Gold

Comex Gold price tested 1292.80$ last night after high of 1301$. Main consolidation came after Dow Jones rise from lower levels. Dow Jones also caused rise in dollar index which eventually put pressure in xauusd. Since yesterday precious metals market is trading in a small range and we are stuck in 4-5$ range since yesterday.

Today we have Unemployment claims and Building permits data from US. Unemployment claims give a punch to precious metals so keep an eye on this data. Rising unemployment claims may cause selling in Dollar and buying in gold. Lower than expected claims may pressure precious metal prices today.

Keep an eye on trade regarding news as well. US did not impose new tariff after China retaliate with additional tariffs on US goods this week. We may see more such news in short span of time very soon. US China trade war is intensifying and it may cause a problem in world economic growth if not solved immediately. Many analysts believed we already entered in slow growth phase and may see some pain in data very soon.

If somehow world growth slows down then we may see good buying in gold and price may spike hard. Currently gold price is trading at 1297$. Good support in xauusd chart stands at 1288$. If traders break and sustain below 1288$. Then expect good pressure in xauusd till 1280$- 1272$.

Resistance in comex gold chart stands at  1302$. This is a major level in this precious metal. Once traders break and sustain above 1302$. Then expect good rise in comex gold till 1309$- 1317$.

Conclusion: Nowdays market movement is data driven so keep an eye on today’s data. Trend is positive for now. Avoid selling on these levels and look to buy in dips

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By marafat