Gold
Price of spot gold trading flat since morning. Currently trading near 1215$ minor positive from its last week’s closing. We had a rough last week which resulted in prices lower again. Last week we tested 1204$ but closed 10-12$ up due to short covering. RSI was oversold at 1204$ and market took a slight breather while recovering and giving a false breakout.
We had first positive signal for buyers last week when Non farm employment data came weaker than expectations. Xauusd bounced a little but restricting its upside due to dollar index strength. Currently Dollar trading higher from its last week’s closing and flirting with major resistance of 95. Once it fires above 95 then we would have major problem in precious metals.
A good support on xauusd chart stands at 1204$, If traders break and sustain below this level. Then expect further pressure in gold up to 1198$- 1191$ today.
Resistance on gold chart stands at 1225$, If market break and sustain above our resistance. Then expect buyers to take charge and drive this major bullion prices up to 1232$- 1239$.
Silver
Spot silver price trading at 15.42$, Its also trading in slight positive from its last week’s closing. Xagusd is more stable among other precious metals. A good base on this major commodity stands at 15.20$, If traders break and sustain below our base. Then expect further pressure in silver up to 15$- 14.80$.
A good resistance on this major commodity stands at 15.70$, If market break and sustain above our hurdle. Then expect good relief rally up to 15.99$- 16.20$.
Crude oil
Crude oil opened flat and currently prices are trading at 68$. A good support on this major commodity stands at 67.20$, If market break and sustain below this level. Then expect further pressure in oil up to 66$- 65.20$.
A good hurdle on crude oil chart stands at 68.80$, If traders break and sustain above our resistance. Then expect rally up to 69.80$- 70.69$.
Euro
Euro trading flat at 1.1558, A good base on this major forex pair stands at 1.1520, If traders break and sustain below our support. Then expect further pressure in eurusd up to 1.1480- 1.1450.
A good hurdle on this forex pair stands at 1.1600, If market break and sustain above our resistance. Then expect smart recovery up to in euro up to 1.1640- 1.1680.
Conclusion
Market opened flat and currently trading flat be it gold, silver or crudeoil. Trend is flat for major commodities for now. Euro is in weak zone due to dollar strength. For our weekly technical analysis click here
Join our signals in $99 for first month.
For details Whatsapp us at
+91-9920315014