Gold
Spot gold price crashed last friday after a narrow range entire week. Main crash came when dollar advanced on weak equity markets. Dow jones index lost nearly 2% last week which resulted in dollar index strength. This week we will have FOMC final meet of the year. Its pretty certain we will have one more rate hike. But nearly 2000 points sell off in equity markets from highs and recent weak job reports might soften FOMC’s view on US economy.
If Fed does not change its views then we will have a clear view ahead for next year. However If fed to choose soften its view on economy we may have confirmation that world economy is in pressure. President Trump also openly said no to interest rate hike but FOMC is an independent entity so it would be interesting how they move ahead.
Currently gold is trading at 1237.50$. Good support in this precious metal stands at 1232$. If market break and sustain below this base. Then expect further pressure till 1225$- 1217$.
Resistance in gold chart stands at 1253$. If market break and sustain above our resistance. Then expect further rise in xauusd till 1260$- 1266$.
Conclusion: Comex gold forecast is flat to weak for now. But I would not recommend selling on these levels. Wait for dips and initiate buy.
Silver
Spot silver price also trading under pressure since Friday. Xagusd crashed from 14.74$ to 14.50$. Currently trading at 14.54$. Good support in this precious metal stands at 14.30$. Once market break and sustain below 14.30$. Then expect good pressure till 14.10$- 13.90$.
Resistance in silver stands at 14.75$. If traders break and sustain above 14.75$. Then expect good rise till 14.99$- 15.20$.
Conclusion: Comex Silver forecast is flat to weak for now.
Crude oil
Nymex crude oil crashed last week and continuing its downward journey. Currently trading at 51.40$. Good support in this major commodity stands at 50.80$. If market break and sustain below 50.80$. Then expect further pressure till 50.20$- 49.70$.
Resistance in crude oil stands at 52.20$. Once traders break and sustain above 52.20$. Then expect good rise till 52.80$- 53.40$.
Conclusion: Nymex crude oil trend is flat to weak for now.
Euro
Euro crashed last week and then recovered after mild correction in dollar index. Currently eurusd trading higher at 1.1310. Good support in euro chart stands at 1.1270. If market break and sustain below 1.1270. Then expect good pressure till 1.1220- 1.1170.
Euro resistance stands at 1.1350. If market break and sustain above 1.1350. Then expect good rise till 1.1399- 1.1440.
Conclusion: Eurusd trend is flat to positive for now.