Gold
Gold charged yesterday again above 1200$ but could not hold above 1200$ and retraced back within hours. Market is trading in a small range since Monday. Currently spot gold trading at 1198$ and Comex futures trading at 1202$.
- Higher Dollar Index is still putting pressure on precious metals.
- Higher US stock markets are another reason for gold lower prices.
- Good US Unemployment data which came yesterday did another damage to prices.
- Today’s Non farm payroll data would be most crucial data of the month.
- It will determine the Jobs added in economy in last month.
- Non farm gives better idea than Unemployment claims.
- Non farm is better indicator than any other data released by US hence market is waiting for this data.
Technical chart has a good support at 1187$, If traders break and sustain below this level. Then expect good pressure in gold price till 1180$- 1172$.
Technical chart has a good resistance in gold price at 1209$, If traders break and sustain above our resistance. Then expect good rise till 1217$- 1226$.
Silver
Silver price also could not hold on higher levels. Currently spot trading at 14.58$. A good support in silver chart stands at 14.30$. If traders break and sustain below this level. Then expect good pressure in xagusd till 14.10$- 13.90$.
Resistance in silver price stands at 14.92$, If market break and sustain above our resistance. Then expect good rise till 15.15$- 15.40$.
Crude oil
Nymex Crude oil faced profit booking yesterday when it tanked from 76$ to 74.70$. Currently oil prices trading at 74.85$. A good support in Nymex oil prices stands at 74.20$. If market break and sustain below this level. Then expect good pressure till 73.60$- 73$.
Good resistance in Nymex oil price stands at 76.20$. If market break and sustain above our resistance. Then expect good rise till 76.80$- 77.50$.
Euro
Euro recovered from its lows and currently trading at 1.1513. Good support in this forex pair stands at 1.1470. If traders break and sustain below this level. Then expect good pressure in eurusd till 1.1430- 1.1400.
Resistance in this forex pair stands at 1.1550. If market break and sustain above our resistance. Then expect good rise in euro till 1.1590- 1.1640.
Conclusion
Comex Gold, Silver trend is weak for now but I wont recommend any major position today. Let the Non farm payroll data release first then take any major position in bullion market. Crude oil trend is weak. Euro is flat to positive.