Gold
Gold price tested 1235$ yesterday and reversed from highs. Yellow metal tested 1222$ and closed near lowest point of the day. We closed lowest since June 2018. Xauusd tested 1211$ last week but it didn’t close there and reversed from lows after President Trump interview regarding FOMC stance on US economy and interest rates.
Yesterday European Central Bank kept interest rates intact as they have already cleared they wont raise any rate till 2019. European Central Bank chairman Mario Draghi issued statement on current trade dispute between Europe and US. He said its too early to asses trade agreement between Europe and US.
Yesterday price of gold crashed due to strong dollar. USD recovered from lows around 93.70 and tested 94.30. Currently its trading at 94.33, A good hurdle on dollar chart stands at 94.55, If traders break and sustain above this hurdle then expect more fire in greenback upto 94.80- 95.
Support in dollar chart stands at 93.70, If traders break and sustain below this level. Then expect pressure upto 93.40- 93 soon.
A good support on xauusd price chart stands at 1218$, We mentioned this support in yesterday’s gold price prediction as well. Once this is out and price sustain below our base. Then expect pressure upto 1208$- 1200$ today.
A good resistance on gold price chart stands at 1239$, This is major hurdle we need to break before we resume any major buying in bullion. Once 1239$ is out and price sustain above this level. Then expect yellow metal to test upto 1247$- 1254$.
Conclusion: Gold trend is weak for now, Avoid major buy trade.
Silver
Spot silver price trading weak at 15.40$, Precious metals are under pressure since yesterday as stated already. A good base on this major commodity stands at 15.30$, If traders break and sustain below this level. Then expect xagusd to test upto 15.05$- 14.80$.
A good resistance on price of silver stands at 15.68$, If traders break and sustain above our resistance. Then expect 15.92$- 16.12$ soon.
Silver trend is flat to weak for now.
Crude oil
Crude oil price trading flat to positive since yesterday. Currently cruising at 69.10$. A good support on chart stands at 68$, If traders break and sustain below this level. Then expect pressure in this major commodity upto 67$- 66$.
A good resistance on chart stands at 70.20$, If traders break and sustain above our resistance. Then expect price to test upto 71.20$- 72.50$.
Crude oil trend is positive for now.
Euro
Euro trading at 1.1638 almost 100 pips lower since yesterday. A good support on this forex pair stands at 1.1590, if traders break and sustain below this level. Then expect pressure in eurusd upto 1.1550- 1.1500 today.
A good resistance on euro chart stands at 1.1680, If traders break and sustain above our resistance. Then expect this major forex pair to fire upto 1.1720- 1.1760.
Euro trend is weak for now.
Join our signals in just $99 per month. Click here to choose your package.