Comex Gold price did not move anywhere despite waiting for Fed meeting minutes for 2 days. Gold just tested 1269.50$ and bounced back pretty hard from there. According to minutes, Fomc chairman said dip in inflation is temporary and this does not concern fed for now. Fed will stay on course and might not hike any interest rate in 2019. This concluded last meeting minutes. Gold is in extremely tight range this week . Trade with extra cautious as market is standing still since Monday.

Dow Jones crashed from 25860 to test 25660 for now. Trade war between US & China still worrying market and dow is not holding on higher levels. We had a sell in dow which achieved target today. Weak dow is causing pressure in dollar index which may support gold price today. So stay clear from selling. If dow jones shows more pressure and stays in weak zone it could push gold price up.

We will have US unemployment claims today and we will see if claims rise. If unemployment claims rise then we may see weakness in dollar index. If unemployment claims decrease then dip in gold price may occur. Keep an eye on this data today.

Currently gold price is trading at 1274$. Good support in xauusd chart stands at 1265$. If traders break and sustain below 1265$. Then expect good pressure in xauusd till 1260$- 1252$.

Resistance in comex gold chart stands at 1282$. If traders break and sustain above 1282$. Then expect good rise in this precious metal till 1290$- 1299$.

Conclusion: For now gold price is in a very narrow range so avoid trading with big lots. Gold trend is flat to positive. Look to buy in dips and avoid selling till gold is sustaining above 1265$.

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By marafat