Gold fired after our buy signal


Comex Gold price fired after our buy signal initiated at 1317$ yesterday. We enjoyed the mild rally and exited around 1324.50$. After achieving our target gold price came down a bit and currently trading at 1318.50$. Xauusd retraced from highs as dow jones recovered from lows which gave strength to dollar index as well.

Even though scenario is positive for gold, silver is not able to sync with gold prices. Its resisting to move up and this might ignite a concern among buyers. So keep an eye on silver prices as well if you are looking to buy gold. For now gold is in comfortably positive zone and may drive higher. Lets take a look at technical levels in gold today.

Gold price has a good resistance on chart at 1326$. If traders break and sustain above 1326$. Then expect xauusd to drive upto 1333$- 1340$.

Support in gold chart stands at 1307$. If market break and sustain below 1307$. Then expect good pressure till 1300$- 1291$.

Conclusion: Comex Gold trend is positive for now but this week we have quarterly GDP numbers from US. This will give a good idea about US economy’s health. If numbers are bad then we may see a good spike in gold. If numbers are good then we may see a little pressure in precious metal prices.

For Silver, Crude oil & Mcx levels watch video below

Posted in: Gold Silver Updates

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