Gold
Price of gold is in flat zone since yesterday, Its trading in 5-6$ range since it opened lower yesterday morning. Currently xauusd trading at 1221$, We have FOMC/Fed decision tomorrow on interest rate. Since last time Fed has turned its outlook more hawkish. Raising four interest rates instead three and firm comments on US economy.
We need to see if Federal Reserve have still hawkish tone as last time President Trump criticized Fed’s hawkish outlook on interest rate. He already clear he does not like increasing interest rate which could hamper US economy in such scenario where Europe and other major economies are resisting to hike interest rate.
Today we had Japan’s monetary policy as well, Japan kept interest rate in minus despite increasing rates all around the world. Japan is holding well at -0.10%. Dollar Index recovered from 93.90 to 94.02 now and currently trading near highest point of the day.
A good support on gold price chart stands at 1217$, If traders break and sustain below this level. Then expect further pressure in this precious metal upto 1208$- 1200$.
A good resistance on gold price chart stands at 1229$, If traders break and sustain above our resistance. Then expect good short covering in price of gold upto 1237$- 1244$.
Silver
Price of silver tested near 15.55$ yesterday and then reversed. Currently xagusd trading at 15.44$ facing pressure from dollar. A good base on this major commodity chart stands at 15.30$, If traders break and sustain below this level. Then expect further selling up to 15.05$- 14.80$.
A good resistance on silver price chart stands at 15.70$, If traders break and sustain above our resistance. Then expect good recovery upto 15.92$- 16.12$.
Crude oil
Crude oil tried to test 70$ again but could not break the major hurdle of 70$ and reversed from 69.80$ zone. Currently trading at 69.25$, A good support on technical chart stands at 68.50$, If traders break and sustain below this level. Then expect further pressure up to 67.70$- 67$.
A good resistance on this major commodity chart stands at 70.20$, If traders break and sustain above our resistance. Then expect fresh buying up to 71.30$- 72.60$.
Euro
Eurusd trading in positive zone since dollar is staying below 94 since yesterday. Currently cruising at 1.1710, A good support on this major forex pair stands at 1.1650, If market break and sustain below this level. Then expect fresh selling in euro upto 1.1600- 1.1550.
A good resistance on euro chart stands at 1.1755, If market break and sustain above our resistance. Then expect rise in euro upto 1.1805- 1.1880.
Conclusion: Gold, Silver, Crudeoil trend are weak, Euro is in positive zone for now. Trade cautiously.
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