Gold
Gold price tried to break above 1320-1322$ zone but it could not cross the hurdle of 1326$ and reversed from higher levels. Gold prices are resisting on higher levels. I would call it a consolidation before big move as mostly market remain positive for now. Mild dollar index advances was main reason to bring gold price back in 1314$ zone last night. Currently gold is trading at 1316$.
Tomorrow we have US GDP numbers which would be very crucial. GDP numbers would give an idea about US economy’s health. It might give an insight if fed would continue its dovish stands through out the year or we may see some surprise rate hike in 2019. It will also determine how trade war between US & China is effecting US economy. We are still waiting for conclusion of trade talks between US & China. Once we have conclusion in hand it will be easier to judge the effect in precious metals.
For now gold chart suggest a good support at 1307$. If traders break and sustain below 1307$. Then we may see xauusd price dragging till 1300$- 1291$ very soon.
Resistance in gold chart stands at 1319$. If traders break and sustain above 1319$. Then expect good rise in xauusd till 1325$- 1333$ and even more rise after that not ruled out.
Conclusion: Precious metal has stuck in a very narrow range since Monday. Market may be waiting for US GDP numbers to determine the course for upcoming weeks. For now gold and silver trend remain positive but keep a good stop loss in positions to avoid big swings stops.
For comex silver, crude oil & mcx levels watch video below.