Investors cautious to proceed Gold

Gold

Spot price of gold tested 1214$ before crashing below 1200$. Good consumer numbers from US and higher DJIA Index is making investors cautious to proceed in gold at higher prices. Nasdaq trading at lifetime high. Spot gold trading at 1204.50$ while comex futures trading at 1210.50$.

  • Yesterday major profit booking crashed xauusd prices while investors took a breather.
  • According to Kitco Gold Index major selling in gold came due to selling not cause of dollar index.
  • Dollar Index is pretty stable since yesterday and it may be a factor today when it starts moving up or down.
  • US equity markets are unstoppable since last week so need to keep an eye on higher levels.
  • We have Prelim Quarterly GDP and monthly home sales data from US today, keep an eye on both data it would be crucial.
  • Higher US Stock market is equals to good US economy which is putting pressure on gold prices.
  • Next week we have US unemployment rate, Manufacturing and Non farm employment data.

Technical chart suggests a good support at 1198, This base I mentioned in yesterday’s gold update as well and Xauusd made low of 1199.60. Once market break and sustain below 1198$ then expect good selling till 1191$- 1184$.

Resistance on gold technical chart stands at 1218$, If traders break and sustain above our resistance. Then expect good rise till 1226$- 1234$.

Silver

Spot price of silver trading lower today at 14.74$. Xagusd also crashed with Xauusd and trading in weak zone for now. Comex futures trading even lower at 14.67$. A good base on this major commodity stands at 14.50$, If market break and sustain below our base. Then expect good pressure till 14.30$- 14.054.

Technical chart of silver has a good resistance at 15.05$, If traders take this hurdle out and sustain above our resistance. Then expect good buying in silver prices till 15.30$- 15.50$.

Crude oil

Nymex crude oil prices trading flat at 68.40$ since Monday. Today we have US oil inventory which would decide the trend today. Till that we have a good base on crude oil prices at 67.40$, If traders break and sustain below this level. Then expect market to test till 66.20$- 65.10$.

Resistance on chart stands at 69.20$, If market break this hurdle and sustain above our resistance. Then expect good recovery till 69.90$- 70.70$.

Euro

Euro tested above 1.1730 yesterday due to flat/weak USD Index. But currently trading below 1.1700 as dollar index advances. A good base on eur/usd chart stands at 1.1650, If traders take this base out and manage to sustain below our support. Then expect good pressure in euro till 1.1600- 1.1550.

Resistance on euro technical chart stands at 1.1760, If market take this hurdle out and sustain above our resistance. Then expect good rise till 1.1800- 1.1840.

Conclusion

Comex Gold, Silver trend is weak for now. Nymex crude oil levels are valid till inventory, trend is flat to weak. Euro trend is flat to weak for now.

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