Gold

Higher dollar pushed gold prices in early session today. Gold opened slightly weak and currently trading at 1218.40$. Dollar Index trading higher at 96 and its trading nearly highest point of the day.

Dollar started recovering after a crash last week. Its very crucial to gold stay above 1217$- 1218$ range to avoid the crash. All depends on dollar gains which is in recovery mode today.

Currently gold price is fix at 1218.40$. Good support in this major commodity stands at 1207$. If traders break and sustain below this level. Then expect good pressure in xauusd till 1200$- 1191$ in upcoming trading days.

Resistance in gold price stands at 1228$. If market break and sustain above our resistance. Then expect good rise in xauusd till 1236$- 1244$.

Silver

Silver is also under pressure since morning as dollar advancing. Currently xagusd trading at 14.36$. Support in this precious metal stands at 14.20$. If market break and sustain below this base. Then expect further pressure in xagusd till 14$- 13.80$.

Resistance in silver stands at 14.55$. If traders break and sustain above our resistance. Then expect good rise till 14.78$- 14.99$.

Crude oil

Nymex crude oil prices trading 1% up today as its roaring towards 57.50$. Oil had a weak closing despite some good strong moves last week. Traders are still not showing much interest in crude oil since its sustaining on lower prices. Good support in this major commodity stands at 56.50$. If market break and sustain below this level. Then expect good pressure till 55.70$- 55$.

Resistance in crude oil stands at 58.20$. If traders break and sustain above our resistance. Then expect good rise in oil prices till 58.90$- 59.60$.

Euro

Euro trading lower as dollar is in positive since morning. It has lost majority of gains since morning. Currently eurusd trading at 1.1398. Good support in this forex pair stands at 1.1350. If market break and sustain below this level. Then expect good pressure till 1.1300- 1.1250.

euro chart

Resistance in euro stands at 1.1430. If traders break and sustain above our resistance. Then expect good rise till 1.1470- 1.1499.

Conclusion

Comex Gold, Silver forecast is weak for now but I wont recommend any selling for now. Crude oil is positive so buy in dips would be good idea. Euro is flat to weak for now.

Click here to join our chat room for live market updates.

By marafat