Gold fired after resistance


Gold price fired back as market broke resistance of 1333$ which i mentioned earlier. Gold crashed yesterday as Mexico deal were a positive note for dollar index. However market did not hold well on lower levels and reverted back from lows. Comex xauusd took support near 1318$ and bounced back almost 20$ from yesterday’s lows.

Dow Jones recovered more than 1000 points since last week and crossed 26000 yesterday. Crossing 26000 hurdle also pressurized gold prices. Dow Jones started slipping from highs last night which boosted gold prices from lows.

Yesterday US gave better than expected numbers which pushed dow jones but arket could not sustain on higher levels and Dow plunged more than 250 points from lows.

Currently we do not have clear picture what is future of trade war between US & China. President Trump threaten again that if Xi Jinping dont meet him in upcoming G 20 meeting he will raise tariff on chinese goods.

Interestingly China did not retaliate anything yet. They may or may not take any action against US after G 20 meeting. Its pretty sure Trump & Xi Jinping will meet in upcoming G 20 meeting. We are sure to reach some conclusion in G 20 meeting. If both countries reach conclusion then it would be positive for Stock markets and negative for gold. If Beijing & Washington does not reach on any agreement then there wont be any relief .

Currently gold price is trading at 1335$, good support in xauusd chart stands at 1324$. If market break and sustain below 1324$. Then expect good pressure in this precious metal till 1317$- 1308$.

Resistance in xauusd chart stands at 1342$. If market break and sustain above 1342$. Then expect good rise in comex gold price till 1349$- 1356$.

Conclusion: Currently Comex gold price is looking positive. Avoid selling on these levels and look to buy in dips.

For Crude oil & Mcx intraday levels watch my youtube video here

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