Gold
Spot gold price fired yesterday and tested high of 1234.30$, We enjoyed this mild recovery as our buy signal initiated at 1226$ for target of 1234$. We fetched nearly $800 profit per lot in a standard 100oz gold lot. Bullion tested new highs in early morning session but its not sustaining on these levels. Xauusd tested 1235$ in early session and currently trading below 1229$.
China’s president Xi Jinping warns US today about their ongoing tariff war. He indirectly threaten US that its going to hurt US only in their current trade war. He said there is no winner in this kind of trade war. This could lead to another round of tweets from President Trump in a day or two.
A good resistance on gold price stands at 1239$, This support we updated in our yesterday’s gold price forecast as well. If traders break this major hurdle and sustain above our resistance. Then expect further short covering upto 1247$- 1254$ in upcoming days.
A good support in xauusd price stands at 1218$, This support was also mentioned in yesterday’s report. But a mild base stands at 1224$ as well. Below 1224$ we could lead upto 1218$ and below 1218$ expect this major commodity to test up to 1211$- 1202$.
Dollar Index support now at 93.50, Below this further weakness. Resistance at 94.20. Above 94.20 expect 94.50 and more.
Conclusion: Gold price still trading in a small zone. Once it break our support or resistance then only further trend could be determine. Till then wait for trade.
Silver
Silver price tested high of 15.68$, This was our exact target of our buy signal. We fetched nearly $1100 profit per lot in this trade. Currently prices are trading at 15.55$. A good resistance now stands at today’s high of 16.68$, If traders break and sustain above our resistance. Then expect further recovery upto 15.90$- 16.12$ today.
A good support on daily silver chart stands at 15.30$, If traders break and sustain below this level today. Then expect fresh round of selling in this bullion upto 15.05$- 14.80$.
Silver trend is flat to positive but wait market to break resistance.
Crude oil
Crude oil price trading higher today at 69.20$. A good resistance on this major commodity stands at 70.20$, If traders break and sustain above our resistance. Then expect good recovery upto 71.30$- 72.50$.
A good support on oil chart stands at 68$, If traders break and sustain below this level. Then expect further weakness upto 67$- 66$.
Crude oil trend is positive for now.
Euro
Euro trading higher following weakness in dollar index. Currently eurusd cruising at 1.1730, A good support on this forex pair stands at 1.1690. If traders break and sustain below this level. Then expect further pressure upto 1.1650- 1.1600.
A good resistance on this forex pair stands at 1.1780, If traders break and sustain above our resistance. Then expect euro to test up to 1.1820- 1.1860.
Euro trend is positive for now.
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