Gold
Gold gains last night came due to equity loss. Dow Jones Index crashed badly and we enjoyed it as our sell signal initiated at 24080 and we booked profit at 23940 ( Read full detail here )
Dow Jones Index lost more than 600 points from its day’s high and this helped gold gaining momentum. We enjoyed this gain as our buy signal initiated at 1238$ and we booked profit at 1245$. Gold gains came despite flat dollar index.
We have Fed meeting conclusion tomorrow. Fomc will conclude its final meet this year. Another rate hike is certain but Fed outlook for next year would be crucial for market.
Investors are showing good faith in precious metals and considering gold as acting haven once again. Currently gold price trading at 1248.80$. Good resistance in this precious metal stands at 1253$. This hurdle is very crucial, last time also xauusd could not break 1253$ and crashed. Once traders break and sustain above 1253$. Then expect good rise in xauusd till 1260$- 1267$.
Good support in gold stands at 1238$. If market break and sustain below 1238$. Then expect good pressure till 1230$- 1225$.
Conclusion: Comex gold forecast is positive for now. Avoid any sell.
Silver
Spot silver price also trading higher since yesterday but its under performing gold. Xagusd not firing and trading moderate high since yesterday. Currently silver trading at 14.69$. Good support in xagusd stands at 14.40$. If market break and sustain below 14.40$. Then expect good pressure till 14.20$- 14$
Resistance in silver stands at 14.76$. Once traders break and sustain above our resistance. Then expect good rise till 14.99$- 15.20$.
Conclusion: Comex silver forecast is positive for now. Buy ind ips would be good strategy.
Crude oil
Nymex crude oil price crashed further and now trading below 50$. World growth concerns are causing pain in oil prices. Good support in this major commodity stands at 48.80$. If market break and sustain below 48.80$. Then expect further pressure till 48$- 47.20$.
Resistance in crude oil price stands at 50.30$. If market break and sustain above 50.30$. Then expect good rise till 50.90$- 51.50$.
Conclusion: Crude oil outlook is weak for now. But avoid major selling on these levels.
Euro
Euro trading higher at 1.1348. Due to weaker dollar index euro is on higher since since yesterday. Good support in eurusd chart stands at 1.1305. If market break and sustain below this base.Then expect good pressure in this forex pair till 1.1270-1.1230.
Resistance in eurusd stands at 1.1380. If market break and sustain above our resistance. Then expect good rise till 1.1420- 1.1460.
Conclusion: Eurusd trend is positive for now.
More will update to our signals subscribers.