Gold
Gold price opened weak today as world stock markets are trading in green. Good equity markets are putting pressure in precious metals. Good opening in Dow Jones also pushed dollar index higher which is pressuring gold silver price for now. Last week US unemployment claims drop at 50 year low which was a delighted feat for President Trump administration. After excellent numbers from US market lost its good gains and entered in bear zone. Now days major data are pretty extreme. Once we had Non farm data which was 30k vs 180k expectations and that alone rocked the precious metals and shoot prices up. Last week we had unemployment claims data which gave another picture of US economy.
For now we have two major picture in hand and we will see in upcoming week which carries more weight. Dow Jones Index trading just inching away from new lifetime high, above new high we may see more pressure in precious metals. But for now we may confidently say we have limited upside in Dow Jones and we may see fall very soon which would be supportive of precious metals. For now picture remain same.
Gold price trading at 1288$, Good support in this precious metal stands at 1278$, If market break and sustain below 1278$. Then expect more pressure in xauusd till 1270$- 1261$.
Good resistance in xauusd chart stands at 1298$. If market break and sustain above 1298$. Then expect good rise in xauusd price till 1304$- 1310$.
Conclusion: For now gold price trend is not clear and we are still struggling in a very narrow range since 3 weeks. Market need to show some big moves to break this range and clear the trend. Intraday levels are very crucial for now once market break support or resistance then only take some positions.
For Mcx Gold , Silver & Crude oil levels watch video below