Gold under pressure after jobs data


Gold price came under pressure as US labor department released better than expect US unemployment claims yesterday. Numbers came better than expected which gave dollar index a good push and dollar fired with dow jones index. DJIA Index tested 26000 once again and dollar also recovered its lost ground.

Gold prices seems a battle ground between bulls and bears as its moving in both direction and major direction is from fundamental reasons. However we have crossed 1318-1319$ resistance yesterday. Unfortunately market did not sustain on those levels and crashed vertically. We were in sell since 1312$ and our gold signal fetched us more than 70 pips profit.

Currently gold is trading above 1307-1308$ which is a good sign for buyers. But xauusd is directionless for now. So its better we focus on technical levels rather on fundamentals. Fundamentals changing almost everyday as some news is good for gold price and some is bad. Market is reacting both ways. I dont see any major buying in gold. Xauusd reacting due to dollar movement only. There is no selling nor buying in gold from traders.

For now gold has a support at 1302$. If traders break and sustain below 1302$. Then expect pressure in this precious metal till 1297$- 1291$.

Resistance in gold chart stands at 1319$. If trader breaks and sustain above 1319$. Then expect good rise in xauusd till 1326$- 1333$.

Conclusion: No major trend in comex gold for now. Follow technical levels for now. For gold signals package, Whatsapp at +91-9920315014

For mcx & comex  silver levels watch video below

Posted in: Gold Silver Updates

Comments are closed.