Gold
Spot gold price plunged yesterday as President Trump warned China against any retaliatory actions again US farmers. US is a big exporter of meat to China and China is considering slapping additional tax on US imports to counter US tariff. Spot gold trading at 1202.90$ , Comex futures trading at 1207.60$.
- President Trump already cleared that US has very less to lose in this trade dispute.
- It seems trade dispute has become a trade war now as China is gearing up for additional tax on US goods.
- President Trump warned if China take any action against US goods he may go ahead with additional $267 Billion tariff on Chinese goods.
- DJIA Index and Dollar Index fired after tax announcement by US.
- Market is measuring US is in better placer than China in this trade war.
- Gold price is again following dollar lead.
Technical gold chart has a good support at 1190$. If market break and sustain below our support. Then expect good correction in gold price till 1184$- 1175$.
Technical gold chart has a good resistance at 1209$, If traders break and sustain above our resistance. Then expect good rise in xauusd price till 1217$- 1226$.
Silver
Spot silver price trading at 14.22$, Comex futures trading at 14.25$. Xagusd is trading under pressure since yesterday and despite good recovery in xauusd its still trading in same range. A good support in silver chart stands at 13.90$. If traders break and sustain below this base. Then expect good selling in xagusd till 13.70$- 13.50$.
Resistance in silver price chart stands at 14.35$. If market break and sustain above our resistance. Then expect good rise till 14.54$- 14.75$.
Crude oil
Nymex crude oi price fired yesterday after our free signal given in chat room. It fired more than 1$ after our free signal and our chat room visitors enjoyed profit. Currently crude oil price at 69.59$. A good resistance in oil prices stands at 70.20$. If market break and sustain above our resistance. Then expect good rise till 70.80$- 71.60$.
Good support in crude oil price stands at 68.80$. If market break and sustain below this level. Then expect good selling till 68.10$- 67.60$.
Euro
Euro crashed yesterday as dollar index charged up after Trump’s announcement. Currently eur/usd trading at 1.1678. A good support in this forex pair stands at 1.1640. If traders break and sustain below this level. Then expect good pressure in eur/usd till 1.1600- 1.1550.
Resistance in this forex pair stands at 1.1710. If market break and sustain above our resistance. Then expect good rise till 1.1750- 1.1790.
Conclusion
Comex Gold, Silver trend is flat to positive. Keep an eye on dollar to determine the actual trend. Crude oil and Euro are positive for now.