If trade war gets bigger than we may see good gains in gold.
- Till last week investors were pouring money in dollar, since last friday they seem to have shift their money in yellow metal.
- Turkey’s Lira is another concern for market which is driving precious metals price higher.
A good support in comex gold chart stands at 1197$, If traders break and sustain below this level. Then expect further pressure in xauusd till 1191$- 1184$.
Resistance in comex gold chart stands at 1217$, If market break and sustain above our resistance. Then expect good rise in xauusd till 1224$- 1231$.
Silver
Spot price of silver 14.84$, This bullion is also holding well and currently in minor positive from its last week’s closing. A good resistance in xagusd chart stands at 15.05$, If market break and sustain above 15.05$, Then expect good rise in silver price till 15.26$- 15.55$.
A good support in xagusd chart stands at 14.50$, If price break and sustain below our support. Then expect good crash till 14.30$- 14.05$.
Crude oil
Nymex crude oil price opened little higher after a dip last Friday. Currently oil prices trading at 68.70$, A good resistance on crude oil chart stands at 67.80$, If market break and sustain below this level. Then expect good pressure till 67.10$- 66$.
Resistance in crude oil prices stands at 69.30$, If market break and sustain above our resistance. Then expect good rise in Nymex oil till 70$- 71.10$.
Euro
Euro trading at 1.1622, Euro opened flat to negative in morning but now trying to recover. A good resistance on eur/usd chart at 1.1660. If traders break and sustain above our resistance. Then expect good rise in euro till 1.1700- 1.1750.
A good support in eur/usd chart stands at 1.1580, If market break and sustain below this level. Then expect pressure in this forex pair till 1.1550- 1.1505.
Conclusion
Comex Gold, Silver intraday trend is positive for now, Crude oil also looking positive. Euro trend is positive as well. Avoid major selling in market.