Gold
Gold price trading at 1282$ and it has stuck in a very narrow band of 1294$ to 1280$ entire January. Daily we are seeing only 6-7$ range and its barely moving either side. This is causing a real slaughter among traders as both side stop loss are hitting and its hurting portfolio of gold traders.
Main problem with gold price movement is its inching towards 1280$ or 1290$. Its not going anywhere for now. Even Forex and Dow Jones is stuck.
Good support in gold chart stands at 1278$. If market break and sustain below 1278$. Then expect good pressure till 1270$- 1262$.
Resistance on gold chart stands at 1302$. Above this level only we would see some range and gains by gold. Above 1302$ we may see till 1309$- 1317$.
Conclusion: Comex Gold forecast is flat for now. No major trend for now. I would recommend avoid trading in this range bound market.
Silver
Silver price trading near its major support of 15.25$. Xagusd also not showing any momentum and trading in a narrow range. Good support in this precious metal stands at 15.25-20$ range. Once trader hit this base and sustain below 15.20$. Then expect more pressure till 15$- 14.80$.
Resistance in silver chart stands at 15.55$. If market break and sustain above 15.55$. Then expect good rise till 15.80$- 16$.
Conclusion: Comex Silver forecast is flat for now. Avoid trading in narrow band.
Crude oil
Nymex Crude oil price crashed last night after hitting just our target. Currently price trading at 52.40$. Good support in this major commodity stands at 51.70$. If market break and sustain below 51.70$. Then expect good pressure till 51$- 50.50$.
Resistance in crude oil chart stands at 53.20$. If market break and sustain above 53.20$. Then expect good rise till 53.90$- 54.50$.
Conclusion: Crude oil trend is flat for now. We have US inventory today. So keep in mind while taking any position.
Euro
Eur/Usd trading at 1.1380. Yesterday euro cracked when dollar index advanced and gold too gave a dip near 1278$. Good support in this forex pair stands at 1.1340. If market break and sustain below 1.1340. Then expect good pressure till 1.1300- 1.1250.
Resistance in euro chart stands at 1.1420. If market break and sustain above 1.1420. Then expect good rise till 1.1450- 1.1480.
Conclusion: Euro trend is flat to weak for now.