Last week gold prices had wild moves as it tested 1349$ and reversed from there to make lows near 1320$ which was our support for inraday trend. I updated this support in my gold update. But gold did not break our support price and reversed from 1320$ to test 1333$ last Friday. We had a buy position in gold last friday from 1325.80$ which we booked at 1333$ almost at highest level of the day. Eventually gold closed below 1330$ giving a mix signal.
Currently gold price trading higher as it opened higher today. Currently prices are trading at 1331$. Market. Gold is approaching high of Friday which would act as nearest resistance for now. Market is waiting for 1st March deadline which President Trump gave to Chinese officials to sort out the deal.
There are good chances China and US will reach on agreement and sort out their differences and there wont be any major trade war. But experts suggest China would be bigger winner in this deal not US. Which might put pressure in dollar index once again. Weaker dollar would result in higher gold prices automatically.
For further technical levels watch video below. I covered following points in my video.
- Gold technical levels ( Hindi & English )
- Gold trend update today ( Hindi & English )
- Mcx levels for today
- Crude oil support & resistance
- Silver support & resistance.