Gold
US and China finally reached a common ground and almost solved their trade dispute. Both countries agreed on a trade war cease fire and encouraged to talk to solve their trade dispute. US agreed to pause their move to impose more tariff from 01st January. US wont be increasing current tariff from 10% to 25% on Chinese goods. This would have been more than 200$ billion in tariffs. White house added tariff is not on hold forever, They will resume their tariff from 10% to 25% if China doesn’t meet their demands in 90 days.
China will also be reducing tariff on US cars which is currently stands at 40%. China will either remove or reduce drastically duty on US cars.
This positive meet pushed Dow Jones Index higher and it opened fiercely positive, Currently cruising above 26000. Dollar Index in red which is supporting gold prices on higher levels. Gold is trading at 1226$. Good support in this precious metal stands at 1217$. If traders break and sustain below this base. Then expect further pressure till 1208$- 1200$.
Resistance in gold price stands at 1232$. Gold needs to break this range 1217-1232$, In order to move anywhere. Its trading in this range since 2 weeks. For now if market sustain above 1232$. Then expect good buying in xauusd till 1240$- 1248$.
Silver
Silver price also trading higher at 14.34$. Good support in this precious metal stands at 14.10$. If traders break and sustain below 14.10$. Then expect further pressure till 13.90$- 13.70$.
Resistance on silver chart stands at 14.55$. If market break and sustain above our resistance. Then expect good rise till 14.80$- 14.99$ in xagusd.
Crude oil
Nymex crude oil cruising more than 5% as US and China reached on truce. This cleared major concerns of world growth which is supporting oil prices. Currently crude oil trading at 53.65$. Good support in this major commodity stands at 52.20$. If market break and sustain below this level. Then expect further pressure till 51$- 50$.
Resistance in crude oil price stands at 54.30$. If market break and sustain above 54.30$. Then expect further rise in crude oil prices till 54.90$- 55.40$.
Euro
Euro trading higher as dollar index in pressure today. Currently eurusd trading at 1.1360. Good support in eurusd chart stands at 1.1330. If traders break and sustain below 1.1330. Then expect further pressure till 1.1300- 1.1270.
Resistance in euro stands at 1.1410. If market break and sustain above 1.1410. Then expect good rise till 1.1450- 1.1490.
Conclusion
Comex Gold, Silver forecast is positive for now, Avoid major selling and buy in dips would be good idea. Crude oil and Euro’s forecast is also positive for now.
Click here to join our live chat room