Gold

Gold price crashed yesterday and tested new yearly low. Xauusd broke 1211$ and even gone below our major base of 1208$. Flat Unemployment claims and good factory orders from US helped sellers to crush yellow metal yesterday. Currently price of spot gold is suffering below 1208$ which is an extreme signal sign and we should technically take a sell due to this.

But we wont initiate any sell or even a buy till evening. We have most important data of the month, Non farm employment changed, US unemployment rate, monthly avg earnings. These data will decide the future of bullion market in upcoming weeks.

Technical levels wont be valid after data, will update evening levels on twitter , so keep an eye on my twitter handle as well for further levels.

A good support on current xauusd chart stands at 1198$, If traders break and sustain below this level. Then expect further selling pressure in this major yellow metal up to 1191$- 1184$.

gold chart

A good resistance on spot gold chart stands at 1218$, If traders manage to pull this commodity up till 1218$ and sustain above our resistance. Then expect mild recovery up to 1227$- 1235$.

Silver

Spot silver price broke 15.30$ but it did not crash like xauusd and holding pretty well. Currently xagusd trading at 15.30$. A good resistance on silver chart stands at 15.55$, If markets break and sustain above our resistance. Then expect further recovery in price of silver up to 15.80$- 16$.

A good support on silver chart stands at 15.05$, If market break and sustain below our base. Then expect further pressure in this major commodity up to 14.80$- 14.60$.

Crude oil

Crude oil price trading flat to positive since yesterday. It crossed 68$ and sustaining above 68$ pretty well. A good hurdle on oil chart now stands at 69.20$, If traders break and sustain above our resistance. Then expect further rise in oil prices up to 69.90$- 70.60$.

A good base on crude oil chart stands at 67.50$, If market break and sustain below our support. Then expect further pressure in price of crude oil up to 66.50$- 65.20$.

Euro

Euro faced consequences of strong US dollar since yesterday. Currently eurusd surviving below 1.1600. A good base on this forex pair chart stands at 1.1550, If traders break and sustain below our support. Then expect further pressure in euro up to 1.1500- 1.1460.

A good resistance in euro chart stands at 1.1640, If traders break and sustain above our resistance. Then expect small recovery up to 1.1680- 1.1720.

Conclusion: Silver and Gold price forecast is weak since last night. Crude oil is in positive zone but buy in dips would be better idea rather buying here. Euro is in weak zone. Avoid trade in euro and precious metals till major data release.

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By marafat