Gold
Gold price trying to bounce back after yesterday’s lows. Xauusd made low near 1285$ before taking off from there and testing 1294$. Bullion market seems waiting for Non farm payroll which is due in next 2 days. This will give a good clear picture how we are gonna see gold silver prices in upcoming weeks. Dollar Index also trading very volatile which is causing panic and burst movements in gold prices. Today we have manufacturing numbers from US which would give idea about US economy and may give an insight of how job numbers may fare this Friday.
Currently we are in fix and waiting for Unemployment rate and Non farm numbers to determine the trend of precious metals. Main problem with market is we are not seeing any movement since January. Most of the days gold remain in 8-9$ zone and one fine day it rise or crash 20-25$. This kind of movement making trading in gold difficult as its hitting stop loss and coming back for most of the traders.
For now gold price are trading at 1292.50$. Good support in this precious metal stands at 1285$. Once traders break and sustain below 1285$. Then expect good pressure in xauusd till 1278$- 1270$.
Resistance in gold price stands at 1298$. Once traders break and sustain above 1298$. Then expect good rise in xauusd till 1302$- 1309$.
Conclusion: Comex Gold price trend is flat to positive for now. I dont see any major selling till Non farm data so avoid any selling for now. Buy in dips would be good idea.
For Mcx gold, Silver levels watch video below