Gold

I could not update gold forecast for a week due to my vacation. First of all thanks to all my readers who sent me email and messages asking me if i am ok. I really appreciate it.

Gold price is currently trading at 1228$, We made low below 1224$ last night and our subscribers booked profit in our sell signal which initiated at 1231$.

Currently we are in middle of US mid term election results and Democratic party is leading the polls by around 4% gains in seats. This is not a big margin and many seat’s results are yet to come. But if democratic party lead this US election then there would be a big problem in house and current Trump administration may face difficulty in their many decisions.

If democratic score gets majority then this would be major political setback for President Trump. I am seeing this election as Trump’s 2 years performance review by american public.

If democratic party gets majority in house then we may see some cracking in equity markets which would beneficial for gold prices. Even Fed could get influence by bad stock market and may avoid fast pace interest rate. Fed interest rate decision pending later this week.

Currently gold price trading at 1228.40$ and waiting for complete result today. Good support in xauusd stands at 1217$. If market break and sustain below this level. Then expect good bearish selling in this precious metal till 1208$- 1200$.

Resistance in gold price stands at 1235$. Once traders take this hurdle out and manage to sustain above our resistance. Then expect good rise in xauusd till 1242$- 1249$.

Silver

Silver price crashed yesterday and made low below 14.50$. Our subscribers enjoyed this crash as our sell signal initiated at 14.72$ and our target was 14.51$. We booked more than $1000 profit in this trade.

Currently xagusd trading at 14.57$. Good support in this metal stands at 14.30$. If market break and sustain below this base. Then expect good pressure till 14.10$- 13.90$.

Resistance in silver stands at 14.92$. If market break and sustain above our resistance. Then expect good rise in this major commodity till 15.12$- 15.35$.

Crude oil

Nymex crude oil is under pressure since 2 weeks and continuing its downward journey. Currently oil trading at 61.80$. Good support in this major commodity stands at 61.20$. If market break and sustain below this level. Then expect good pressure till 60.50$- 60$.

Resistance in crude oil price stands at 62.50$. Once market break and sustain below this level. Then expect good pressure till 63.70$- 64.80$.

Euro

Euro trading a little higher due to weak dollar index. Currently euro trading at 1.1447. Good support in euro chart stands at 1.1400. If market break and sustain below this level. Then expect good pressure till 1.1350- 1.1300.

euro chart

Resistance in euro chart stands at 1.1490. If market break and sustain above our resistance. Then expect good rise till 1.1550- 1.1590.

Conclusion

Gold, Silver prices trading higher as Democratic party is leading in US mid term elections. If they win then expect pressure in US equity markets which would result in gains for precious metals. Wait for complete result before taking any position. Comex chart shows positive but I would advice to wait for results. Crude oil is looking weak. Euro is positive for now.

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By marafat