Gold
Spot price of gold trading at 1204$, Xauusd trading in 4-5$ since yesterday. Comex futures is fix at 1209.60$. We had a minor breakout to buy this yellow metal but good GDP numbers and higher US stock market capped gold gains yesterday. Nasdaq and S&P tested new lifetime highs while DJIA index traded above 26100 as well.
- Yesterday we had better than expected US GDP number which fueled US stock market and Nasdaq, S&P tested new lifetime highs.
- Stock market gains capped gold gains as investors have other option for gains which is performing very well.
- According to bloomberg US may have sort out all its trade difference with Canada, which means positive sentiment for US economy.
- This week US had sorted out deal with Mexico as well which is driving equity markets higher and keeping gold in check.
- We have monthly personal spending and Unemployment claims data from US, both will have impact on equity market and gold.
Technical gold chart suggests a support at 1198$, This support I updated in yesterday’s gold report as well. Once traders break and sustain below this level. Then expect further pressure till 1190$- 1184$.
Resistance in gold chart stands at 1218$, Once market break and sustain above our resistance. Then expect xauusd to fire till 1226$- 1232$.
Silver
Spot price of silver trading at 14.67$, Comex futures trading at 14.61. Xagusd also under pressure since Monday due to higher US equity markets. A good support in silver price stands at 14.50$, If traders break and sustain below our base. Then expect good pressure till 14.30$- 14.05$.
Resistance in silver technical chart stands at 15.05$, If market break and sustain above our resistance. Then expect good rise till 15.30$- 15.50$.
Crude oil
Nymex crude oil prices trading higher since last night. US inventories came positive at -2.6M vs -0.7M expectations. Better than expected inventory driven crude oil prices up and currently its trading at 69.50$ almost at highest point of the day.
A good base on this energy commodity technical chart stands at 68.80$, If traders break and sustain below this level. Then expect pressure till 68$- 67.20$.
Resistance in crude oil prices stands at 70.20$, Once market break and sustain above our resistance. Then expect good buying till 70.90$- 71.60$.
Euro
Euro tested above 1.1700 and crashed again. Currently eur/usd trading at 1.1690, A good base on this forex pair stands at 1.1640. If traders take this support out and manage to sustain below our support. Then expect good pressure in euro till 1.1600- 1.5500.
Resistance in eur/usd technical chart stands at 1.1740, If market break and sustain above our resistance. Then expect good rise till 1.1780- 1.1820.
Conclusion
Comex Gold, Silver trend is weak for now, Avoid any buying. I will update live levels in our newly formed chat room. Its free and you may join by clicking here. Crude oil trend is positive, Euro weak.
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