Gold
Comex Gold price crashed after Fed cleared they are on their course. Fed stated they may increase one more hike in interest rate this year. Which would make total 3 rate hikes alone this year. Fed seems very confident about US economy. Fed doesn’t seem bother about trade war or economic slowdown.
Hawkish fed boosted dollar index which resulted in extreme selling pressure in metals. Gold crashed pretty hard from highs of 1226$ till 1208$ within hours after US market open last Friday. This resulted in bad weekly closing which may effect in upcoming days.
Currently gold trading at 1208$. Good support in this major precious metal stands at 1198$. If market break and sustain below this level. Then expect good pressure till 1192$- 1185$ today.
Resistance in gold stands at 1218$. If market break and sustain above this major hurdle. Then expect good rise till 1227$- 1235$.
Silver
Comex Silver also came under pressure last week. It broke 14.30$ and crashed till 14.15$. Currently trading almost at lowest point of the day at 14.16$. Good support in this commodity stands at 13.90$. If market break and sustain below this major metal. Then expect good pressure till 13.70$- 13.50$.
Resistance in silver stands at 14.30$. If market break and sustain above our resistance. Then expect good rise till 14.55$- 14.80$.
Crude oil
Nymex crude oil jumped after it crashed below 60$. Currently trading at 61.09$. Good support in this major commodity stands at 59.80$. If market break and sustain below this level. Then expect good pressure till 59.30$- 58.70$.
Resistance in crude oil price stands at 62.20$. If traders break and sustain above our resistance. Then expect good rise till 62.80$- 63.40$.
Euro
Strong US dollar put pressure in euro last week. Euro lost nearly 150 pips last friday when eurusd crashed from 1.1450 to 1.1310. Currently euro trading at 1.1310. Good support in this major forex pair stands at 1.1270. If market break and sustain below this level. Then expect good pressure till 1.1230- 1.1200.
Resistance in euro chart stands at 1.1350. If traders break and sustain above our resistance. Then expect good rise in this major forex pair till 1.1380- 1.1420.
Conclusion
Comex Gold, Silver trend is weak for now, Avoid major buying in precious metals. Crude oil entered in positive zone. Euro is weak for now.
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