Gold
Spot gold price trading almost flat at 1214$. Yesterday we gave a hint we might see fire in precious metals prices in upcoming days. It did not fire yet but currently holding pretty well. When we posted yesterday our gold price forecast we were trading near 1213-1214$ and dollar index was trading at 94.57. Currently xauusd price trading 1214$ and dollar trading 94.70. Clearly we are in buying mode for now and bullion market should give a push for a relief rally. We have made a double bottom in chart. Which should support our buying.
We have US jobless claims data today which would give an idea about US economy and future of job market. This is very crucial today as we had unexpectedly lower numbers in Non farm Employment which resulted in short covering from 1204$ last week. Lets see technical levels today.
- Good support in gold price chart stands at 1206$, Yesterday’s low was 1206.50$ so once we trade below yesterday’s low and sustain there. Then expect market to update new yearly low in gold up to 1200$- 1191$.
- Resistance in gold price chart stands at 1222$, If traders break and sustain above our resistance. Then expect a relief rally in price of xauusd up to 1228$- 1234$.
Silver
Spot silver price trading slightly higher from yesterday. Currently cruising near 15.45$. Yesterday it broke our support of 15.30$ for some minutes but did not sustain there and bounced back pretty smartly.
- Good support in silver chart stands at 15.30$, This support needs to break and market have to sustain below this level in order to resume selling. Once this condition is fulfill then expect further pressure in xagusd till 15.05$- 14.90$.
- Good resistance in silver chart stands at 15.70$, This is reversal point in silver. Once market update this hurdle and sustain above our resistance. Then expect good buying in this major commodity till 15.99$- 16.20$.
Crude oil
Crude oil prices trading lower today at 66.50$. Crude oil inventories came positive at -1.4M vs 3.8M but market was expecting -2.8M. Inventory was worse than market expectations which put pressure in oil prices.
- Support in crude oil chart stands at now at 65.20$, If traders break and sustain below this level. Then expect pressure in this major commodity till 64$- 63$.
- Resistance in crude oil prices at 67.50$, If market break and sustain above our resistance. Then expect buying in this major commodity up to 68.80$- 69.80$.
Euro
Euro trading at 1.1610, Eurusd trading positive since yesterday. Currently holding above 1.1600 pretty well. Dollar weakness fueled euro’s strength.
- Support in euro chart stands at 1.1570, If traders break and sustain below this level. Then expect pressure in eur/usd till 1.1540- 1.1500
- Resistance in euro chart stands at 1.1660, Once market break and sustain above our resistance. Then expect buying in this major forex pair till 1.1699- 1.1740.
Conclusion
Dollar weakness is fueling buying in precious metals and euro. Trends for both precious metals is positive for now and i would recommend buy in dips. Euro is also a buy in dips. Crude oil trend has changed from positive to negative since yesterday. Avoid buying in this major commodity.
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