Gold
Spot gold price is trading in a narrow range since yesterday. US equity market was closed yesterday due to one day mourning for former chief commander Bush death. Dramatic sell off in equity markets in morning session pushed gold price higher but still its not breaking hurdle of 1242$ and keeping precious metals under pressure from any major buy move.
Tomorrow we have most important Jobs data. Non farm payroll data will release by Labor Department of US. It will give clearer picture of US economy and how Fed may react in its next meet. It is certain FOMC will favor a rate hike this month but how hawkish it is on market will be key for upcoming weeks.
Dow Jones Index has lost more than 1300 points from its this week’s peak and currently under pressure from sellers. Uncertainty towards US, China trade war is looming and market is considering this as a risk.
Currently gold price trading at 1239$, Good support in this precious metal stands at 1230$. If market break and sustain below 1230$. Then expect further pressure till 1222$- 1217$.
Resistance on gold chart stands at 1242$. If market break and sustain above 1242$. Then expect good buying till 1249$- 1256$.
Silver
Spot silver is in pressure since yesterday. Xagusd is not sustaining on higher levels and showing pretty much weakness since yesterday. Currently trading at 14.45$. Good support in this precious metal stands at 14.30$. Once traders break and sustain below 14.30$. Then expect further pressure till 14.10$- 13.90$.
Resistance in silver stands at 14.55$. If market break and sustain above our resistance. Then expect good rise till 14.80$- 14.99$.
Crude oil
Nymex Crude oil is in under pressure since Tuesday. Currently trading at 52.50$. Good support on crude oil chart stands at 51.80$. If market break and sustain below this base. Then expect good pressure till 51.20$- 50.50$.
Resistance in oil price stands at 53.50$. If market break and sustain above 53.50$. Then expect good rise till 54.30$- 54.90$.
Euro
Eurusd trading in a small range since yesterday. Currently trading at 1.1335. Good support in this forex pair stands at 1.1280. If market break and sustain below 1.1280. Then expect good pressure till 1.1250- 1.1210.
Good resistance in eurusd chart stands at 1.1360. Once euro break and sustain above our resistance. Then expect good rise in euro till 1.1399- 1.1430.
Conclusion
Comex Gold, Silver forecast is flat to positive for now. Crude oil and Euro forecast is weak for now.
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