Gold
After January failure UK’s PM faced another deal rejection last night in British Parliament. This was a serious blow to her efforts as Brexit deadline is coming soon. Now UK Parliament will vote again in May and Brexit matter is dragging too much. Its been a long i have seen this much politics in west which is hampering economy.
British Pound took a beating after Brexit vote and dollar index crashed nearly half percent. This gave a push to gold prices and it crossed the resistance of 1302$ last night itself. Uncertainty around Brexit is supporting higher gold price and till this matter is not resolved we will have same wild moves.
Even a politician comment regarding Brexit is enough to drive gold price higher. Market has anticipated that but Brexit deadline is approaching fast and if matter is not resolved then we may see more politics around this matter which will hamper UK’s pound and ultimately it will come to dollar index.
Gold currently trading higher at 1305$. Good resistance on this precious metal stands at 1309$. If traders break and sustain above 1309$. Then expect good rise in xauusd till 1317$- 1327$.
Support in xauusd chart stands at 1297$. If market break and sustain below 1297$. Then expect another round of fresh selling in this precious metal till 1290$- 1282$.
Conclusion: Currently gold trend is positive so avoid major selling but prices are driven by Brexit deal so take a caution on higher levels.
For Comex Silver, Crude oil & Mcx levels watch video below.