Gold bulls taking charge


Comex gold firing with full guns as its currently trading at highest point of the week 1519$. Gold bulls taking charge and driving xauusd higher as risk is rising in market. Dow Jones Index already lost more than 1500 points from its peak of 27300-400 and its just getting deeper every week. Big red in wall street is not a good sign for 401K holders as it would effect their pensions and saving very hard. Eventually they will loose their money in big market crash. Already their gains are trimmed by 10-15% depend on stocks holding.

Another risk in market is tariff hike next month. Trump announced additional 10% tariff hike on $300 billion goods from China. Most of goods would be mobile phone and gaming console. Many middle class families already started feeling tariff heat and paying additional 10-15% of original goods. This new additional will hamper tech industry which is a backbone of US economy. US’s biggest tech company Apple would effect the most. This could hamper earnings and eventually it would hamper stock price which could effect Dow Jones in big time. AAPL ( Apple ) has big share in DJIA Index.

FOMC already cut first interest rate in decade assuming growth slowdown in US economy. But US major US data, jobs and manufacturing are giving mixed numbers. We might see impact in these numbers in next quarter. This is a major concern which is driving gold price higher and dollar index deeper red.

Currently gold trading at 1519$. Good support in xauusd chart stands at 1503$. If trader breaks and sustain below 1503$. Then expect good pressure in comex gold till 1497$- 1490$.

Resistance in comex gold chart stands at 1526$. If trader breaks and sustain above 1526$. Then expect good rise in gold till 1533$- 1540$.

Conclusion: Currently gold trend is positive as risk is rising in market. So avoid any sell trade.

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