Gold
Gold price crashed further on strong US dollar. Dollar Index tested 17 months high by testing above 97. We enjoyed this crash as our sell signal initiated at 1208$ and we booked profit at 1200.50$. Despite dow jones index crashing more than 500 points dollar stayed firm.
Dollar gained mostly due to uncertainty in UK and Italy. UK political uncertainty over Brexit is brewing and its hampering GBP and EURUSD as well.
Dollar Index broke major resistance last night and gold just saved by some cents. 1200$ support is till intact in spot gold and its a psychological level which should not breach if buyers wants to see gold flying.
Hawkish Fed fueled dollar gains and market is anticipating one final rate hike next month. This is fueling greenback and continuing to provide support despite bad stock markets.
Good support in gold price stands at 1190$. If market break and sustain below this level. Then expect more pressure in xauusd till 1182$- 1175$.
Resistance in gold price stands at 1209$. If market break and sustain above our resistance. Then expect mild recovery in xauusd till 1218$- 1227$.
Silver
Spot Silver price nearly broke 14$ but bounced back from psychological level of 14$. Currently xagusd trading at 14.08$. Good support in this precious metal stands at 13.90$. If traders break and sustain below this level. Then expect more pressure till 13.70$- 13.50$.
Resistance in silver stands at 14.30$. If market break and sustain above our resistance. Then expect good rise till 14.52$- 14.75$.
Crude oil
Nymex crude oil price crashing continuously. Market is concern about global growth and not finding much buyers on higher price. Currently oil trading at 59.25$. Good support in this major commodity stands at 58.50$. If market break and sustain below this level. Then expect further crash in this commodity till 58$- 57.50$.
Resistance in crude oil price stands at 60.20$. If market break and sustain below this level. Then expect further buying in nymex oil till 60.80$- 61.50$.
Euro
Euro crashed badly yesterday losing more than 100 pips in single trading session. Currently trading at 1.1243. Euro crashed as dollar index advanced to new high this year. Dollar still trading at highest point of 2018.
Good support in eurusd chart stands at 1.1190. If traders break and sustain below this level. Then expect good pressure till 1.1150- 1.1100.
Resistance in euro chart stands at 1.1290. If market break and sustain above our resistance. Then expect good rise till 1.1330- 1.1380.
Conclusion
Comex Gold, Silver trend is weak for now. Avoid major buying till its sustaining below our resistance. Crude oil and Euro are weak too.
Click here to join our chat room for live market updates