Gold
Gold finally fired after a long time and tested 1208$ last night. Xauusd fired from 1187$ to 1208$ as Italy’s economic concern is going through roof now.
- ECB is concern about Italy’s Fiscal budget which is not inclined according to ECB guidelines.
- Yesterday gold finally acted as save haven for investors.
- Yesterday gains were very crucial as it came without weak dollar index.
- Gold tried to break 1209$ but failed to break and currently trading at 1205$.
- Currently gold trading in a flat range after massive buying from investors last night.
- This time we may have some buying in our hand.
Technical chart has a good resistance at 1209$, If traders break and sustain above our hurdle. Then expect good rise in xauusd prices till 1218$- 1227$.
A good support in gold chart stands at 1198$, If market break and sustain below this level. Then expect good pressure till 1192$- 1184$.
Silver
Spot silver outperformed gold once again as it tested near 14.90$ last night. Currently xagusd trading at 14.76$. A good base on this major commodity stands at 14.50$. If traders break and sustain below this level. Then expect good pressure in xagusd till 14.30$- 14.10$.
Good resistance in silver chart stands at 14.92$, If traders break and sustain above our resistance. Then expect good rise in xagusd price till 15.15$- 15.45$.
Crude oil
Nymex crude oil price trading higher since last week. Currently trading above 75$. A good base on this oil chart stands at 74.50$. If traders break and sustain below this level. Then expect good pressure till 73.70$- 73$.
Resistance in crude oil price stands at 76$. If market break and sustain above this resistance. Then expect good rise till 77$- 78$.
Euro
Euro trading lower as dollar continue to rise. Currently trading at 1.1575. A good base on this forex pair stands at 1.1540. If traders break and sustain below this base. Then expect more pressure in euro till 1.1500- 1.1450.
Resistance in euro stands at 1.1620. If traders break and sustain above our resistance. Then expect good rise till 1.1660- 1.1700.
Conclusion
Comex Gold, Silver trend is positive but no buying should initiate on these levels. Let the market break resistance first. Crude oil is positive. Euro is flat to weak for now.