Gold
Comex Gold price is trading in a 6-7$ range since yesterday. We did not see any major movement and xauusd trading in a small range. We did not move anywhere since we broke 1290$ and trading below 1290$ range. Bullion market is trading in a tight range since Monday and we might be waiting for Fed/FOMC meeting minutes which are due tonight.
Gold waiting for Fed meeting minutes as it will give an idea about Fed outlook on US economy. We may have some insight how many people are in favor to increase rate next time by seeing vote of previous meeting. Currently Fed is in very comfortable position as US data are very positive and even dow jones touching 26000.
Despite major trade war with China, US is in very comfortable position and It might not negotiate with China. Current trade war with China intensified further when Google banned Huawei to use android for its further mobile phones. China did not retaliate yet but its bound to take action against US companies as Huawei is one of the few companies of China who has global foot print. It is a very important company for China and we may see some harsh tariffs on US companies very soon.
Currently gold price trading at 1273.20$. Good support in xauusd chart stands at 1267$. If traders break and sustain below 1267$. Then expect good crash in this precious metal till 1260$- 1255$.
Resistance in comex gold chart stands at 1282$. If market break and sustain above 1282$. Then expect good rise in this precious metal till 1290$- 1299$.
Conclusion: Currently no major trend in gold for now. Even dollar index is flat and waiting for tonight’s fed minutes. So do not trade with big qty. Trade with strict stop loss. Trend is flat for now.
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