Gold prices are under pressure as dollar index is rising after a disaster last week. Despite weak Dow Jones Index even today dollar is rising due to short covering. Gold opened flat at 1287$ and then started retracing from higher levels. This week US will release retail sales number which would give idea how US retail market is doing. This will also have an impact on Wall Street and gold prices.
We also will have avg earning and unemployment rate from Britain. Another major economy’s job data. This data will influence euro and directly influence price of gold. China’s Industrial productions are also due this week. This is crucial number as China has production based economy and any crack in these numbers may influence market. These chinese numbers wont show any crack due to latest tariff on chinese goods by president Trump. But We may or may not see some retaliation by Chinese govt on additional tariff.
More than data make sure you keep an eye on events unfolding this week. Many analysts believe we may have some talk between US & China this week, sorting out their difference and finally giving a stop to trade war. If trade war continues and dow jones keep bleeding then we may see panic in financial markets which may support gold price too.
Currently Dow jones is bleeding almost 1% daily since last week. Even today its down more than 1%. If US stock market keep loosing its value then we may see some action from President Trump once again to save american markets.
Currently gold price is trading at 1283$. Good support in xauusd chart stands at 1275$. If traders break and sustain below 1275$. Then expect more pressure in this precious metal till 1270$- 1262$.
Resistance in gold chart stands at 1292$. This is major level to watch for gold. If traders break and sustain above 1292$. Then expect good rise in xauusd till 1299$- 1307$.
Conclusion: For now Comex gold is trading on market risk and its positive. Avoid selling and look to buy in dips till xauusd is holding above 1275$.
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