Gold
Rising Dow Jones Index capped gold gains last night. Dow recovered nearly 300 points from its lows which put a little pressure in gold prices. Gold retraced more than 11$ from highs due to DJIA gains. Strong dollar index also putting pressure in gold. Strong dollar caused roll back from 1239$ to 1228$. It was later in day when dow jones started loosing its gains and gold showed some strength. Currently gold trading at 1232$.
Good support in gold stands at 1225$. If market break this base and manage to sustain below this level. Then expect good pressure in xauusd till 1217$- 1208$.
Resistance in gold price stands at 1242$. If market break and sustain above this major level. Then expect good rise in xauusd till 1250$- 1258$.
Silver
Silver is under performing since Monday. Its trading under pressure this week and not making head wind. Its not even performing in rallies. Currently xagusd trading at 14.62. Good support in xagusd stands at 14.40$. If market break and sustain below this base. Then expect more pressure in this precious metal till 14.20$- 14$.
Resistance in silver stands at 14.92$. Once market break this hurdle and manage to sustain above our resistance. Then expect good rise till 15.15$- 15.40$.
Crude oil
Nymex crude oil fired yesterday. Our subscribers enjoyed this rally as our buy signal initiated at 66.75$ and we booked profit at 67.50$. Currently oil is trading lower at 66.55$. Good support in this major commodity stands at 65.70$. If market break and sustain below this level. Then expect good pressure till 65$- 64.20$.
Resistance in crude oil prices stands at 67.80$. If market break this hurdle and sustain beyond this point. Then expect some buying in this major commodity till 68.60$- 69.20$.
Euro
Euro trading at 1.1368. Yesterday euro crashed as ECB chairman Mario Draghi delivered a hawkish speech. His speech tanked Euro and gave a jump start to dollar index. Good support in this major forex pair stands at 1.1330. If traders break and sustain below this level. Then expect more pressure till 1.1300- 1.1260.
Resistance in euro stands at 1.1390.If traders break and sustain above our resistance. Then expect good rise till 1.1450- 1.1490.
Conclusion
Comex Gold, Silver trend is positive for now. Crude oil is in weak zone but avoid selling on these lower levels. Euro is flat to positive for now.
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