Gold
Comex Gold price going up & up since FOMC announced no rate cut and showed uncertainty in their approach. Xauusd fired from 1340$ to 1410$. We seen one straight 70$ up move in less than 2 days. Dollar Index came in extreme pressure after announcement which resulted in good up move. Yesterday Iran shot down one US spy drone which didn’t go well with White house. President Trump tweeted ” Iran did very big mistake ” . This is how US gonna respond if we read between the lines this is just another excuse to attack Iran.
US seems deliberately building tensions with Iran just to attack a sovereign country. This time it could be different for US as none of US allies are supporting US in this war. In fact US is not in state to fight a full fledged war as tensions with China regarding trade war also going worse. So we have to look G-20 summit conclusion if US & China reach some conclusion. A good agreement between two countries may ease tensions between two super powers.
China did not show any early sign to bend knees nor oval office shown any sign of softness. We will need to wait if Trump & Xi could reach an agreement later this month. Fed could actually cut interest rate instead raising in 2019 if we see anymore bad jobs or manufacturing data.
Currently comex gold price trading at 1398$. Good support in xauusd chart stands at 1384$. If traders break and sustain below 1384$. Then expect good pressure in xauusd till 1375$- 1370$.
Resistance in comex gold chart stands at 1413$. If market break and sustain above 1413$. Then expect good rise in this precious metal till 1421$- 1429$.
Conclusion: Currently comex gold trend is positive but make sure you are not buying or selling on these levels. Let the market settle first then initiate any trade. We have high volatility and uncertainty in market due to major global events. Trade with extreme caution and tight stop loss.
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