Gold sustaining 1280$ for now


Gold price crashed from 1349$ to 1290$ last week. Even this week market is sustaining below 1290$ and gold is not able to cross any of our resistance. Yesterday gold tried to jump the resistance of 1292$ but dollar index advanced was too high to cross and dollar index suppressed yesterday’s gold gains.

Currently gold price trading almost at 1288$. Yesterday xauusd made low near 1280$ but didn’t break 1280$ which is a relief for buyers and gold bulls. Currently gold is trading near critical resistance of 1292$. This is an immediate resistance which need to cross if gold wants to make any headway towards 1300$.

We are seeing a good chart pattern in gold but it needs today’s closing in green to reverse the trend. However if gold close red today then we may see more bloodbath in gold prices and we may see 15-20$ down tick if we close red today.

Today’s closing in gold is very crucial to determine the trend for upcoming days. For now a good resistance in gold chart stands at 1292$. Once market break and sustain above 1292$. Then expect more power to buyers till 1299$- 1307$.

Good support in gold chart stands at 1278$. If traders break and sustain below 1278$. Then expect good pressure in gold price till 1270$- 1265$ and even more downside in gold not ruled out.

Conclusion: Currently gold prices are looking flat and I would advice to trade with extreme cautious today. Place strict stop loss in every position.

For Crude oil & Comex Silver watch video below. Mcx levels are also mentioned in video below

Posted in: Gold Silver Updates

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