Comex Gold price opened higher today as Stock Markets around the world are down. Dow Jones Index trading below 26800 while Indian Indices Nifty is down more than 200 points. Decline in stock markets are pushing gold prices higher. Weak stock markets gave dollar index a decline as well which fueled gold prices in beginning.
Last time when President Trump & President Trump met they reached a middle ground and resume trade talks. Trump cautioned that he didn’t lower the tariffs and he wont hesitate to increase the tariffs if trade talks does not reach the conclusion. Just after some days of meeting with Xi jinping, Trump blamed China and Europe to manipulate the currency market. This also gave a boost to risk and gold is saved by some risk from that as well.
This week we have 3 statements by FOMC chairman. We have Fed meeting minutes as well. We will have access of fed last meeting so we can see how Fed is judging the US & world economy. Fed meeting would be crucial this time as last time chairman Powell suggested uncertainty in his statement. So stay cautious.
Last week gold crashed from 1440$ to 1398$ reversed the gold major trend from positive to negative. Good non farm payroll numbers reversed the course of gold. But gold did not crashed further and seems it has discounted the non farm numbers in this crash. So I would advise a little caution if you are taking a sell trade in xauusd.
Currently comex gold trading at 1403$. Good support in xauusd chart stands at 1396$. If traders break and sustain below 1396$. Then expect good pressure in this precious metal till 1390$- 1382$.
Resistance in comex gold chart stands at 1412$. If traders break and sustain above 1412$. Then expect good rise in xauusd till 1419$- 1427$.
Conclusion: Comex Gold trend has turned from positive to negative last week. But weak equity markets are weak so avoid selling in precious metals.
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