Gold
Levels are same as yesterday, Market is trading in a narrow range. Not much change in levels. So yesterday’s technical levels are valid today too.
Spot gold price stayed in 10-11$ range last week. Xauusd moved from 1219$ to 1230$ and did not gave any movement at all last week. We had some low volumes too due to Thanksgiving in last 2 days of week. As we move further towards Christmas and yearly closing we may see some fresh buying in gold.
Last year we had closing of around 1300$. Traders might want to close in positive this year. So I would caution any further selling without major stop loss from now.
We had seen in last few weeks even strong dollar not able to crash gold and its going strong pretty good since few weeks. Currently xauusd trading at 1225$. Good support in this precious metal stands at 1218$. If traders break and sustain below this level. Then expect good pressure till 1209$- 1201$.
Resistance in Gold price stands at 1232$. If market break and sustain above our resistance. Then expect good buying in this precious metal till 1240$- 1248$.
Silver
Silver price trading near last week major zone 14.30$ only. Good support in this precious metal stands at 14.10$. If market break and sustain below this base. Then expect further pressure till 13.90$- 13.70$.
Resistance in silver price stands at 14.55$. If traders break and sustain above our resistance.Then expect good rise till 14.80$- 15.05$.
Crude oil
Nymex crude oil continuing its losing streak and losing almost 10% per week since 3 weeks. Oil prices tested near 50$ but bounced back from there. Currently trading at highest point of the day at 51.30$. Good support in this major commodity stands at 49.80$. Once market slip through this level. Then expect extreme selling till 48$- 46.20$.
Resistance in crude oil chart stands at 52.20$. If traders break this barrier and sustain above our resistance. Then expect good rise till 52.80$- 53.50$.
Euro
Euro trading a little higher today as dollar index is in pressure since morning. Currently eurusd trading at 1.1350. Good support in this forex pair stands at 1.1320. If market break and sustain below 1.1320. Then expect further pressure till 1.1290- 1.1250.
Resistance in eurusd stands at 1.1390. This is crucial hurdle and once market break and sustain above 1.1390. Then expect good buying in euro till 1.1420- 1.1450.
Conclusion
We are focusing now on yearly closing of bullion market. Gold is in positive zone for now and my forecast recommendation would be buy in dips till our support is holding. Silver would also be buy in dips from my side. Crude oil is weak but I wont recommend any fresh selling till its holding 50$. So avoid selling in oil too. Euro is looking positive for now.
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