Attack on Saudi

Attack on Saudi oil refinery disrupted the market as it opened this week. Crude oil fired more than 15% from its last week’s closing. Gold & Silver also opened gap up. Dow Jones Index opened lower. Almost every market was effected by this attack and market reacted heavily on this news. It was later on the day gold, silver cooled off when Trump said we will just assist Saudi & wont participate in their fight.

Gold came down from 1509$ to 1496$ and silver also cooled off a little. Wall Street is still in pressure and still many markets are trading near critical levels. Tomorrow we have FOMC meet outcome. This gonna be very interesting as this time Fed will have pressure from Trump to cut interest rate once again. President Trump is very vocal about higher interest rate by Fed. According to him Fed is resisting US growth.

Earlier this month Trump & Chinese officials suggested we will see some outcome by October end. As of now market dont have any confirmation from either side regarding tariffs. China is playing silent game which is helping them to gain an upper hand in trade war. Trump will seek re election very soon and he has to make this right else he might loose election. We just need to see how this play out in upcoming weeks.

For now comex gold is trading at 1496$. Good support in xauusd chart stands at 1490$. If trader break and manage to sustain below 1490$. Then expect good pressure in comex gold till 1480$- 1470$.

Resistance in comex gold chart stands at 1509$. If trader break and sustain above 1509$. Then expect good rise in gold till 1517$- 1526$.

Conclusion: Comex gold trend is positive as long as its sustaining above 1490$. So avoid selling till market is holding this major levels.

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By marafat

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