Gold
Gold price made high 1290.90$ yesterday. I updated a resistance of 1292$ in yesterday’s gold price update. Our resistance worked perfectly well and gold could not cross the bridge. Despite retracing from highs gold is trading in support zone and still in favor of buyers.
Since Tuesday gold price are trading in extremely narrow range and not reacting at all despite stronger US dollar. We have Non farm payroll data tomorrow which will determine the fate of gold prices for upcoming days. Its an extremely important data as it give complete picture of US jobs market. If numbers shows positive addition in jobs then we may see a good crash in gold prices. Lower jobs numbers may drive gold prices higher .
Currently gold price is roaming at 1284.50$, Support in gold price remain same. 1278$ would be crucial support for gold. If market break and sustain below 1278$. Then expect good pressure till 1270$- 1261$.
Resistance in gold chart stands at 1292$. These are spot levels. If market break and sustain above 1292$. Then expect good buying in xauusd till 1299$- 1307$.
Conclusion: Comex Gold price trend is flat for now. Watch levels and trade accordingly.
For Comex Silver & Crude oil levels watch video below. Mcx levels also mentioned in video.