Spot Gold
Spot gold price made low of 1238$ yesterday and bounced back from there. In our technical analysis yesterday we reported support of 1237$. It could not broke our support and bounced back from there. Currently xauusd price trading at 1246$. Market is under pressure due to higher dollar. USD Index trading near highest point of the day at 94.50.
President Trump has reached England last night and we may see some development when he face other European leaders. Some development on current tariff from US and Europe could take place. He is scheduled to meet Russian president Vladimir Putin as well. This would be an interesting watch and we may have some kind of announcement. Trump said in UK he backs ‘ Boris Johnson ‘ as future prime minister. This is a sign how aggressive president Trump is gonna be in his UK visit.
Yesterday we had US unemployment claims which came lowest since 1960. Those surprisingly positive numbers moved dollar but could not move gold prices down. Even Dow Jones is also trading in pretty good positive territory since yesterday. Currently cruising near 25000. Despite that precious metals pack held pretty well and maintained its lead.
A good support on technical chart stands at 1237$, This is very major support in gold price now since we made double bottom here. If traders break and sustain below this level. Then expect more pressure in xauusd upto 1230$- 1225$.
A good resistance on gold technical chart stands at 1256$, If traders break and sustain above our resistance. Then expect xauusd to test major resistance of 1263$. Above this more buying in this major commodity not ruled out.
Conclusion: Dollar is still charging which is keeping gold prices under pressure. Continuous pressure from USD Index is main cause xauusd is trading under 1250$. Otherwise trend is flat to positive for now. Stay cautious, trade with extreme caution and strict stop loss.
Silver
Spot silver prices jumped from our major support of 15.75$, It could not sustain below our base and recovered almost 20 cents from there. Currently prices are cruising above 15.94$. A good support on this major commodity chart stands at 15.75$. If traders break and sustain below our support. Then expect more pressure upto 15.51$- 15.30$ in this metal.
A good resistance on this metal chart stands at 16.05$, If traders break and sustain above our resistance. Then expect silver prices to test upto 16.24$- 16.48$.
Silver trend is flat to positive for now.
Euro
US Dollar is keeping Euro under 1.1700 without any problem. Currently eurusd is surviving at 1.1670. It hasn’t move much since yesterday despite a very strong dollar. A good base on this forex pair stands at 1.1640, If traders break and sustain below our support. Then expect more pressure upto 1.1600- 1.1560 today.
A good resistance on this forex pair stands at 1.1705, If traders break and sustain above our resistance. Then expect good recovery in eurusd upto 1.1755- 1.1805 today.
Euro trend is flat to weak for now.
More will update to our signals subscribers.