Gold
Spot gold price crashed yesterday from 1208 to 1196$. I updated resistance of 1209$ in yesterday’s gold update. Xauusd could not break it and yellow metal crashed from highs. We enjoyed this crash since we were in selling from 1206$. We booked profit at 1198 and fetched nearly 80 pips profit in gold trade.
- As expected gold crashed since we were expecting it to crash due to Fed hawkish overview.
- Dow Jones Index tested another lifetime high and almost hit 27000 putting pressure in gold.
- Gold, Silver gains were due to Italy concern as mentioned yesterday. It was a temporarily phase which is now over.
- Dollar Index marching again and now trading at higher levels.
Technical chart suggests a good support in gold price at 1187$, If traders break and sustain below this level. Then expect good pressure in xauusd till 1180$- 1172$.
Resistance in gold price stands at 1209$, This resistance is very crucial. If market break and sustain above our resistance. Then expect good rise in gold till 1218$- 1227$.
Silver
Silver price consolidated yesterday. It fell from 14.82$ to 14.55$. We enjoyed this small correction as our sell initiated at 14.77$ and we booked profit at 14.55$.We fetched more than 100 pips in this trade. Currently trading at 14.60$. A good support in silver stands at 14.30$, If traders break and sustain below this level. Then expect good pressure in xagusd till 14.10$- 13.90$.
Resistance in silver stands at 14.92$, This resistance needs to break if silver wants to reverse its trend. Once traders break and sustain above our resistance. Then expect good rise till 15.12$- 15.35$.
Crude oil
Nymex crude oil is roaring since last week. Currently cruising at 76$. A good resistance in oil stands at 75$, If traders break and sustain below this level. Then expect good pressure till 74.20$- 73$.
Resistance in oil chart stands at 77.10$, If market break and sustain above our resistance. Then expect good rise till 77.80$- 78.50$ today.
Euro
Euro crashed badly yesterday as dollar index advanced. We enjoyed this crash as we were in selling too. Currently euro trading at 1.1478. A good support in this forex pair stands at 1.1450. If traders break and sustain below this level. Then expect good pressure in euro till 1.1420- 1.1380.
Resistance in euro stands at 1.1490. If market break and sustain above our resistance. Then expect good rise till 1.1520- 1.1550.
Conclusion
Comex Gold, Silver trend is weak so avoid major buying. Nymex Crude oil trend is positive. Euro is weak