Gold

Comex gold price came to a halt since 2 days. Xauusd trading in a small range since Tuesday. Usual range in last 3 days are 1418$ to 1426$. A small 8-10$ range due to no major events and no major data in market. Yesterday Mueller testified and there was no major outcome from his testimony. Market was waiting for some actionable outcome but there was more or less same.

Currently market seems to waiting for unemployment claims numbers which is due today. Numbers would be crucial as market is waiting for some events or data to react. We have enough consolidation phase for 2 days. We may see good movements in upcoming days if data is positive or negative.

We did not see any major movement in dollar index & dow jones too. Both are also moving in a mild range which suggests some good moves if data is not as expected.

We have advance US GDP quarterly numbers tomorrow. These GDP numbers would be crucial as last time GDP was better than expected which sent gold sinking. So tomorrow & today’s would decide the fate of gold in upcoming days. Dow Jones would also get effected by jobs & unemployment claims numbers. Dow Jones trading almost on a new lifetime high at 27315. So take a pre-caution note if you are long.

ECB monetary policy also due today. We will have to see what ECB chairman suggests this time. He have habit to move markets pretty wildly. So take an extra pre-caution when trading around ECB policy.

Currently xauusd price trading at 1423$. Good support in this precious metal stands at 1417$. If traders break and sustain below 1417$. Then expect good pressure in comex gold till 1408$- 1400$.

Resistance in comex gold chart stands at 1432$. If traders break and sustain above 1432$. Then expect good rise in xauusd till 1440$- 1448$.

Conclusion: Currently gold trend is flat to positive for now. Trade war, Iran war risk is still not averted and we may see some spikes if there is any further development in these events.

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By marafat

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