Gold price opened slightly higher due to geo political tensions. China decided to slap additional tariff on US goods from tomorrow. Beijing retaliating Trump’s latest tariff which kicked last week. We may see more on this in a day or two as Trump will fire again on China.
US and Saudi also brewing tensions due to a journalist. US may or may not slap some sanctions on Saudi while Saudi already cleared it wont stay silent and fight back with any sanctions.
After China now US have another country to deal with. Saudi is largest oil producer and a very good friend of US. If something serious happens between both countries then we may see bigger consequences than any trade war.
Last week Gold price fired from 1185$ to 1222$ within two trading sessions. Bad US stock market contributed most of the gains as investors return in gold ans considering it safe haven once again.
Despite moderate dollar index we had very good gains and gold closed above 1220$ after many months. It was a first major positive closing after April 2018.
Currently gold trading at 1221$. Resistance in gold price stands at 1228$. If traders break and sustain above our resistance. Then expect good rise till 1236$- 1244$.
Support in gold price stands at 1209$. If market break and sustain below this level. Then expect mild profit booking in xauusd till 1200$- 1191$.
Silver is still under performing as it opened flat to positive. Currently trading at 14.60$. Resistance in silver chart stands at 14.75$. If market break and sustain above our resistance. Then expect good rise till 14.99$- 15.20$.
Good base in silver stands at 14.30$. If traders take this base out and manage to sustain below this level. Then expect good pressure in xagusd till 14.05$- 13.90$.
Nymex crude oil opened slightly positive following cues from tensions between Saudi and US. Currently trading 1% up at 72$. Good resistance in oil prices stands at 72.80$. If market break and sustain above our resistance. Then expect good rise till 73.59$- 74.20$.
Support in oil prices stands at 72.20$. If traders break and sustain above our resistance. Then expect good crack till 71.50$- 70.80$.
Euro trading lower today at 1.1545 as dollar index is advancing for now. Good support in this forex pair stands at 1.1500. If market break and sustain below this level. Then expect good in eurusd pressure till 1.1450- 1.1400.
Resistance in euro stands at 1.1590. If traders break and sustain above our resistance. Then expect good rise till 1.1640- 1.1680.
Comex Gold, Silver trend is positive for now. Crude oil is positive but thats because of news. Euro is flat to weak for now.
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