Gold
Spot gold price opened flat in morning around 1212$ but currently trading at 1208$ due to pressure from dollar index. Dollar Index has crossed 96 and currently trading at 96.06, highest point of the day. This putting pressure on precious metals. Spot gold is trading at 1208 and Comex Gold future Dec trading at 1215$.
- Dollar has a good resistance on chart at 96.30, If market break and sustain above this major hurdle then expect fresh buying in USD up to 96.60- 96.90.
- Support in dollar at 95.60, Below this expect some profit booking in greenback and some relief to gold buyers.
- Gold support on chart stands at 1198$, This is very important support, Once traders slip through this and sustain below 1198$. Then expect further selling in comex gold till 1191$- 1184$.
- Resistance on xauusd chart stands at 1218$, Once we pass through this barrier and sustain above our resistance. Then expect mild relief rally till 1226$- 1234$. Read weekly analysis and levels here
Silver
Spot price of silver trading at 15.25$. It also opened flat but currently under pressure. Comex Silver Sep futures trading at 15.27$. A good base on this precious metal chart stands at 15$, Once market cut this and sustain below our support. Then expect pressure in this major commodity up to 14.80$- 14.60$.
Resistance on comex silver chart stands at 15.55$, If traders break and sustain above our resistance. Then expect some relief rally till 15.70$- 15.92$.
Crude oil
Crude oil trading flat at 67$ but it made low near 66.80$ as it opened lower from its friday’s closing. A good base on Nymex crude oil stands at 66.40$, If traders break and sustain below this level. Then expect pressure in oil prices till 65.70$- 65$.
Resistance on Nymex crude oil stands at 68.20$, Once market break and sustain above our resistance. Then expect good relief rally up to 69.70$- 70.70$.
Euro
Euro is trading almost near lowest point of the year. Currently surviving at 1.1380. A good base on this major forex pair stands at 1.1350, If market break and sustain below this then expect further pressure till 1.1330- 1.1300.
Resistance on euro chart stands at 1.1420, If traders break and sustain above this level. Then expect mild relief rally till 1.1460- 1.1490.
Conclusion
Dollar Index charged up the market and this resulting in lower precious metals prices. Comex Gold, Silver are weak so avoid buying them for now. Keep an eye on our resistance levels. Crude oil is in flat to positive zone. Euro weak.
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