Gold crashed below our support


Yesterday in my gold forecast I mentioned an important support of 1288$. Gold slipped through that support and crashed beautifully. I even recommended selling in video below 1288$. Gold is facing extreme pressure from sellers. Despite lower Dow Jones Index and Dollar it is not sustaining on higher levels.

As said earlier market has turned into bearish for now as we have seen nearly 70$ correction from 1349$ peak. A small bounce could occur anytime but that would not turn gold into bullish on long term charts. We need full rally to turn positive once again as almost all charts has entered in bearish zone. That is without dollar rise.

Last year gold price crashed when dollar index started rising from 88 odd levels. But this year crash is extremely bearish as it came despite lower stock market and stable dollar.

Currently gold price trading at 1288.50$. Good support in this precious metal stands at 1275$. Once market break and sustain below 1275$. Then expect good pressure till 1270$- 1262$.

Resistance now stands at 1302$. This is an extremely important level to cross if gold wants to turn positive. Once market break and sustain above 1302$. Then expect mild rally till 1309$- 1317$.

Conclusion: Comex Gold outlook looking weak for now but small profit booking is not ruled out.

For Silver, Crude oil & Mcx levels watch video below

Posted in: Gold Silver Updates

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