Gold price trading at 1282$ and it has stuck in a very narrow band of 1294$ to 1280$ entire January. Daily we are seeing only 6-7$ range and its barely moving either side. This is causing a real slaughter among traders as both side stop loss are hitting and its hurting portfolio of gold traders.
Main problem with gold price movement is its inching towards 1280$ or 1290$. Its not going anywhere for now. Even Forex and Dow Jones is stuck.
Good support in gold chart stands at 1278$. If market break and sustain below 1278$. Then expect good pressure till 1270$- 1262$.
Resistance on gold chart stands at 1302$. Above this level only we would see some range and gains by gold. Above 1302$ we may see till 1309$- 1317$.
Conclusion: Comex Gold forecast is flat for now. No major trend for now. I would recommend avoid trading in this range bound market.
Silver price trading near its major support of 15.25$. Xagusd also not showing any momentum and trading in a narrow range. Good support in this precious metal stands at 15.25-20$ range. Once trader hit this base and sustain below 15.20$. Then expect more pressure till 15$- 14.80$.
Resistance in silver chart stands at 15.55$. If market break and sustain above 15.55$. Then expect good rise till 15.80$- 16$.
Conclusion: Comex Silver forecast is flat for now. Avoid trading in narrow band.
Nymex Crude oil price crashed last night after hitting just our target. Currently price trading at 52.40$. Good support in this major commodity stands at 51.70$. If market break and sustain below 51.70$. Then expect good pressure till 51$- 50.50$.
Resistance in crude oil chart stands at 53.20$. If market break and sustain above 53.20$. Then expect good rise till 53.90$- 54.50$.
Conclusion: Crude oil trend is flat for now. We have US inventory today. So keep in mind while taking any position.
Eur/Usd trading at 1.1380. Yesterday euro cracked when dollar index advanced and gold too gave a dip near 1278$. Good support in this forex pair stands at 1.1340. If market break and sustain below 1.1340. Then expect good pressure till 1.1300- 1.1250.
Resistance in euro chart stands at 1.1420. If market break and sustain above 1.1420. Then expect good rise till 1.1450- 1.1480.
Conclusion: Euro trend is flat to weak for now.