Gold prices crashed after our sell signal initiated yesterday at 1304$. Gold was almost at its peak and we decided to push sell button. Main reason of our selling was fundamental instability. Ofcourse this is a positive for gold that world is uncertain towards Brexit and US, China trade war. But there was a major damage in dollar index which needed to recover and we bet on strong dollar first and gold selling later.
Dollar decided to cover some lost ground and whole market sentiment shifted after that. Major selling in gold price came through traders selling. Dollar factor was secondary. Interestingly gold did not break 1290$ support which is essential for its long term run. Market need to hold and close above 1290$ if xauusd wants to run for 1350$ in upcoming weeks.
Brexit uncertainty is playing very well for traders as its giving both side swings to precious metals. But no major decision could result in major fire for precious metals. Too much politics and no resolution of situation could drive gold price higher. Currently fundamentals are strong for gold to drive prices higher so make sure you dont hold sell position for deep profits till 1290$ is intact in market.
Currently gold price trading at 1299$. Good resistance for now stands at 1302$. Once traders break and sustain above 1302$. Then expect good rise in xauusd till 1308$- 1317$.
Support in gold chart stands at 1288$. This is a very crucial support. If traders break and sustain below 1288$. Then expect good pressure till 1280$- 1274$.
Conclusion: Comex Gold trend is positive for now. Avoid major selling at these levels.
For Silver, Crude oil & mcx trading levels watch video below