Gold
Gold ( xauusd ) prices opened lower again. It closed above 1250$ last week but opened almost flat at 1251$. Comex Gold price live trading at 1248$. Again major reason of weakness in xauusd price is US dollar index. Currently trading at 94.42 almost up 0.18% from its last closing.
USD Index is major reason of gold movement now. This is major driver of price since last months. This week we have major data US Non farm payroll. We always rate this data ahead Fed as we believe it is better indicator of economy and may give better insights on economy.
Major equities markets are trading in deep red. Dow Jones Index currently trading nearly 1% down as DJIA index lost nearly 200 points from last closing. Shanghai Composite Index lost more than 3% so far. Nifty is down 0.80% as its lost nearly 100 points from Friday’s closing.
Currently xauusd trading at 1248.50$, A good support on gold price chart stands at last week’s low around 1245$, If traders break and sustain below this level. Then expect good correction again in xauusd price upto 1240$- 1232$ today.
A good resistance on gold price chart stands at 1256$, If traders manage to break above our hurdle and sustain this level. Then expect good recovery in comex xauusd to test upto 1262$- 1269$ in upcoming days.
Gold prediction today is flat, Avoid taking major trade for now. Follow technical levels.
Silver
Silver ( xagusd ) price trading at 15.97$, Xagusd also opened lower and currently prices are sustaining below 16$ which is not a good sign for buyers. A good support on silver price chart stands at 15.78$, If traders break and sustain below our support. Then expect good pressure in comex silver upto 15.51$- 15.30$.
A good resistance on silver price chart stands at 16.25$, If traders break and sustain above our resistance then expect good recovery in xagusd upto 16.48$- 16.71$.
Silver trend today is weak for now. Avoid any major buy positions.
Euro
Euro opened flat and currently trading mild positive since morning. Eurusd cruising at 1.1650. Currently its under pressure due to USD Index rise. A good support on euro chart stands at 1.1590, If traders break and sustain below our support. Then expect good pressure upto 1.1540- 1.1500 today.
A good resistance on euro chart stands at 1.1690, If traders break and sustain above our resistance. Then expect good rise in euro today at 1.1740- 1.1780.
Euro trend is flat to weak for now. But all eyes on USD index it will decide the fate of entire market today.
Read our weekly silver and euro forecast here
Gold weekly analysis can be read here
More will update to our signals subscribers.