Gold
Comex gold price opened lower today as market awaits FOMC meeting conclusion today this Wednesday. We have a very action packed week ahead. Lets have a look at major data and event this week first.
- Tuesday: BOJ monetary policy, US monthly personal spending, Pending home sales
- Wednesday: FOMC meeting conclusion & Press conference
- Thursday: BOE monetary policy, US manufacturing & Unemployment claims
- Friday: US avg hourly earning, Non farm payroll & Unemployment rate
As you can see we have plethora of events and data this week. We will have good volatility to deal with & many events to look out before initiating any trade in precious metals. This week major events would be fed meeting outcome & non farm data. Market poll suggests we might see rate cut this time and if it happens then expect good rally in Dow Jones Index & Gold price. Dollar Index might not like it it may tank from highs.
US & China talks on trade war outcome is still unclear. We still do not have any confirmation of deadline or any other tariff change. But it is still an uncertainty and market is counting on it. Very soon we may have deadline or additional info on this which could clear uncertainty around trade war between US & China.
Iran war also seems to de accelerate since last week. We did not see any major developments from there. Reduced Iran war risk also contributed in gold consolidation & dollar index’s high.
Currently comex gold price trading at 1420$. Good support in xauusd chart stands at 1410$. If market break and sustain below 1410$. Then expect comex gold to test till 1400$- 1391$ today.
Resistance in xauusd chart stands at 1427$. If market break and sustain above 1427$. Then expect good rise in comex gold till 1434$- 1441$.
Conclusion Currently comex gold trend is flat to weak for now. Avoid major buying till xauusd is sustaining below our resistance today.
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