Gold
Spot gold price trading slightly positive as it opened a on a positive note. Xauusd is on slight positive side as world equity markets are under pressure. According to bloomberg President Trump is about to impose some other tariffs on Chinese electrical items as well. Shanghai Composite Index is down more than 1% and even DJIA index is under pressure.
Dow Jones Index is in under pressure as many american companies manufacture their electrical goods in China including mighty Apple. If US impose tariff on electrical items then it could even effect US companies as well. Currently Spot gold price trading at 1195.20$ and Comex futures trading at 1199.60$.
- President Trump has threaten to slap tariff which may impact profit of American companies as well. This is pulling dollar index down as well.
- Even now gold’s gains are direct connected towards weaker dollar.
- Investors are still not choosing gold as safe haven asset.
- Market needs to show big break out before any major buying.
- We are still trading below 1202$ which is a bad sign for buyers.
Technical chart has a good resistance at 1202$. If traders break and sustain above our resistance. Then expect mild recovery in gold price till 1210$- 1217$.
Gold price chart has a support at 1187$. If market break and sustain below our support. Then expect good selling in xauusd till 1180$- 1172$.
Silver
Spot silver price opened slight positive today and currently trading at 14.09$. Comex futures trading at 14.11$. A good base in this major commodity stands at 13.90$. If traders break and sustain below our support. Then expect good pressure in xagusd till 13.70$- 13.50$.
Resistance in silver price stands at 14.30$, If market break and sustain above our resistance. Then expect small buying in xagusd till 14.50$- 14.70$.
Crude oil
Nymex crude oil price trading at 68.70$. It opened flat and currently trading in a small range. A good base in crude oil price chart stands at 68$. If market break and sustain below our support. Then expect good pressure in oil prices till 67.20$- 66.10$.
Resistance in crude oil price stands at 69.30$. If traders break and sustain above our resistance. Then expect good rise till 69.90$- 70.70$ today.
Euro
Euro trading at 1.1633. It crashed last Friday due to higher dollar. Currently trying to recover after that crash. A good base on this major forex pair stands at 1.1580. If market break and sustain below this leve. Then expect good in eur/usd pressure till 1.1530- 1.1500.
Resistance in this forex pair stands at 1.1660. If traders break and sustain above our resistance. Then expect good rise till 1.1700- 1.1740.
Conclusion
Comex Gold, Silver trend is looking weak despite their positive opening. Both needs to break our resistance in order to turn positive. Keep an eye on our chat room. I will update if they turn positive before that. Crude oil is weak. Euro is weak too.
More will update to our subscribers.