Gold
Bad jobs shining gold price as US posted under expectations numbers. Dow Jones Index reacted to weak numbers and crashed more than 600 points within hours. Gold prices jumped on weak data and equity crashed. Gold price acted as safe haven finally after 4 months.
Dollar Index could not kicked back this time as investors showing more trust on precious metals. Investors are choosing gold over dollar due to ongoing issue of trade war between China and US.
Investors are not convince with 90 days deadline which is set up US president. Difference between US and China’s official statement is also a contradict which is not resolved or cleared yet.
Currently gold trading higher at 1249$. Good support in this precious metal stands at 1238$. If traders break and sustain below this base. Then expect more pressure in xauusd till 1230$- 1222$.
Resistance in comex gold price stands at 1257$. Once market break and sustain above 1257$. Then expect further rise in xauusd till 1263$- 1270$.
Silver
Spot silver price also trading higher and sustaining above 14.55$. Currently trading at 14.60$. Good resistance in xagusd stands at 14.77$. Once market break and sustain above our resistance. Then expect good rise in xagusd till 14.99$- 15.20$.
Good support in this precious metal stands at 14.30$. If market break and sustain below 14.30$. Then expect good pressure till 14.10$- 13.90$.
Crude oil
Nymex crude oil trading flat at 52.70$. Good support in this crude oil chart stands at 51.90$. If market break and sustain below 51.90$. Then expect good pressure till 51.30$- 50.50$.
Resistance in crude oil chart stands at 53.20$. If market break and sustain above our resistance. Then expect good rise till 53.90$- 54.50$.
Euro
Eurusd trading at 1.1438. Eurusd trading higher since Friday as dollar is under pressure. Good support in this forex pair stands at 1.1390. If traders break and sustain below this level. Then expect pressure in eurusd till 1.1350- 1.1300.
Resistance in euro chart stands at 1.1470. If market break and sustain above our resistance. Then expect good rise till 1.1500- 1.1540.
Conclusion
Comex Gold, Silver forecast is positive for now. Avoid selling for now. Mild retrace is not ruled out but avoid selling and consider buy in dips. Crude oil is flat to positive. Euro trend is positive for now.
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